How can I get cheaper home insurance in Ireland?

Home insurance is one of the first things to consider when you invest in property. Whether you're a homeowner, renter, landlord, or student - home insurance is a form of financial protection you must consider to safeguard yourself, your property, and your belongings from unforeseen circumstances.

When you plan to buy home insurance, it's crucial to carefully assess a few things like:

1. your needs,
2. policy choices, and
3. coverage that aligns with your requirements.

There are primarily five types of home insurance:

1. Home contents insurance
2. Building insurance
3. Buildings and content insurance
4. Holiday home insurance
5. Unoccupied home insurance

It's advised to fully understand the ins and outs of home insurance before diving into tips to get home insurance at the best price, without compromising on your coverage.

Tips to get cheaper home insurance

It can be challenging to find the right home insurance policy at the right price. Depending on the type of home insurance policy you opt for, your premiums and benefits may vary.

Here are tips that could help lower your premium without compromising on the cover you need:

1. Buy buildings and contents insurance together - If you choose to club your building and contents insurance into one policy, it can work out to be cheaper. Not only do insurers in Ireland offer discounts on combined policies, but it is easier for you to make a claim for something that's affected both your home and its contents - such as a fire or flood since you only have to deal with one insurer.
2. Pay for your insurance annually - Monthly premiums are almost always more expensive than paying one lump sum. According to statistics, monthly payments can increase premiums by around 10% on average.
3. Only pay for what you need - When you declare your home's rebuild cost and the overall value of your household contents, you will know exactly how much coverage you need. Getting these costs right will make sure you're not over-insured or under-insured. When buying add-ons and package deals, make sure you know exactly what is included so you don't end up paying more than the required amount.
4. Improve your home security - Installing security measures in your home can help bring down the premiums as they reduce the risks. You should check with your insurer for approved brands and devices and figure out if the cost of the equipment will outweigh the savings you'll make.
5. Avoid using the home for business - If you keep business stock at home, attend business meetings, or you've adapted your property into office space, you should declare it to your insurance provider.
6. Join the neighbourhood scheme watch - If you live in an area that's covered by a Neighbourhood Watch scheme, and are an active member, you might qualify for a discount on your home insurance.

Schemes like this reduce crime in the area, making them safer in the eyes of insurers.

How to keep your home insurance premiums low?

There are a number of things you can do to lower the cost of your premiums. While it ultimately depends on the factors of your requirements, here are some ways that can work -

• Compare quotes - When buying or renewing your policy, always shop around to see the best deals available. Paddy Compare can help you get in touch with local brokers in a matter of minutes!
• Build a no-claims bonus - Just like other types of insurance policies in Ireland, home insurance policies are discounted based on the amount of claim-free years you have been insured for. Some insurers even offer a discount of up to 50% for going claim-free for five or more years.
• Increase excess amount - A common way to reduce your annual premiums. In general, the higher the excess the the cheaper your home insurance policy will be.
• Know about admin charges - Insurers can charge you an administration fee for making changes to your home insurance policy. In some cases, paying an extra small amount for a policy that charges less admin fees might save you more in the long run.

Get cheap home insurance with Paddy Compare

Paddy Compare lets you compare home insurance quotes and puts you in touch with local brokers. When getting home insurance in Ireland, it is important to remember that you need to buy a policy that covers all your needs and not just focus on the one with the cheapest premiums. This will ensure proper safeguarding in case of unforeseen circumstances.

Simply follow these steps: