Home Taking out a three year policy - any thoughts?

D

Deckchair

Registered User
Messages
28
Got my renewal quote from BOI this week, massive increase from the past few years.
So have started shopping around. One that came up in my searching was a quote from Zurich for three years. I had never thought of taking a three year policy previously.
I have to reread everything later today, but it looks like a good proposition.

Any thoughts or advice welcome.
 
I thought about this too. I've been meaning to check how increase in building costs will be handled. At the end of the policy your initial values will be 3 years old.
 
I went for a 3 year home policy with Zurich earlier this year. No discount for extra years, 3 years was exactly 3 times what 1 year was.

It is head wrecking having to go through renewal every year. The price was good and I could afford to pay the 3 years upfront, so I went for it.

If I need to increase my cover I can do so, if the price is not reasonable, I can cancel by giving 14 days notice and will be refunded for the unexpired period of insurance less a €25 administration fee.

In the unlikely event of insurance prices drop substantially, I can cancel, get a full refund for the unexpired period of insurance less the €25 administration fee and go elsewhere for cover.

I don't have much to lose so am happy with 3 year cover.
 
twofor1 said:
It is head wrecking having to go through renewal every year. The price was good and I could afford to pay the 3 years upfront, so I went for it.
Click to expand...
What was the one year versus three year premium?
In my experience insuring a couple of properties and helping others insure theirs, an average property can be insured for a few hundred euro.
(Obviously there are a lot of variables in terms of what people feel the need to insure but I'm assuming the rebuilding costs plus modest cover for contents).
I'm a big fan of shopping around for the best deal but at some stage the potential savings are simply not worth the time and hassle.
It really shouldn't be "head wrecking" to get cover for a reasonable price for particular circumstances...
 
I took out a 2 year policy with Zurich last year. As twofor1 mentioned, a multiple year policy doesn't offer any savings (2 years was exactly twice the annual price quoted), but the advantage for me at the time was being able to pay a monthly premium at no extra cost to me.
 
It's hard to know what to value a property today for insurance purposes. I know people who had got prices earlier in the year for renovations but the builders couldn't fit them in unless they paid half the money upfront so he could buy timber, insulation, and plaster product, etc. They didn't want to do this and their quotation is out the window now so to speak. In one instance it was originally €140k and that is now €200k. If he wants to go ahead with it, he pays half upfront again but he will not see it started until after Xmas. Yes, prices have gone up and some products by a lot, but there's a fair hike in builders prices on top of that.

With the above price increases, I personally wouldn't be taking out an insurance policy for 3 years duration, regardless of if the insurance company allows you to increase the property value or not.
 
You must log in or register to reply here.
Back
Top