Home Insurance tripled

Hello

The AXA Insurance premiums for my 4 bedrooms standard 120sq meters semidetached house in Dublin 14 keeps on increasing:
2019 = 213€
2020 = 231€
2021 = 266€
2022 = 338€
2023 = 445€
2024 = 552€

Compared to a similar (holiday) house that I have in Italy
2019 = 209€
2020 = 217€
2021 = 223€
2022 = 223€
2023 = 245€
2024 = 252€

I never had a claim or changed the coverage ratios, (the content has always been at 30000€.)
I will shop around for a better alternative but I wonder if the SCSI calculator is still reliable
For Dublin semidetached it proposes a quote of 2939€ per square meter for the rebuilding cost. Total 352000€
Is this reliable ? AXA put 595977€ as the "Building Sum Insured"

Thanks
Stefano

stefanop said:

Hello

The AXA Insurance premiums for my 4 bedrooms standard 120sq meters semidetached house in Dublin 14 keeps on increasing:
2019 = 213€
2020 = 231€
2021 = 266€
2022 = 338€
2023 = 445€
2024 = 552€

Click to expand...

Why did you keep going back to them if they were constantly increasing the premium? Most insurers and other service providers penalise loyal customers by automatically charging them more each year.

stefanop said:

I will shop around for a better alternative

Click to expand...

Ideally you should do that every year.

stefanop said:

but I wonder if the SCSI calculator is still reliable

Click to expand...

It's the best estimator out there as far as I know but, short of a professional reinstatement cost valuation, you'll have to use it and maybe add appropriate padding for anything specific and out of the ordinary with your property.

stefanop said:

AXA put 595977€ as the "Building Sum Insured

Click to expand...

They probably just took your original buildings value from 2019 and indexed it over the years to arrive at that figure. It doesn't really mean anything and isn't necessarily an accurate estimate of the actual rebuilding cost.

The building sum assured is your responsibility.

You can put what you like - but don't understate it

The SCSI is a guide, but is a year out of date so add on 15 - 20 %

Hi folks
Thanks for the feedback !!!

Home insurance in Ireland has risen by a little over 10% in the last five years. See the index below.

Your quotes above seem out of line with this.

Do shop around.

I've been pleasantly surprised this year. I paid something like 335 last year with Liberty. Got an email a few days ago to say this years quote is 303. They have automatically raised my rebuild amount by a few % to match inflation.

I have been shocked by the increases in my premium this year - gone from 448 to 701. No claims, no specified high value items, no accidental damage, nothing changed at all. I've tried every insurance company - using different devices and email addresses and they're all just nuts.

cbleahen said:

I have been shocked by the increases in my premium this year - gone from 448 to 701. No claims, no specified high value items, no accidental damage, nothing changed at all. I've tried every insurance company - using different devices and email addresses and they're all just nuts.

Click to expand...

And they're all coming up with c. €700?
That sounds implausible to me.
Try a broker?
By the way, using different email addresses/devices is almost certainly pointless and has no impact.

ClubMan said:

And they're all coming up with c. €700?
That sounds implausible to me.
Try a broker?
By the way, using different email addresses/devices is almost certainly pointless and has no impact.

Click to expand...

Thanks for your response - sounds implausible to me too!

Bigger names insurers - Aviva 720, Supervalue 1089, Allianz 771, Zurich 1171, Axa 790, AIB/AXA 1115, BOI 790, FBD 770.....
Tried online comparison sites (switcher, bonkers, one big switch, chill) - all similar prices to pricing directly.
Tried two brokers, one local and one online - 757

Rebuild as per the SCSI, 4bed bungalow, nothing gold plated, 'normal' area, not listed, no claims, no flat or thatched roof, excess 1000 across board. Mates down the road about 6km, in a house twice this size of similar age, with a gang of kids and lots of high value items are getting quotes of 500. I just can't figure it out.

I have slightly lower quotes with Redclick and Outsurance but wary as they're newer to the. market afaik - still coming in over 600.

Contemplating just getting buildings cover at this stage.

cbleahen said:

I have slightly lower quotes with Redclick and Outsurance but wary as they're newer to the. market afaik - still coming in over 600.

Click to expand...

Isn't RedClick just Liberty rebranded so they're not really new?

ClubMan said:

Isn't RedClick just Liberty rebranded so they're not really new?

Click to expand...

yeah, its the new name for Liberty which was the new name for QuinnDirect I think?

ClubMan said:

It won't be €39.99 for 12 months because they have an annual price increase policy:

Annual price change

www.eir.ie

You presumably have 14 days cooling off to cancel and go elsewhere without penalty if you choose to do so.

Broadband cancellations and the cooling-off period explained

When you place an order for a broadband package, by law you have the freedom to cancel the contract within 14 days without being penalised.

www.bonkers.ie

Click to expand...

JohnJay said:

I've been pleasantly surprised this year. I paid something like 335 last year with Liberty. Got an email a few days ago to say this years quote is 303. They have automatically raised my rebuild amount by a few % to match inflation.

Click to expand...

I did a few more online quotes over the weekend and all were well over 400 for the same level of cover. I can never understand the insurance world though. When I lived in my old house, FBD were almost never beatable, but now that I have moved a few postcodes away they always give me a crazy quote.

JohnJay said:

but now that I have moved a few postcodes away they always give me a crazy quote.

Click to expand...

Sometimes it can be as simple as having too many similar items on the books. Over concentration can lead to increased risk, and reinsuring that costs them more.