HOME INSURANCE PRICE INCREASE

Homeowners can expect to pay up to 15% more for home insurance as insurers deal with a dramatic rise in claims following the cold snap, according to The Sunday Business Post.

The Irish Brokers Association (IBA) said it anticipated “significant price increases from individual insurers” but amounts would vary depending on the company and the policy. Brian McNelis, director of general services at the IBA, said it paid more than ever to shop around.

“It will pay to shop around or get a professional to do it for you,” he said. “It’s important to trawl the market to ensure you get the best price with the lowest excess and the least exclusions.”

McNelis expected cover to become even more restrictive in 2011, with some insurers excluding flood and snow damage, particularly for those individuals who are deemed to be particularly susceptible or who have claimed before. He also expected excesses to increase, meaning individuals would be liable for a greater proportion of claims.