Mystery Shop and Cost Comparisons show Better Home Insurance Deals 

The Financial Regulator today published new home insurance cost comparisons on its personal finance website, www.itsyourmoney.ie, which show that consumers can potentially save almost €400 a year for buildings and contents insurance.  Consumer Director Mary O’Dea also encouraged consumers to seek discounts on home insurance, following a mystery shopping exercise into the customer experience of shopping around.

The telephone mystery shopping exercise, recently undertaken by the Financial Regulator, revealed a wide range of discounts available to consumers, which they might not be aware of. The exercise also revealed the importance of giving as much information as possible to get the full benefit of any possible discounts.

Depending on the provider, consumers may get a discount on their home insurance policy:
· for having no previous claims/being 5 years claims-free;
· if there is somebody over 50 living in the house;
· if the residents of the house are non-smokers;
· if a resident is usually in the house during the day;
· if the house has an alarm (a further discount may apply if it is monitored);
· for having both home and motor insurance with the same company;
· if a smoke detector is installed in the house;
· if the house is in an area with a neighbourhood watch scheme;
· if applicants are over 40, or in some cases over 50;
· if the house is less than ten years old; and
· based on how you buy the insurance i.e discounts were available for buying online or through a broker.

Consumer Director Mary O’Dea commented; “When you request a quote, the questions you will be asked can vary, depending on the provider and the agent you talk to on the day, so it is important to be proactive and offer as much information as possible to make sure you get any discounts that apply. If you are not sure what discounts you can get, ask your provider and use our shopping around checklist and home insurance cost comparisons on itsyourmoney.ie to help you.”

The online home insurance cost comparisons feature nine profiles for homes in Clare, Donegal, Dublin, Kerry, Leitrim, Louth, Mayo and Wexford. They show that consumers can make significant savings on their home insurance premiums of almost €400, simply by shopping around. The cost comparisons also show the excess and the additional features that apply to each policy, making it easier to compare the policies and find the best value.

Commenting on the cost comparison, Mary O’Dea said: “With many people feeling the pinch right now, it is more important than ever for consumers to exercise their buying power and to make better choices about financial products. There are three things you should always do when getting insurance: haggle when you are negotiating with your insurance providers, look for better value elsewhere, and ask for discounts when getting quotes.”

The ‘Shopping around checklists’ and the home insurance cost comparison are both available on www.itsyourmoney.ie.

a pre-recorded audio interview with the Deputy Head of the Consumer Information Department is available at the following link:
www.uniquemedia.ie/financialregulator This will need to be downloaded and imported.