Home insurance premiums have typically fallen by between 5% and 10% according to figures released by experts at www.insuremyhouse.ie.
This is when compared with NCA (now Competition and Consumer Protection Commission) cost comparison figures released this time last year.
Experts at www.insuremyhouse.ie contend that it is unlikely that rates will fall any further this year as they are currently so low. Also the release of a report from the Society of Chartered Surveyors last week may mean that because rebuild costs of homes is now set to rise by 4% this year, consumer’s home insurance premiums may go up as a result.
MD of www.insuremyhouse.ie, Jonathan Hehir said, "We took 7 cost scenarios which the NCA looked at last year and we ran quotes for the same cases this year and we found that in 5 out of 7 cases we found cheaper premiums.
The reason behind this is most likely that on the whole premiums have fallen over the last 12months and are now at very competitive rates.
This is good news for consumers obviously – but anyone buying home insurance must bear in mind that although there is great value to be attained, you should never just accept a quote from one provider – our analysis also illustrates that you should look for quotes from a variety different insurance companies to ensure you are getting the best one. Or you can engage an expert to do that for you."