Home Thatched roof insurance increases & changes

My partner and I are in the process of buying a thatched roof cottage but the insurance quotes are making it prohibitive. The owners told us the annual insurance was €1000. Then they sent us the paperwork that showed their premium was going up to €1900. When we got a quote for the reinstatement value, the price jumped again to almost €2800. We've been told that the only way to get thatched roof insurance at the moment is to go with Lloyd's of London, which is only available through Finsure. Does anyone have any additional advice for how to obtain a more reasonable premium for home insurance on a thatched roof house? Thank you.

No. Unfortunately you won't find a main-stream insurer that is prepared to do it given the non-standard construction of the roof. Finsure are your only man here.

Your roof is of non standard construction. More prone to storm damage and resulting water ingress. Insurers rarely pay out on flat roofs too for the same reason. Would you consider getting a new roof perhaps? Will cost a bit but might be worth the hassle in the long run.

I just got my renewal notice from the broker. I'm insured with Finsure and the premium has jumped to €1000 for a very small, terraced, thatched cottage that's only worth about €100,000 on the market. Crazy.

I was with Hibernian up to last year but switched to Finsure as Hibernian added a new requirement that the thatch needs to be sprayed with a flame-retardant, which would have pushed me over budget. But they were quoting a premium of €700 - €800, although I'm sure that has jumped up to the €1k mark now with insurance premiums going up across the board. Still, might be worth giving them a ring?

Finsure are about the only insurer on the market that will cover this type of property, I don't think Hibernian Aviva will take you back. Make sure you have the correct rebuilding cost & review your contents. Reducing these will reduce the premium. Check out www.scs.ie to make sure your rebuilding cost is correct.


www.powerinsurances.ie