Home insurance prices and underinsurance figures rise - Claire Byrne
Daragh Cassidy, Head of Communications at bonkers.ie, spoke on Claire Byrne about the reasons why home insurance policies in Ireland have jumped in price. He also discussed how these price increases have left more households at risk of being underinsured.
Listen back to the interview above or check out the main points discussed below.
- According to CSO figures home insurance premiums have increased by 12%.
- Inflation, rising building costs and the end of ‘price walking’ has caused home insurance premiums to jump in price significantly.
- Timber, cement, glass and plaster have all increased over the past 18-24 months causing building costs to rise, meaning it costs more money to rebuild your home than it did previously. This has resulted in people being left underinsured.
- In September, the Society of Chartered Surveyors released a report which found that rebuilding costs for insurance purposes had increased on average by around 21% nationwide.
- For example, in 2021 the rebuild value of a three-bedroom semi-detached home in Dublin cost 220k, however, this rose to approximately 268k in 2022.
- Consumers can use the rebuild calculator on the Society of Chartered Surveyors' website to assess whether or not they need to increase their home insurance policy to avoid underinsurance.
- If you have had any renovations done to your home, new alarms installed or you’ve bought new appliances that make your home safer, then it could bring the cost of your home insurance premium down.
- Remember to shop around to find the best value home insurance premium for you.
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Our free and easy-to-use home insurance comparison tool will allow you to move to a different supplier in just a few clicks.
You can learn more about the comparison and switching process here by reading our home insurance home insurance Quickstart Guide.