When looking at a house insurance comparison in Ireland keep in mind that the cheapest quotation may not be the most appropriate policy for your home and you do need to compare the exclusions and any special terms in the policies of insurers.
The Financial Regulator in conjunction with the National Consumer Agency did a house insurance comparison in Ireland in February 2011 and their survey is pretty comprehensive and is well worth a look.
The comparison looked at a number of different houses in various parts of Ireland including in Limerick, Dublin, Donegal, Mayo and Kilkenny.
Each house was quoted for on the basis of the information supplied which varied in terms of rebuilding cost, contents value, age of home, security locks present or not, smoke alarms fitted, previous claims, alarms fitted and so on.
It is worth noting that none of the prices quoted were from insurance brokers but were from leading insurers such as Zurick, Royal Sun Alliance, Allianz, Aviva, Axa, ChartisDirect, Lloyds through Getcover.com, Quinn Direct and FBD.
We will take a brief look at the findings below but bear in mind that the age of the properties varied for the purpose of the price comparison and many of the other variables were different also in relation to contents, alarms, risk of flooding, previous claims etc.
A brief summary of the comparison shows that the Dublin 6 home received quotations ranging from Lloyds at €404 to AXA at €686.
The Donegal home had a lowest quote from Aviva at €242 to ChartisDirect quoting a price of €470.
The Limerick home was a 3 bed terraced house in Castleconnell and the lowest price was Lloyds at €319 and highest Zurich at €334.
Interestingly many of the insurers refused to quote for this property.
You may check out an house insurance comparison chart to assess the full details of all of the quotes for the various houses.
How useful this comparison actually is is debatable as when you are looking for insurance for your property your quotation will be based on the specific circumstances of your home and consideration will be given to a whole range of factors.
Factors like age of your property, any previous claims, is it prone to flooding, does it have an approved alarm, smoke alarm, what is the rebuilding cost, what contents value do you want to cover, what age you are, is there a neighbourhood watch scheme and so on.
For this reason these comparisons in prices are of limited value; to get the best insurance quotation for your house you will have to shop around, either online or by phone, to source the best deal for you.
And do not be afraid to do this exercise every year as many insurance companies make a lot of money from the inertia and indolence of their clients who don’t shop around and stay with the same insurance company for years. This is offering the insurance company an invitation to increase your premium each year if you don’t keep them on their toes by making a house insurance comparison each year your policy becomes due.