Home Insurance Comparison 2015

Home Insurance is not compulsory – but if you have a mortgage your lender will insist on buildings insurance being in place.
Even if you don’t have a mortgage , it is wise to have home insurance so you can claim  to repair or replace buildings, contents and valuables if there is a burglary, fire or other damage.
The Competition and Consumer Protection Commission  carried out a recent house  insurance price comparison in 2015 –   and the results show once again that some insurers are much cheaper than others.

The small  comparison involved getting quotes from 8 different insurers on 8 different properties.

Axa and FBD came out well in the comparison – with FBD giving the lowest quote in 4 cases and Axa giving the lowest price in 3 of the sample properties.
Overall – AIG came out as the most expensive in every one of the sample  quotes.

Big Differences
The differences in insurance quotes were substantial in some cases. The worst case was a difference of €421 – AIG quoted  €700 a year and Axa quoted €279 for the same property.  ( Buildings and contents insurance on a -3 bed bungalow in  Co. Cork with  rebuilding cost of  €200,000 and contents  worth €50,000.)

Higher Insurance Quotes because of Previous Claims :
Quotes were requested for a property where there had been  a previous claim for €8,000 following damage caused by a defective water tank in 2012.
Five of the eight insurers would not even quote on this example.
The  3 insurers that did provide a quote were:-  Axa, FBD and Liberty.
The FBD price was the same, regardless of the previous claim.  The Axa price was  €60 higher because of the prior claim and Liberty Insurance quoted  €305 more where there had been a previous claim .

Liable to Flooding:
None of the insurance companies would provide a quote for one property that was liable to flooding and where a flood damage claim was made in 2010.

Contents Only Insurance
Tenants will only need to insure the contents of their home  – and one of the comparisons was for contents only insurance on goods valued at €8000. The lowest quote for this was from FBD at €72 a year (€10,000 minimum value applied). Other similar prices were €80 from Zurich and  €86 from Allianz … all with a €250 excess. The  worst deal was quoted by  Axa at €158  with a €350 excess


The insurers involved in the price comparison were:  AIG, Aviva, Axa, Allianz, FBD, Liberty , RSA  and Zurich    Ref: http://www.consumerhelp.ie


See figures from a 2014 house insurance comparison here.

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