Why has the cost of home insurance increased? - Shannonside Northern Sound

Image audioWhy has the cost of home insurance increased? - Shannonside Northern Sound

The rise in building costs has caused home insurance premiums to increase substantially. In light of this, our CEO David Kerr spoke to Joe Finnegan on Shannonside Northern Sound about the reasons behind this increase as well as the energy crisis.

Listen back to the interview above, or take a look at the main points discussed below. 

A rise in home insurance costs

  • Home insurance premiums have increased for two main reasons: 
    • The Central Bank of Ireland has passed legislation ending differential pricing.
    • Claims inflation.
  • The end of differential pricing will decrease some consumers’ home insurance premiums, but for others, it will increase.
  • Claims inflation has been caused by a shortage in building supplies which in turn has resulted in the price of building materials increasing.
  • Although home insurance premiums have increased, people should continue purchasing insurance. 
  • Ensure your home is insured for the correct amount so that you won’t be out of pocket, you can discover how much your insurance should be by using the rebuild calculation tool on the Chartered Surveyors Ireland website. 
  • Insurers will only pay a maximum of what you have insured on your home. You should also make sure you do not under-insure your home as then you may be left financially vulnerable. 

Switching energy suppliers saves 

Despite rising energy costs, switching suppliers will help offset the increase and is still worthwhile. 

  • In the last year, energy prices have doubled and they are expected to continue rising during the winter months.
  • If you’re on the standard rate, the cost of gas and electricity has doubled over the last 12 months. 
  • Consumers can save on average 1,500 by switching gas and electricity suppliers on bonkers.ie. 
  • Discounts are immediate once you provide a meter reading upon switching.
  • You can make the switch on a computer/laptop, on a phone, or on a tablet, and only takes a few minutes.

To discover how you can switch gas and energy suppliers on bonkers.ie read our energy Quickstart Guide

Shop around for the best savings

You can then run a comparison using our free energy comparison tool, and switch in minutes. We compare tariffs against your current rate, so you can see what your savings would be. 

We also offer a home insurance service that allows you to buy buildings and contents cover in just a few clicks. 

Don’t forget to check out our other comparison services for broadband, banking products, and other insurance types.

Let’s hear from you

Have you noticed an increase in your home insurance costs? We’d love to hear from you. Get in touch with us on Facebook, Twitter and Instagram

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