What homeowners probably don't know is that while insurance prices are increasing, some insurers have lowered their prices for certain types of house. www.ryanair.com is such a player -- which once again proves that shopping around is vital for the smart consumer . The bad news for homeowners is that this 25 per cent predicted increase is close to the mark, according to insurance brokers. For example, the average increase for a four-bed-roomed semi-detached house in Dublin 6 was 19 per cent in the past five months -- and there are still seven months remaining in 2002 . Dublin 6 includes areas of Rathmines, Rathgar, Ranelagh and Terenure.
Check out the significant differences between house insurance prices. The most interesting aspect of the five-month price comparisons for insuring a Dublin 6, four bedroom home is the huge disparity between insurance quotes. Ryanair.com threw the trend on its head by being the only insurer to reduce prices since last October. Ryanair.com's quote is just EUR 9, or 3 per cent, lower than last October but, importantly, EUR 127 cheaper than the most expensive quote, which was from Royal Sun Alliance (RSA). RSA quoted the largest percentage increase in this category -- up 46 per cent from last October.
Eagle Star showed the second highest increase in five months with a 38 per cent increase in premium for the same house . Hibernian's quote was just one per cent higher than before. Did you know that minimum re-building cost amounts have been introduced by some insurers? One disappointing feature for consumers shopping around is the general trend for insurers not to quote for rebuilding costs of under about EUR 127,000 for Dublin properties.
Insurance brokers such as Ryanair.com and Eagle Star have changed their policies of five months ago and no longer quote for re-building costs of below EUR 130,000 and EUR 105,000 respectively. Derek Richardson, chief executive of Richardson Insurance brokers, which supplies the insurance quotes to Ryanair.com, was asked why this had happened. "Re-building costs have increased dramatically in the past few years and insurance companies seem to think that a lot of people do not have adequate home re-building cover. It means that some people may be somewhat over-insured in the short term. But it's better to have too much insurance than too little."
He also said that insurance companies don't want the bad publicity emanating from such events as the recent flooding in Ringsend. "A lot of people were under-insured, which means not all of their losses will be covered by their policies. It makes insurers look bad when people's losses are not fully covered," he said. Richardson believes there are a lot of people who are probably calculating re-building costs at EUR 76 per square foot instead of the recommended average of EUR 146 per square foot.
He believes that increasing the minimum rate of cover is aimed at such individuals. But what about the person who needs only EUR 100,000 of re-building cover and has to pay for EUR 130,000. Is there a large difference in premium? "Actually, the difference in premium will be damn all. The cheapest part of home insurance is the re-building costs. From an underwriting point of view, contents cover has a much higher value," he said.
Check out the significant differences between house insurance prices. The most interesting aspect of the five-month price comparisons for insuring a Dublin 6, four bedroom home is the huge disparity between insurance quotes. Ryanair.com threw the trend on its head by being the only insurer to reduce prices since last October. Ryanair.com's quote is just EUR 9, or 3 per cent, lower than last October but, importantly, EUR 127 cheaper than the most expensive quote, which was from Royal Sun Alliance (RSA). RSA quoted the largest percentage increase in this category -- up 46 per cent from last October.
Eagle Star showed the second highest increase in five months with a 38 per cent increase in premium for the same house . Hibernian's quote was just one per cent higher than before. Did you know that minimum re-building cost amounts have been introduced by some insurers? One disappointing feature for consumers shopping around is the general trend for insurers not to quote for rebuilding costs of under about EUR 127,000 for Dublin properties.
Insurance brokers such as Ryanair.com and Eagle Star have changed their policies of five months ago and no longer quote for re-building costs of below EUR 130,000 and EUR 105,000 respectively. Derek Richardson, chief executive of Richardson Insurance brokers, which supplies the insurance quotes to Ryanair.com, was asked why this had happened. "Re-building costs have increased dramatically in the past few years and insurance companies seem to think that a lot of people do not have adequate home re-building cover. It means that some people may be somewhat over-insured in the short term. But it's better to have too much insurance than too little."
He also said that insurance companies don't want the bad publicity emanating from such events as the recent flooding in Ringsend. "A lot of people were under-insured, which means not all of their losses will be covered by their policies. It makes insurers look bad when people's losses are not fully covered," he said. Richardson believes there are a lot of people who are probably calculating re-building costs at EUR 76 per square foot instead of the recommended average of EUR 146 per square foot.
He believes that increasing the minimum rate of cover is aimed at such individuals. But what about the person who needs only EUR 100,000 of re-building cover and has to pay for EUR 130,000. Is there a large difference in premium? "Actually, the difference in premium will be damn all. The cheapest part of home insurance is the re-building costs. From an underwriting point of view, contents cover has a much higher value," he said.
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