Cheap and reliable house insurance...

RandomName2

It seems easy to get a cheaper quote for house insurance, but where does bargain end and pitfalls begin? I'm concerned that if I go with a cheaper insurer that they may not pay up if I ever need them, have loopholes in their policy, or might be undercharging and actually go broke?

Any advice?

dudara

Moved to Banking & Insurance & Pensions

dudara

Eurorunner

When ringing around, make sure they all quote for the same rebuild cost. Also, make sure they all quote for the same contents cover amount.

Check that the excess is the same on every policy being offered. Those are the main things - there are more specific factors but i don't think you will be able to compare without actually checking out each policy thoroughly.

Hussard

Each policy should be checked for your own needs. The Sunday Business Post had a good review of motor policies yesterday.

Check the small print is the key. There was a story in the independent a couple of weeks ago about one insurer not covering you if you were unemployed.

"A LEADING insurance company was accused last night of targeting the unemployed after it was discovered that one of its policy documents for home insurance states it will not pay out on claims from landlords if tenants lose their jobs.

Zurich Insurance said it has never invoked any clause in a home insurance policy on the basis of employment status, nor does it intend to do so in the future.

But insurance mediation firm, insuranceworks.ie, said it had dealt with two cases recently where the clause had been brought to landlords' attention after tenants lost their jobs.

Uninsured

Insuranceworks.ie managing director Joe Doyle said: "This is putting landlords in a terrible position. They cannot afford to have their properties uninsured and now face having to evict tenants who have already been hit with the worst possible news."

Mr Doyle called for the Financial Regulator to investigate the clause.

Documents seen by this newspaper show that a policy underwritten by Zurich, then trading as Eagle Star, and sold by a broker has the clause that home insurance is "only operative where the private house is lent, let or or sub-let to single individuals in full-time employment or families where at least one person is in full-time employment or retired".

A Zurich spokesman said: "Policies which are sold by brokers can in some circumstances be subject to additional terms and conditions as agreed and applied by certain brokers."

Ballyman

Whatever you do, DO NOT, use Quinn Direct. For anything.

Two examples.

1. Person has all risks cover for accidental damage for house contents. Item is broken inside house accidently. Quinn will not pay as item was being transported inside house when accident happened. Checked 40 pages of policy and turns out they have every conceiveable option covered so they do not have to pay out for anything bar your house exploding for some unknown reason. And even then I wouldn't trust them.

2. Person has comprehensive car insurance and is involved in an accident involving their own vehicle and no other. Quinn will not pay as the 4 tyres on car were not by the same manufacturer. Checked 40 pages of policy and turns out they have every conceiveable option covered so they do not have to pay out unless a spaceship falls on the car while you drive it out of the showroom brand new. And even then I wouldn't trust them.

My advice, pay the few euro extra, go with someone else and make sure you are properly covered.

finishedart

RandomName2 wrote: »

It seems easy to get a cheaper quote for house insurance, but where does bargain end and pitfalls begin? I'm concerned that if I go with a cheaper insurer that they may not pay up if I ever need them, have loopholes in their policy, or might be undercharging and actually go broke?

Any advice?

Just renewed by contents insurance with FBD. Got 30k insurance for €21 cheaper than AA insurance.

Eurorunner

I agree with previous poster. I generally will go for the cheapest of anything but Quinn direct is a total waste of money.
Like finishedart, have been using FBD for the last 6 years. They have been consistently cheaper for car/home insurance with the exception of this year - when I had to present them with cheaper quotes to get them to bring it down. Have had the need to claim on both car and home insurance during this time and have had no problems dealing with them.

niceirishfella

When figuring out the rebuild cost on your house or whatever, make sure you cover the demoiltion/site clearance cost too ie. make sure your new policy covers that.
Also ask does the new policy cover your outbuildings, garage, greenhouse, etc - some do, some dont.
Re; the Quinn Bashing here, it's horse for course's - I had personal experience of Quinn Direct and they are good to deal with and good in the event of a claim.

mwexford

RandomName2 wrote: »

It seems easy to get a cheaper quote for house insurance, but where does bargain end and pitfalls begin? I'm concerned that if I go with a cheaper insurer that they may not pay up if I ever need them, have loopholes in their policy, or might be undercharging and actually go broke?

Any advice?

There are all sorts of restrictions if you have a burglar alarm eg if you have one and you're at the clothes line and haven't it turned on and are broken into, you're not covered with some companies. Check and double check

Ogham

This Home Insurance Price Comparison might be of some use to you ?
Pretty recent too.

Hussard

Allianz reported yesterday that premium income in home and casualty insurance in their domestic market fell by 1 per cent in the first half of the year. Home insurance in Ireland has risen by 26 per cent.

Allianz also said that their costs and claims were higher but that competition was forcing premiums down and they were addressing costs to ensure the second half of the year was better. No mention of increasing premiums in Germany then.

We have competition here. We just need to take advantage of it and keep pressure on the big insurance companies so they stop taking us for a ride.

There is some addition information in todays Independent here