Key factors influencing your insurance premium
1. Location: Homes in areas prone to flooding or other natural hazards typically have higher insurance costs or might be restricted on flood cover depending on the risk.
2. Home value and construction: The cost to rebuild your home in case of damage is a major factor. Higher-value homes or those with unique features may cost more to insure due to the materials and labour needed to rebuild it should something happen to it. The Society of Chartered Surveyor’s calculator is for guidance and estimation purposes only.
3. Cover amount: Standard home policies cover the structure of your home, domestic garage and domestic outbuildings but you can also add cover for all risks. The more you add, the higher your premium will be.
4. Excess: The excess is the first amount of a valid claim that a customer has to pay. There are flexible excess options available for the customer that may increase or decrease the policy premium accordingly. Choosing a higher excess can lower your premium, but it means you’ll pay more in the event of a claim. Choosing a lower excess means your premium will be higher but you only have to pay the lower excess amount, depending on the loss.
5. Claims history: If you have a high claims history, be aware this can increase your premium.
Tips to lower your insurance premium
1. Do your research: We offer one of the most comprehensive insurance policies in the market where you can get two insurance quotes which saves you the hassle of shopping around. This will allow you to get more than one quote and you get to choose the price that’s suitable for you. Get a quote for home insurance.
2. Be aware of discounts available: Further discount may be available to you. Many insurance companies offer discounts if you have multiple products with them. For example, if you have home insurance with them and consider purchasing another product, such as car insurance.
3. Improve your home security: Installing a monitored alarm can reduce your premium if installed by a professional and approved provider.
4. Review your policy annually: Regularly reviewing your policy ensures you have the right cover at the best price.
Understanding the factors that influence home insurance costs can help you make informed decisions about your cover. By considering these factors and taking steps to lower your premiums, you can protect your home without breaking the bank.
At Bank of Ireland Insurance, we don’t charge admin fees. You can also have flexible payment options, by paying monthly by direct debit with no extra cost.