How to save money on home insurance in Ireland

1. Shop around before you renew

Perhaps the best way to save money on your home insurance is to shop around every year.

Unfortunately, loyalty often doesn’t pay when it comes to your home insurance policy because many insurers offer discounts to entice new customers.

This means that when your renewal comes you may no longer qualify for the discount you got first time around, making your cover more expensive.

Use your renewal notice as a prompt to check the market and see whether you can get the same level of cover for less.

Before switching, make sure you’re comparing like-for-like cover, including your rebuild cost, contents value, excess, optional extras and exclusions.

If you do find a cheaper deal speak to your current insurer and see if they’ll match or beat the price, if they won’t you can cancel and switch to the better deal.

2. Choose the right excess

The excess is the amount you pay yourself if you make a claim.

Choosing a higher excess can reduce your premium, but it also means you’ll pay more if something goes wrong.

While changing your excess could save you money if you don’t need to claim, it does make it more expensive if you do.

It may not be worth it if the excess becomes too high for you to afford in an emergency.

Before choosing your excess, ask yourself:

• Could you afford this amount if you needed to claim?
• Would the premium saving be worth the extra risk?
• Does the policy have different excesses for claims like escape of water, flood or subsidence?

A higher excess can help lower your home insurance cost, but only choose an amount you could comfortably pay.

3. Pay annually if you can

Paying for home insurance monthly can make the cost easier to manage, but it may be more expensive overall.

Some insurers charge interest or fees when you spread the cost by monthly Direct Debit. If your budget allows, paying annually could reduce the total amount you pay over the year.

Switcher.ie quote example: paying annually instead of monthly reduced the cost of buildings and contents cover for a three-bedroom home from €551 to €521, a saving of €29, or around 5%.

4. Check your rebuild cost and contents value

Over-insuring can leave you paying for more cover than you need, while underinsuring could leave you short if you need to claim. For:

• buildings insurance, your cover should be based on the cost of rebuilding your home, not its market value. You can use the SCSI rebuild calculator as a guide.
• contents insurance, add up what it would cost to replace your belongings with new equivalents, including furniture, clothes, electronics, appliances, jewellery and everyday items.

When checking your cover, look at:

• Rebuild cost: Make sure your buildings cover reflects the full rebuild cost of your home.
• Contents value: Check that your contents cover is enough to replace your belongings.
• High-value items: List expensive jewellery, bikes, art or electronics separately if your insurer requires it.
• Optional extras: Only pay for extras you actually need, such as accidental damage, personal possessions or home emergency cover.

Read our guide on how to get the right home insurance cover for more tips on what extras are worth paying extra for.

5. Improve your home security

Making your home safer and more secure could help reduce your home insurance premium, because it may lower the risk of theft, fire or damage.

Some security features that may help include:

• Monitored burglar alarms
• NSAI-approved alarm systems
• Smoke and carbon monoxide alarms
• Secure locks on doors and windows
• Outdoor lighting or security cameras

Security upgrades can cost money upfront, so weigh the installation cost against any potential insurance saving before making changes.

Switcher.ie quote example: adding an NSAI-approved alarm and other safety measures reduced the cost of buildings and contents cover for a three-bedroom home from €551 to €466, a saving of €85, or around 15%.

6. Look for multi-policy discounts

Some insurers offer a multi-policy discount if you take out more than one type of insurance with them, such as home and car insurance.

This can be worth checking if you already have another policy with the same provider, or if you’re comparing quotes for more than one insurance product.

If you use the same provider for other types of insurance, such as car insurance or life insurance, ask whether you’re eligible for a multi-policy discount.

Always compare the final price and cover carefully, as bundling policies is not automatically cheaper.

Switcher.ie quote example: applying a multi-policy discount reduced the cost of buildings and contents cover for a three-bedroom home from €551 to €495, a saving of €56, or around 10%.

7. Check online, new customer and BER discounts

When comparing home insurance quotes, check whether the insurer offers any discounts for buying online, switching as a new customer or meeting certain property criteria.

Some insurers may offer:

• Online discounts
• New customer offers
• Multi-policy discounts
• No-claims discounts
• Discounts for monitored alarms or security features
• Discounts for homes with a high BER rating

Discounts vary by provider and may be subject to minimum premiums, eligibility rules and policy terms. Always compare the final price, not just the headline discount.

Should you claim for small losses?

If the cost of repairing or replacing something is only slightly above your excess, it may be worth thinking carefully before making a claim.

A claim could affect your no-claims discount and future premiums, so check the cost of the repair, your excess and the potential impact on your renewal price.

That said, you should still claim when you need to. The point is not to avoid valid claims, but to weigh up whether a very small claim is worth it.