# House Insurance Price Increase



## emrool (29 Apr 2009)

I paid circa 350 euro for my house insurance last year, I just received my renewal notice and the cost for this year is over 500 euro.

I have a three bed 1000 sq ft semi detached in Dublin, rebuild cost 230,000 euro and contents 45,000 euro.

The terrace of houses I live on had subsidence problems (built on a riverbank) and it has now been sorted by the builders insurance (new foundations, houses rebuilt in the last two years).

It is noted on my insurance policy that subsidence claims are excluded.
I rang around last year and due to the previous subsidence no other insurer would insure me but I feel that over 500 euro is very expensive. Has anyone else encountered this problem?


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## StevieC (29 Apr 2009)

Pretty much all general insurance policies are increasing in price this year. The reason is that in times of recession, general insurance companies have more claims due to moral hazzard.

All I can advise is that you shop around and see if anyone else can offer a better deal, even if no other company will quote due to past history, you might get a better offer with the same insurance company but with another Broker.


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## emrool (29 Apr 2009)

Thanks Stevie for the advice, I never thought of using a broker.

The government talks about deflation but the cost of house insurance,
V.H.I., electricity and my annual bus ticket have all increased and my
wages have decreased by 10%!


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## StevieC (29 Apr 2009)

Your welcome mate. Best of luck finding a bargain.


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## bacchus (29 Apr 2009)

StevieC said:


> Pretty much all general insurance policies are increasing in price this year.



On receiving my insurance renewal few months ago, indeed the price had gone up. I rang them up to enquiry. 
Reason given to me: "we increased the rebuilding cost by 10% as we always do each year, hence premium went up."
Sneaky went considering building cost is going down.
So I ask them to quote me with -10% on rebuilding cost compared to last year rebuilding cost. Premium was then cheaper than last year.


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## gerward (30 Apr 2009)

Try 123.ie - got a quote 400 euro cheaper than my usual insurer - even in the current climate where it has been reported that house insurance has to go up because policy holders are claiming for everything as they are not so well off.


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## emrool (30 Apr 2009)

I checked the rebuild costs on the Society of Chartered Surveyors website and got a rebuild cost of 195,000.

Rebuilding the six terrace houses two years ago cost 1.16 million, so it would be a pretty accurate estimate.

Just rang the insurer and based on the new figures I got a new quote of 384 euro. It pays not to accept the first quote, I just saved 200 euro.

Thanks for all the sound advice.


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## gazprom (1 May 2009)

Re:- House Insurance for Pre-1900 houses.
I am having difficulty getting sensible quotes for my stone built 1874 house.
The insurance company I have been with have suddenly introduced all kinds of subconditions to enable them to increase the quotes. Can anyone suggest a company(ies) who cover older well maintained properties.


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## Ed054 (1 May 2009)

gazprom said:


> Re:- House Insurance for Pre-1900 houses.
> I am having difficulty getting sensible quotes for my stone built 1874 house.
> The insurance company I have been with have suddenly introduced all kinds of subconditions to enable them to increase the quotes. Can anyone suggest a company(ies) who cover older well maintained properties.


 
Have you approached a broker?

If not it may be a good place to start.


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## Cayne (1 May 2009)

gerward said:


> Try 123.ie - got a quote 400 euro cheaper than my usual insurer - even in the current climate where it has been reported that house insurance has to go up because policy holders are claiming for everything as they are not so well off.


 
I got my renewal for 123.ie in the past few days - one thing I missed last year was a clause which states that if the house is alarmed which mine is, alarm not set and house burgled than you have no cover. 

So read terms and conditions of the policy before proceeding. Something to be aware off.


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## Megan (1 May 2009)

bacchus said:


> On receiving my insurance renewal few months ago, indeed the price had gone up. I rang them up to enquiry.
> Reason given to me: "we increased the rebuilding cost by 10% as we always do each year, hence premium went up."
> Sneaky went considering building cost is going down.
> So I ask them to quote me with -10% on rebuilding cost compared to last year rebuilding cost. Premium was then cheaper than last year.



I got my house insurance renewal notice 2 weeks ago and they had a note on it to say  that my buildings and contents wouldn't be adjusted automatically ( like other years) since last renewal date unless I give them instructions to do so. My insurance still went up by €100.00 since last year. I shopped around and changed companies and my insurance has dropped from €491 to €278.


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## Gervan (1 May 2009)

I am in a similar situation to OP. I looked for online quotes, such as 123.ie but the subsidence issue disbarred me from getting a quote. I contacted a broker, who rang me this afternoon to say our area is kind of blacklisted, companies will not provide cover here because of the subsidence in the locality. 
Now what? I am wondering if there is some kind of third party insurance I can get, if I cannot insure the house.


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## gazprom (4 May 2009)

Our house was in a sorry state when we took over 10yrs ago and since then we have brought it up to be a well maintained building. Who then decides what is well maintained and what is not?
The insurance companies do not seem to have any answers except to impose their own restrictions with a scattergun approach. This year unannounced re-roofing, electrics and plumbing have suddenly been a requirement of modern replacement.
The roof etc. is sound and will last many more years as are the electrics and plumbing. As with a lot of todays non-thinking , common sense does not seem to have a place in everyday life.I will try another broker.


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