How to Save Money on Your Home Insurance in Ireland
Home insurance is an essential safeguard for homeowners in Ireland, but many people end up paying more than necessary simply because their policy has not been reviewed in years.
As circumstances change, the cover you once needed may no longer be appropriate. Understanding how insurers assess risk and price policies is the first step towards avoiding unnecessary costs while maintaining proper protection for your home.
Insuring Your Home for the Correct Rebuild Value
One of the most important factors influencing the cost of home insurance is the amount your property is insured for. Insurance should be based on the rebuild cost of your home rather than its market value. Insuring above the rebuild cost leads to higher premiums without additional benefit, while underinsuring can result in reduced payouts if you need to make a claim. Ensuring your home is insured for the correct amount helps keep premiums fair and avoids unexpected shortfalls.
How Your Excess Can Reduce Your Premium
The excess on your policy is the amount you agree to pay towards a claim before your insurer contributes. Increasing this amount can lower your premium, as it reduces the insurer’s financial exposure. While this can be an effective way to save money, it is important that the excess remains affordable so that you are not placed under financial pressure if a claim arises.
Improving Home Security to Lower Costs
Home security plays a significant role in how insurers assess risk. Installing an approved house alarm or fitting secure locks on doors and windows reduces the likelihood of theft or damage. As a result, insurers may offer lower premiums for homes with appropriate security measures in place. The level of discount can vary, so it is important to confirm which security features are recognised by your insurer.
Reviewing Optional Extras and Add-On Covers
Many home insurance policies include additional features such as accidental damage or home emergency cover. While these options may be useful for some households, they are not always necessary. Reviewing your policy to determine whether you are paying for extras you no longer need can help reduce your premium, provided you fully understand how removing them affects your level of cover.
Paying the Right Way and Getting Expert Advice
How you pay for your policy can influence its overall cost, with annual payments generally being cheaper than monthly instalments that may include interest charges. Speaking with a regulated insurance broker can also help prevent overpaying, as brokers can review your cover, identify available discounts and compare policies across multiple insurers to ensure you are getting appropriate cover at a competitive price.
Need More Assistance?
If you have any further questions Insurance Ireland’s Information Services team is here to help:
Email: feedback@insuranceireland.eu
Tel: (01) 676 1820