House insurance increased by 25%

Jaysoose

Got a lovely letter from BOI informing me that the house insurance i have been paying is set to increase by 25% this year apparently due to increased claims etc.

Obviously im changing insurance providers as soon as i find a cheaper quote but just wondering if people think its fair that customers who do not claim and pay every month have to take it on the chin as the insurance companies like every other big business in ireland are intent on gouging their customers to maintain their own profits while hiding behind reasons such as 'increased claims', 'other costs'.

Do they think the money will just appear out of thin air? It nigh on impossible to get money out of them for legitimate claims so are we to believe that they have paid 25% more than last year.

Rant over...

Cork Boy

1. Use a broker.

2. In times of recession the price of insurance will always increase due to increased claims and fraudulant claims. 'The burden of the few is paid for by the maby'. That is the whole principle of insurance.

3. Investigate your rebuild costs, they were probably index linked through the boom. Your rebuild costs should work out around €145 per sq foot.

Things to reduce your premium:

a) 2 or more smoke alarms
b) Make a list of all companies you hold insurance with, there may be discounts on offer for putting your house with them also

XJR

Jaysoose wrote: »

Got a lovely letter from BOI informing me that the house insurance i have been paying is set to increase by 25% this year apparently due to increased claims etc.

Obviously im changing insurance providers as soon as i find a cheaper quote but just wondering if people think its fair that customers who do not claim and pay every month have to take it on the chin as the insurance companies like every other big business in ireland are intent on gouging their customers to maintain their own profits while hiding behind reasons such as 'increased claims', 'other costs'.

Do they think the money will just appear out of thin air? It nigh on impossible to get money out of them for legitimate claims so are we to believe that they have paid 25% more than last year.

Rant over...

Whatever about insurance companies gouging or not the reality is that house claims have risen over that last year or two. I understand you feeling aggrieved at the increase despite the fact that you didn't claim but the basis for insurance is that the premium paid by all covers the loss of the minority. So irrespective of claiming or not, if claims and claims costs rise it's a fair bet that there will be a hike in premiums.

Toots

A friend of mine works in BOI insurance and she was telling me that claims have gone through the roof. She said one of highest items claimed for recently is engagement rings, now make of that what you will! :eek:

Shop around for a competitive quote, now I'm not promoting BOI because I work for them, but their insurance cover is really one of, if not the best cover on the market. I have it myself and have claimed on it more than once (I'm pretty accident prone it has to be said.) It has a lot of extras like unspecified all risks as standard, which are really handy.

I'd give BOI a ring and see can they do anything for you on the quote, it might be worth getting on to your branch and seeing can they put a bit of pressure on the insurance section to reduce the premium, they won't want to lose your business. There are a couple of things that will reduce your premium with them, monitored alarms and the like. Also if you're over 60 or 65, you also get a further discount. Not sure if that applies to you OP, but handy to know

+1 to what Cork Boy, it's a good idea to check out your rebuild costs too as they may well have reduced.

broker2008

Useful rebuilding costs guide can be found here:

http://www.scs.ie/publications/digital_publications