Sinn Féin spokesperson on Finance, Pearse Doherty TD has said that rip-off increases to home insurance must end.

His comments follow a warning by the Consumers’ Association of Ireland that premiums have jumped by almost 22 per cent in the last year.

Teachta Doherty said:

“I welcome the intervention by the Consumers’ Association of Ireland. Many homeowners will have been shocked by excessive increases in their home insurance.

“This is an issue that I have raised directly with the representative body of the industry, Insurance Ireland, in recent weeks.

“While the sector argues this is due to inflation, it’s hard to see how this would justify what are in some cases double digit percentage increases where customers haven’t made claims.

“This is happening at a time when households are already under huge pressure from the cost of living crisis. Mortgage interest rates, childcare costs, grocery bills and more are mounting up and families simply can’t afford another crippling cost.

“Homeowners feel ripped-off and they need to know that these high bills won’t continue.

“The Minister must intervene directly with the sector to ensure that costs come down to affordable levels without delay.”