Shop around as widely as possible online and maybe via a broker or two. That's the only way to get the best deal.Hi there,
Am with Mulcahy Insurance a broker in Macroom, Cork. My premium/fee has gone up by over €150 this year. Might anyone be able to advise where to look instead? Was told it's the same across the board for house insurance.
Is it worth going to another company to dovetail with car insurance? Car isn't due to renew until July 2025, house insurance is up next week.
Thank you.
That is pretty much exactly my experience this year too with same insurers!I was amazed AXA quoted me 150e less than the nearest quote, despite having been with Zurich for 4 years
The SCS provide useful guidelines for the use of their calculator/figures which cover most or all of what you mention.I have no skin in the game but for anyone renewing their house insurance be very careful to calculate your building insurance cover properly and not end up under-insured.
- Building cost in general have increased greatly of late and there are very general cost calculators on the SCSI website
- Don't forget to include for demolition / site clearance / waste disposal costs
- Include for professional fees
- And VAT etc.
For most people in "regular" properties the SCS calculator/guidelines are more than adequate for helping to determine an appropriate rebuilding cost for insurance purposes. Obviously being overinsured is better than being underinsured so no harm in adding some "padding" to their estimated figures - e.g. 10% or whatever.The figures allow for demolition costs, professional fees incurred in reinstatement, and VAT at 13.5% on building costs and 23% on Professional Fees.
Absolutely add some ''padding'', the SCSI calculator is dated September 2024 and prices are rising all the time. Upping my rebuild cover by an additional €50k is only costing an extra €35 from my next probable insurer, I’m happy to pay it.For most people in "regular" properties the SCS calculator/guidelines are more than adequate for helping to determine an appropriate rebuilding cost for insurance purposes. Obviously being overinsured is better than being underinsured so no harm in adding some "padding" to their estimated figures - e.g. 10% or whatever.
Insurance companies making a killing on all of thisThat's why you should insure for more than today's rebuilding price.
As I said - arbitrarily add 10% or whatever you think is appropriate. There's no hard and fast rule that I'm aware of.
Read the notes about the SCS rebuilding cost estimator. They may outline how to estimate the rebuilding costs of properties with more bedrooms than they normally cater for? If it's not appropriate to use for your property then you may need to figure out some other way to estimate the rebuilding cost for insurance purposes.My house doesn't really feature in the SCSI calculator. It's a 4/5 bedroom terraced house in Cork City centre.
Ask who? If you mean your insurer then they aren't going to be responsible if you don't properly insure for the correct rebuilding cost.This may be a stupid question, but do I simply ask them to 'up' my rebuild cover?
That's a good point. The thoughts of shopping around for car and house insurance at the same time each year might be sufficient to discourage some from doing so.Generally there is not a lot of benefit in aligning house and car insurance unless you have very valuable house/car and go after High Value covers.
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