The average cost of home insurance in Ireland is a crucial consideration for any homeowner, tenant, or landlord. Whether you own or rent the property, it’s important to ensure it’s adequately insured. In Ireland, average home insurance costs vary significantly from one location to another and from one insurance provider to the next. 

In this blog, we’ll explore what exactly home insurance is, the average cost you might expect to pay in Ireland in 2024, and what to consider when in the market.  

What is Home Insurance in Ireland? 

Home insurance is a type of insurance that covers a variety of activities and events related to your home. It is designed to protect your most valuable investment against a range of perils, from fire, floods and storms to vandalism, theft and more. 

In the event of any of these things happening, your house insurance policy will pay out compensation to help you repair or rebuild your home. This can be invaluable if you’ve invested a lot of money in your home and would otherwise struggle to replace or repair after an accident or disaster. . Even if you’re not a homeowner and you’re renting, you can still insure the contents of your property with tenants’ insurance. So, what’s the average cost of home insurance in Ireland?

What is The Average Cost of Home Insurance in Ireland in 2024? 

In Ireland, homeowners can secure their property with insurance premiums from as little as €160 and up to €700. The average cost of home insurance is around €430 per annum in Ireland according to Selectra. Many factors can influence the cost of home insurance – for example, the size, age, and location of your home, the type of property, and the value of your belongings.  

The insurance provider you choose will also affect the price of your home insurance. That’s why it’s a good idea to go with an insurance broker, so you get the best insurance at the best value.  

What Factors Influence the Cost of House Insurance?  

When determining the average cost of home insurance in Ireland, several factors come into play. Each one contributes to the overall premium you'll pay. Here are some key factors that influence the price of your house insurance:

Location:

The location of your property plays a significant role in determining insurance premiums. Houses located in high-risk areas, such as flood zones or areas with high crime rates, may cost more.

Age of Home: 

Older homes may pose a higher risk of structural issues or wear and tear, leading to increased costs.

Security Measures: 

Houses equipped with security features may qualify for lower premiums due to reduced risk of theft or vandalism. These features include alarm systems, CCTV cameras, and secure locks.

Policy Excess: 

Your chosen excess amount, which is the amount of the claim you agree to pay before the insurance coverage kicks in, can impact your premiums. Opting for a higher excess usually leads to lower premiums.

Property and Contents Value: 

The value of your house and its contents directly influences insurance prices. Higher property values or valuable contents may need higher coverage limits, resulting in increased premiums.

Rebuilding Cost: 

The estimated cost to rebuild your home in the event of destruction also affects insurance premiums. Houses with higher rebuilding costs may be more costly to insure. This is due to the potential reconstruction expenses. 

Tip: Take the guesswork out of your house rebuild cost with a calculator.  

By considering these factors and working with a reputable insurance broker like Insuremyhouse.ie, you can ensure you're getting the cheapest household insurance in Ireland tailored to your specific needs and circumstances.

How to Save on Home Insurance Costs in 2024

Reducing the cost of house insurance is a priority for many homeowners. Here are some tips to help you save on your home insurance premiums: 

1. Bundle Your Policies: 

Consider bundling your home insurance with other insurance policies, such as auto or life insurance. Insurance companies sometimes offer discounts for bundling multiple policies together. 

2. Increase Deductibles:  

Opting for a higher deductible can lower your monthly premiums. Just make sure you have enough savings set aside to cover the higher deductible in case you need to make a claim. 

3. Improve Home Security: 

Installing security features like alarm systems, deadbolts, and smoke detectors can lower your insurance premiums by reducing the risk of theft and damage. 

4. Shop Around and Compare Quotes: 

Don't settle for the first quote you receive. Take the time to shop around and compare quotes from multiple insurance providers. As a broker, Insuremyhouse.ie can do the shopping around for you, ensuring you get the best deal on your home insurance! 

By implementing these strategies, you can effectively lower your house insurance cost, while still ensuring you have adequate coverage in place. 

Remember, the cost of home insurance can vary depending on factors such as the size, age, and location of your home, as well as the level of coverage you choose. It's essential to review your policy regularly and adjust as needed to ensure you're getting the best value for your money. 

Saving on home insurance costs doesn't mean sacrificing coverage. With the right approach and a little bit of research, you can find affordable home insurance that provides the protection you need for your most valuable investment.  

What to Consider When Shopping for Home Insurance 

When considering home insurance, it is important to shop around and compare quotes. The good news is, with Insuremyhouse.ie, you don’t have to! That’s because we do it for you. As one of the leading house insurance brokers in Ireland, we make it easy to get an affordable home Insurance policy that suits you. 

It is also important to read the policy thoroughly and make sure you understand the terms and conditions, as well as any exclusions or exceptions. Ensure to review your policy regularly to make sure it’s still relevant. 

One of the most important elements of good home insurance is to make sure you have adequate coverage in the event of any damage or loss. This can include cover for natural disasters such as floods, storms, and fires. It can also include cover for malicious damage, theft, or vandalism. Make sure you’re aware of the level of coverage you require when looking for an appropriate policy. 

If you don’t have a home garage and your car is parked outside or on the drive, make sure you’ve got great car insurance too.  

Why Do I Need Home Insurance? 

Finally, remember that home insurance is an important way to protect your home and your finances. It can provide peace of mind and help to ensure you’re financially protected in the event of an unforeseen incident or disaster.  

Don’t be afraid to ask lots of questions when looking for home insurance. This will help you to find the best deal for your needs and to ensure you are adequately protected. We at Insuremyhouse.ie are always happy to answer any questions that you might have regarding changes to your home insurance policy.  

Reviewing Your Home Insurance Regularly

It's important to review your home insurance policy periodically, especially as property values or rebuilding costs change. By staying proactive, you can ensure you're always paying a fair price and maintaining adequate coverage. The average home insurance cost in Ireland can fluctuate. So, keeping an eye on market trends and comparing quotes can help you save even more in the long run. 

Good home insurance can help you feel safe and secure in your home, knowing that you’re covered should anything happen. Now that you know more about what to look out for and the average cost of house insurance in Ireland, you’re ready to start shopping. Get an online quote in just minutes, to see how you can save up to 50% on your house insurance quotes with us.  

If you're interested in other types of insurances, you can check our partner companies: Insuremyvan.ie - the best broker for van insurance in Ireland and Coverinaclick.ie - specialised in low-cost car insurance quotes.