The National Consumer Agency (NCA) has stressed time and again that consumers can save a lot on their home insurance by merely shopping around, rather than sticking with one adjuster. A survey conducted by the foremost consumer welfare organization in Ireland proves it—a differential of €421 on the price of insuring a three-bedroom bungalow in a locale like Midleton, Co Cork, between the cheapest quote at €279 and the priciest one at €700.
A number of ways exist detailing how people may get excellent deals on various home insurance quotes. Here are a few of them.
Switch Rather Than Renew
A lot of people have discovered that switching an existing home insurance for a new one has its own set of perks over renewing. Insurance premiums have been shown to rise year in and year out, and despite a current policy being the cheapest deal around when it was taken out, there’s a good chance that it’s already beaten at its own game a year later. Homeowner Ciaran McHugh is one of the most fortunate, as he managed to slash about €100 from his old €400 policy when he opted to switch to a new provider wherein he had his mortgage.
Tinker with the Numbers
Choosing a policy paid monthly can easily cost an extra 6% upfront, though some insurers do allow payment by instalments for no extra fees, making it much more worth it to shop around. Homeowners can also opt to increase the excess for their policy, more so if they’re happy to cover a bit more of the cost of a specific claim on their own. By doing so, premiums may be slashed a bit more.
Get a No Claims Discount
Many people are quite familiar with a no claims discount from their car insurance, wherein a history of not making a claim is an effective way of slashing a premium. Nowadays, this concept is steadily becoming a feature of home insurance as well—homeowners who haven’t made a claim within a specific amount of time in the past are typically given lower quotes. Not all insurance companies do this (only a select few firms like Simply Insure do), so asking around for details is critical.
When it comes to home insurance, one still has to be wary that cheaper isn’t always better. However, a cheap but non-compromised deal isn’t a total fairy tale if one knows how to look for it and work towards it.
Yes, Shop Around For Home Insurance But Here’s How To Get The Best Deal, Irish Times, August 5, 2014
How To Get The Best Home Insurance: Get A Cheaper Deal And The Cover You Need, ThisIsMoney.co.uk, May 11, 2012
Has Your Home Insurance Gone Through The Roof? Then Switch, Irish Times, July 28, 2014
Home Insurance – How To Get The Best Deal, The Money Advice Service