Home Value Home insurance

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Jimbobp

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I'd appreciate some feedback on the following. As insurance brokers we have been offered to sell a 'value' home insurance product. From what I can see, the premiums are an average of €100 to €150 cheaper than the average premiums from other insurers. The only snag is there is no flood, subsidence or accidental damage cover & the excess is higher than the norm (€500 standard & €1000 for escape of water). Questions is: Are people willing to take that level of cover for greatly reduced premiums?

Thanks & regards
J


www.powerinsurances.ie
 
Jimbobp said:
Questions is: Are people willing to take that level of cover for greatly reduced premiums?
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I would.

Are there not tens of thousands of homes unable to get any cover at any price because of flooding and subsidence issues, I would have thought there is a huge market for this type of cover.

It should also appeal to people like me who don’t live in flood areas and don’t ever intend to make a claim except in the event of a major loss.

Currently I don’t have accidental damage on contents, get a discount for increasing my excess to €500 and water escape is €750.
 
I have recently changed cover & assume that its with the same firm you mention as exclusions & excess are similar. It saved me 150 on my renewal, which to me was good value.
 
Would you not think by eliminating those (flood / subsidence / increase in excess) in your own policy that it would come down a lot also...
 
Jimbobp said:
...the premiums are an average of €100 to €150 cheaper than the average premiums from other insurers. The only snag is there is no flood, subsidence or accidental damage cover & the excess is higher than the norm (€500 standard & €1000 for escape of water). Questions is: Are people willing to take that level of cover for greatly reduced premiums?
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Personally, have no issue with no flood, subsidence or accidental damage cover. Higher excess of €500 - I guess so if the premium was proportionately low. However, I wouldn't go €1000 for escape of water.


Of course everyone has a different set of circumstances and views - so it may suit some people. On the flood or subsidence front, folks should be ultra satisfied that this is never a likelihood for their property.
 
serotoninsid said:
Personally, have no issue with no flood, subsidence or accidental damage cover. Higher excess of €500 - I guess so if the premium was proportionately low. However, I wouldn't go €1000 for escape of water.


Of course everyone has a different set of circumstances and views - so it may suit some people. On the flood or subsidence front, folks should be ultra satisfied that this is never a likelihood for their property.
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Yes I think you're correct, I think you would have to be very confident that these issues are not a threat as they can be catastrophic if they occur. Regarding the water excess, you would be surprised at the number of 'standard' insurers that have increased their water damage excess to over €1000 in recent years.

www.powerinsurances.ie
 
Jimbobp said:
Regarding the water excess, you would be surprised at the number of 'standard' insurers that have increased their water damage excess to over €1000 in recent years.
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Interesting....I'm glad you mentioned it. Have a renewal coming up in the next couple of months and must be mindful of that as I don't think that sort of excess is reasonable. I understand why - I know they got stung with a barrage of burst pipes over those 2 cold winters we had - but it's a serious excess ....too serious for me.
 
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