Michael Fitzmaurice (Roscommon-Galway, Independent)
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94. To ask the Minister for Finance if his attention has been drawn to situations by which persons who may need to go into a nursing home are seeing insurance companies in some instances increasing their house insurance premiums by nearly four times the original amount in addition to requesting that the electricity and water be turned off; if legislation can be brought forward which would allow a person who had to go into a nursing home to get public liability cover for their home in case of intruders on their property; and if he will make a statement on the matter. [8638/19]

Paschal Donohoe (Dublin Central, Fine Gael)
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As Minister for Finance, I am responsible for the development of the legal framework governing financial regulation. Neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing or terms and conditions of insurance products. Consequently, I am not in a position to direct insurance companies as to the pricing level or terms or conditions that they should apply in respect of particular categories of policyholders.

Notwithstanding the above, my officials contacted Insurance Ireland on foot of the Deputy’s query to understand more about the process. Insurance Ireland advised that generally, if a person vacates their property for an indefinite period, it may alter the level of cover provided or an insurer may require that the property is in a good state of repair and regularly maintained while left unoccupied.

Insurance Ireland also stated that if a property is unoccupied, it is important to ensure that measures are taken such as draining the water system and turning the heating on frequently to protect against frozen pipes during periods of cold weather, and that any alarm system is monitored and maintained appropriately.

In relation to the Deputy’s query regarding whether legislation could be introduced to allow for a person that had to go into a nursing home to get public liability cover for their home in case of intruders on their property, it should be noted that Public Liability policies protect an insured person in respect to their legal liability to third parties for bodily injury, and for any loss or damage to their material property. Public liability insurance does not cover loss or theft of the policyholder’s own personal property. The decision of whether or not to take out public liability insurance is for each individual to make in respect of their own property and, as mentioned above, the provision or pricing of insurance products are commercial matters to be determined by insurance companies based on an assessment of the risks they are willing to accept.