Home Increase in Home Insurance Premium

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divadsnilloc

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Just got my home insurance quote for next year and it's gone up by more than 30%. I've had no claims and values are the same as last year. Anybody else experienced similar:mad:
 
You should consider reducing the rebuild value of the property as building costs have gone south. But yes, Home Insurance rates have increased dramatically.
 
Yes in the same boat. PAid 313 last year and got a quote of 417 this year. Shop around. I got competitive quotes from allianz and getcover.
 
I'm in the same boat, last year paid €330, this years quote just came in at €700! No claims, not in flood area, nothing substantially changed, yet 110% increase!
I'm just checking around now for other quotes, and best to date is €429, so i'm going ot see if current company will match.
 
mell61 said:
I'm in the same boat, last year paid €330, this years quote just came in at €700! No claims, not in flood area, nothing substantially changed, yet 110% increase!
I'm just checking around now for other quotes, and best to date is €429, so i'm going ot see if current company will match.
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mell61 -That is a huge increase, mine has jumped from €320 to €490 like you no claims and nothing to explain the increase.
 
The jump can be explained by the huge increase in claims made during the flooding and freezing of 2009/2010. I think the amount paid out was over €500,000,000.

These two events cost the insurance industry more than combined events of the previous 10 years.

As a result all premiums have been increased significantly.

If our extreme weather conditions continue then there will be more claims and rates will rise again unfortunately.
 
Norfbank - I just got a quote from BOI for €340, cover the exact same as last year except there is a €600 excess if there is flood damage, she said most of the claims last year were for this problem. Fingers crossed I will never have to deal with this problem. I had to bargain with her to get that price nevertheless I am happy with it.

PS - I just went back to my original company told them I got cheaper quote and they matched it without the €600 excess so I am well pleased with myself. It sure pays to ask!!
 
shop around is best.
I was quoted over 600€ for 2010 by axa.
went to AIB (Underwriters AXA!!) FOR €420
Now 46% increase (€620) for 2011
Quote from Zurich €415, FBD €466, 123.IE €522, Quotedevil €380.
Looks like best policy is to change every year
 
How Much to Reduce

Hi all,

Am in same boat and have decided to reduce my building cover. Is a 15-20% reduction in the rebuilding cost reasonable? Semi-detached in Dublin. Thanks.
 
My insurance (provided by BOI Insurance Services) has jumped 55% since last year.

It's for a holiday home for personal use. House is old so it is valued at €150k, contents at €22k. 55% increase is madness (and it's not even located on a flood plain ... it's half way up a mountain!)

Last year I couldn't get a lot of insurers to quote me because it's classed as a holiday home.

The house is just about habitable.

Any ideas where I could get other quotes?
 
Allianz 39% increase

On receipt of my quote I phoned Allianz, lady told me price increase this year, (one last year as well!). I went to the Allianz online quote page & put same details of house & age but different name & DOB - 1 day older. Paid last year €594.98, renewal quote €801, quote online €567, this includes an increase excess from €500 to €1000 & water damage excess from €750 to €1250, a decrease of €234 in premium price.
 
What's an appropriate rebuild value for home insurance?

I'm in the same boat as the OP. I think I am insuring for too high a rebuild value - c. €267,000 rebuild for a less than 1000 sq ft end-of-terrace.

What's an appropriate rebuild value per sq ft/sq m?

(I also think I'm overinsured for contents - any rules of thumb for estimating appropriate contents cover too?)
 
There is a rebuilding calculator on rsagroup.ie and scs.ie which was updated in February 2010.
 
Here is the link for Chartered Institute of Surveyors guide to rebuilding costs. [broken link removed] . In assessing home cover you should not only look at the quote but also the cover. Particularly accidental damage cover (ie when you knock the TV or the Waterford glass over). anf you should also check the excesses applicable to various sections as these can be substantial, and vary considerably between companies. There is no easy rough guide to contents, but it's easy enough to go around your home and do a rough tot (adding a bit more for items you might have missed/overlooked). You should also consider what items are to be specified outside the home. This is usually an expensive add'l cover for items like jewellery, bikes etc( and it's usually index linked) - if you don't need it get rid of it. If your lucky enough to have expensive items in the house, ie antiques, paintings etc that have a high value you should specify them on your policy. This doesn't usually involve add'l costs, but it will be neccessary if the items are to be fully covered. Err on the cautious side in this regard, if in doubt, ask the underwriter. Remember also that there are often discounts for smoke alarms, mortice deadlocks, and alarms that meet a certain standard, (used to be ISO 900 -not sure if that still applies), and if it's linked to a central station. If you are switching insurers you need to ensure you disclose everything relevant to them, ie previous claims etc. Failure to disclose could mean you will not be covered. There is a clause in insurance called utmost good faith which requires you to fully disclose all relevant information. And remember you are not tied to the insurer recommended by your mortgage provider but you must name them on any new policy you arrange. Personally I think it is well worth shopping around, brokers like AA Insurance ( who I use) or any other you prefer can often find you better deals and give you advice on the suitability of various cover types. If you do decide to switch do talk to someone in the broker /underwriter before you buy to make sure the cover is what you require.
 
Just renewed my household cover for 2011 with getcover.ie. 3 bed semi-detached in Co Cork, not flooding/subsidence area, €175k rebuild, €70k contents for €260. Great value imo.
 
Great advice folks!

Amended my rebuild and contents values downwards (though still very conservative: €254,999 rebuild, €50,000 contents (these numbers are based on the insurers bands) ... may consider lowering further again for further savings)

Got a requote and have saved myself over €110 (down to €397 from €510) ... thanks folks :)
 
Most people over value their homes. This is resulting in high quotes. The cold weather is not helping the insurance companies either.
 
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