Home Insurance - any advantage to sticking with what you've got?

trio

Hi,

Just got a quote from Eaglestar for €30 more than last year. When I rang them up to reduce the value of the buildings and contents (cos they'd put them up loads, usual story) they reduced that down to €10 but wouldn't budge any lower.

Now I know €10 isn't much in the great scheme of things, but next year it'll be more, and the year after that it'll be more.....

I'm unemployed and just have to keep this down.

I threatened and cajoled Eaglestar to try and get last year's price but they just told me to look elsewhere but I wouldn't get anything cheaper. They were not for budging at all. Mad attitude.

So I rang Quinn and they're offering me €40 LESS than the lowest Eaglestar price. Probably there's a new business discount in there somewhere but it's still attractive.

But before I jump - is there any reason why I shouldn't?

homer911

Before you jump, check out the latest house rebuilding costs here to ensure you are correctly valueing the property:
http://www.scs.ie/home

Also shop around, I found insure.ie were very competitive

Good Luck

trio

But are there any advantages in staying put with one insurance company for years and years?

Or could you just theoretically hop from one crowd to another every single year and it wouldn't matter?

oldyouth

Firstly, I work in the trade, but I'm not touting.

There is no benefit in sticking with the same insurance company year after year, unless they continue to offer you the best price and cover. Please do not be guided by price alone as some insurers exclude or restrict the cover for the most frequent losses in order to keep prices down.

Your main considerations should include the following;
Price
Service. Did any previous requests get dealt with quickly and with knowledge of what you wanted
Claims Excess, which is the amount you pay as a portion of any claim
Exlcusions
How easy do you contact the person handling your policy
Is the policy on an 'All Risks' basis

My opinion is that most insurance companies will happily pay out on what is covered but they leave it to you (or a good broker) to establish what level of cover you require. You pay for what you get. As for them appreciating loyalty, that went out in my parent's generation

dlambirl

Check that other companies are giving you the same cover as your present insurer but if they are the same then I'd switch. There is no advantage to staying with the one insurance provider IMO

broker2008

A word of warning to those who chop and change their home insurance every year. I know of one instance where someone was in the process of shopping around but didn't realise their cover had lapsed from online insurer and their house was ransacked - no payout.

BarryM

dlambirl wrote: »

Check that other companies are giving you the same cover as your present insurer but if they are the same then I'd switch.

VERY important; apropos the Quinn mention. I got a cheaper quote from them a while back BUT after I questioned the cover they said 'no-one provides cover for your laptop outside your home' - NOT true.

There is a grey area between your car/house/travel insurance regarding laptops. Most companies don't cover it in the car unless it is locked in the (not visible) boot; others do.... and if you have home/travel insurance with the same co make sure which policy covers a laptop outside the premises covered.

Bye, Barry

homer911

broker2008 wrote: »

A word of warning to those who chop and change their home insurance every year. I know of one instance where someone was in the process of shopping around but didn't realise their cover had lapsed from online insurer and their house was ransacked - no payout.

There is generally a month's grace on household insurance if you dont renew it on the day, although some insurers ask to be told in advance if you are not renewing in order to avoid this

stepbar

BOI were offering 25% off home insurance (expires today)-

http://www.boi.ie/personal/day_to_day/insurance/home_insurance/index.html

However I would call on tuesday, there maybe an extension. There's a lot of benefits that other insurers don't offer.

http://www.boi.ie/includes/pdfs/policy_home_insurance.pdf

Toots

EBS are also running a home insurance promotion at the moment, so there could be a good deal to be had there too.

oldyouth

homer911 wrote: »

There is generally a month's grace on household insurance if you dont renew it on the day, although some insurers ask to be told in advance if you are not renewing in order to avoid this

That would not be technically correct. Some insurers offer 14 days grace provided you have shown intention to renew such as contacting them and saying you'll be away on holiday and will sort it when you are back etc.

Brokers handling a policy on behalf of a client would generally have 30 days credit to forward premiums on to insurers, but trust me, if a serious loss occurs , they will want evidence from the broker that you paid them in time or they might repudiate the claim. If you can show that you have stayed with one particular insurer for a long period of time, it would aid your argument that you intended to renew

There are circumstances, when a mortgage provider is noted under your policy, that cover will remain after the expiry date for 30 days but that is a different debate

Colonel Sanders

good advice from oldyouth, make sure not only that the price is cheaper but the cover provided is satisfactory also

AFAIK Quinn have a separate excess for both the buildings and contents cover. Not sure what the story is with Zurich's excess to be honest