A national survey by a mortgage lender has revealed that four in every five people shop around for cheaper house insurance
Research carried out by KBC Bank Ireland show that most homeowners are willing to contact insurers to get cheaper cover. And for many who shop around, it’s price that is the leading factor for choosing a particular policy. Indeed, more than two in three policyholders perceive price as the most important aspect when getting house insurance. In sharp contrast, only 28 percent of respondents put getting the right level of cover above getting the lowest premium possible.
Speaking about these findings, a leading figure in the Belgian bank acknowledged that it was encouraging to see that the majority of people are actively looking around for house insurance, but think that people should consider both price and value when looking around for cover. As brokers, we strongly advise all of our customers to take an all-encompassing approach when taking out house insurance.
Granted, times are tough and everyone wants to save money where possible, but going for the ‘cheapest’ policy may not provide adequate cover if you had to make a claim – which could cost you far more that what you would have ‘saved’ by taking out the cheapest policy. To get real value for money, make sure that you have the right level of buildings and contents cover. This ensures that you have adequate cover in place to cover against the full cost of a claim.