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6 tips for cheaper home insurance

Date Published 05.10.2018
Topic Home Insurance

6 tips for cheaper home insurance | AIG Ireland

Home insurance. It’s one of those things your mortgage provider insisted on but you never knew much about it. You went with your bank or building society’s product when buying your home and have renewed it every year since.

You know, you are probably paying too much?

Research by the National Consumer Agency showed consumers could save over €250 on home insurance by simply switching provider. If you need to save some money (let’s face it, who doesn’t?) there are lots of ways to get cheaper home insurance:

 1. Shop around

There’s nothing new in this but there are a few things to remember:

1) Make sure you are comparing like with like in terms of cover

2) Increasing excess may reduce your premium in the short term but leave you with a significant bill to pay if you need to claim

Also, it is a common myth that you must have your home insurance with your mortgage lender, this is not the case. You are free to purchase home insurance from any registered provider.

 2. Review building insurance

As house prices rise around the country, remember buildings insurance is based on the rebuild cost, not the market value of your home. Use the rebuilding calculator from Chartered Surveyors Ireland to work out how much buildings insurance you need.

Living Room of a Home

 3. Review contents insurance

Often contents insurance is estimated as a percentage of your building insurance. This may be inaccurate. You could make a saving by taking the time to go around your home itemising the replacement cost of your valuables. Not the most exciting job, we’ll admit, but worth it if you make a saving! If the total you arrive at is less than that of your contents insurance, get in touch with your home insurance provider.

4. Pay lump sum 

Paying for home insurance by monthly instalment is usually more expensive than paying for the year in one lump sum. Save by paying for the whole year at once, if you can.

5. Improve security

There are many things you can do to improve your home security. Getting a monitored burglar alarm is the one most likely to impact your insurance premium. However, a monitored alarm system is expensive so weigh that up against the savings you might make in home insurance before you invest.

6. Multiple insurance products

Taking out multiple insurance products with the same company can lead to a discounted premium on one or more. This is worth investigating with companies like AIG who offer a 30% discount on home insurance if you have your car insurance with us too.

Keys in House Door

 Can I switch home insurance at any time? 

It is worth checking the terms and conditions of your policy but in most instances, you can only switch once a year on your renewal date.

If you have more questions around your home insurance, please get it touch, we would be delighted to answer them.

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