House Insurance policy holders are beginning to revise their rebuilding costs downwards as a measure to reduce the cost of their home premiums, according to research by an insurance specialist.
The study revealed an average reduction of 16% of the sum of the rebuilding cost from a national average of €248,000 to €208,000, reflecting a considerable drop in the cost of rebuilding a property over the past three years. Contents also dropped to an average of €32,000 in light of fierce retail competition coupled with reduced consumer demand.
What is most interesting about the study is that policy holders did not realise that it was their responsibility, and not that of their insurer, to reassess their insured building sum. Indeed, Irish people are becoming more proactive when it comes to going through the level of cover on offer to make sure they are getting the best deal possible.
If you want to make sure you have sufficient building sums for your House Insurance policy, simply call us on 1850 746 759 and we can advise you on how to save on your house premium whilst keeping the right level of cover.
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