WHEN GETTING on to the first rung of the property ladder - or indeed moving up - most people are far more concerned with getting through all the red tape as quickly as possible and being handed the keys to the front door, than with the minutiae of the insurance cover they're taking out to protect their new home.

For most it's simply another form to sign, and they are more than happy to take whatever home insurance product is offered by their mortgage lender. However, while it may be the easy option, this means they may not necessarily be getting the best deal on the market.

In the rush of excitement, it can be easy to overlook these smaller details but, by taking a little time to shop around, home buyers can make not just considerable savings, they can also access better cover.

"Contrary to popular belief, all insurance is not created equal," a spokesman for Hibernian says, "so it is very important to compare any price quoted and the type of cover with what is available from other providers." Home insurance cover and prices can vary greatly, so it is important to compare the offers available on a like-for-like basis, he advises, before deciding on the best option.

Michael Horan of the Irish Insurance Federation says competition in the home insurance market has intensified, making shopping around worthwhile.

"If you shop around, you'll always get a variety of quotes and it's for you then. . . to choose the best quote in terms of the cover offered and the price offered. Look at the cover as well as the price."

The most recent price comparison survey carried out by the Irish Financial Services Regulatory Authority showed that potential savings of more than €100 could be made on annual home insurance costs by shopping around.

"Always remember that consumers are entitled to shop around: if the lender offers you one of its own insurance products, you are still free to find another insurance company," advises the financial regulator. "And you are free to switch when your policy comes up for annual renewal."

On its website (www.itsyourmoney.ie), the regulator provides a useful shopping-around checklist that can be used to compare home insurance products by a number of different criteria. "If you don't have time to shop around yourself, consider using a broker," the regulator suggests.

There are seven main providers of home insurance in the market - Allianz, Axa, Eagle Star, FBD, Hibernian, Quinn Direct and Royal & Sun Alliance - and while most of these sell their products directly to the customer and through brokers, it is worth noting that some only sell cover through the broker channel.

At the moment, the competition between players in the market is hotting up, so savvy consumers can take advantage of a number of attractive offers currently being used to entice customers away from the competition.

Bank of Ireland Insurance Services (which is underwritten by Royal & Sun Alliance and Hibernian) is offering half-price home insurance for new customers until the end of March.

The bank is also offering further discounts of up to 55 per cent off the total premium if the customer satisfies certain criteria; for example, if customers are over 50 years of age a discount of 15 per cent applies, and if they have a centrally monitored burglar alarm, they qualify for a reduction of 25 per cent.

In a bid to encourage consumers to switch to them, online broker www.123.ie is advertising a price guarantee: if they cannot match the customer's renewal price from their provider, they'll give them a cheque for €100 when they switch and pay upfront.

"Don't forget that you are the purchaser in the transaction, so you may be able to bargain for a better deal," the regulator advises.

Some insurers give discounts for a wide range of factors such as being in a Neighbourhood Watch scheme, having approved safety and security devices, or a no-claims discount.

"So ask them if you can reduce your premiums by, for example, installing a monitored alarm system and smoke detectors."