Home Insurance Premium

wigwam

Registered User
Messages
78
Does the premium you pay go up if you make a claim? Is it similar to car insurance re no claims bonus? thanks
 
Depends on the claim and the policy. When switching/applying to a new insurer (as many people may do each year when shopping around) they do ask if you have had any claims in the last c. 5-7 years or so. Not sure if they seek more details if the answer is yes or just apply a loading regardless. If you are staying with your existing insurance provider then check with them what, if any, impact a particular claim might have on your renewal premium. In my opinion you are probably generally best off just claiming for large amounts and footing the bill for smaller problems yourself. That's why I normally opt for the highest excess (e.g. €1K rather than €250 or whatever) which means a slightly lower premium on the basis that I will "self insure" for smaller problems and only claim for bigger ones.
 
Does the premium you pay go up if you make a claim? Is it similar to car insurance re no claims bonus? thanks

Depends.

Some companies offer a 'no claims bonus' system in their premiums, where as others do not. With certain claims, if they over a certain threshold, then you may be penalised with a 'claims experience loading' in addition to losing your 'no claims bonus' (if one is applicable)

This will depend on how long you are with the company, the type of claim, if any other claims have occured in the past etc.

So in theory, with *most* companies your premium will increase, it just depends on what each company offers.
 
Slightly off topic but the most important thing with home insurance is "DON'T" automatically renew. Over the last 5 years I let my Allianz home insurance creep up to an annual premium of 840 Euro a year. I called AA Ireland and they quoted me 482 Euro. I called Alianz to cancel my policy and they came back with a new premium of 480 euro.
Alianz basically halved my premium as soon as I threatened to move.
 
Yes - always shop around at least at annual renewal time (if not even more frequently if you think there are savings to be had) and always haggle if you have a better offer.
 

But there is no real facility to 'automatically renew' surely you were given notification of increases over the past number of year(s) ?