This month, the regulator published a survey comparing the cost of insuring six homes in Dublin, Carlow, Laois, Limerick, Mayo and Offaly from the main providers in the market. The survey showed that householders can save between 80 and 230 on their annual home insurance costs.

But IBA director of general services Stuart Reid challenges the survey's accuracy.

IBA brokers could surpass the quotes obtained in four out of the six policy profiles used in the survey and match the remaining two, he claims, adding that the IBA has been fighting for 18 months to have its members included in the survey.

"That's why we say it is inaccurate because the consumer believes this is all they need to consider, that this is the entire market, and it's not."

The regulator stands over the accuracy of its survey.

"From time to time, it may be possible that an insurance broker could get a consumer a lower quote from an insurer than a consumer would be able to achieve by going direct, " concedes spokeswoman Jill Forde.

"This shows the value of shopping around and checking all available channels, including the broker channel."

Forde says the regulator's surveys include quotes that are only available through brokers, as well as directly from the insurance companies. "The survey also includes a shop around checklist to help consumers assess quotes from both companies and brokers."

Whatever the merits of each side in the row, it clearly demonstrates that there are savings to be made when looking for home insurance.

There are ways get a better deal, but both the regulator and Reid highlight pitfalls to look out for.

Never take the home insurance offered by your mortgage lender without checking out what other insurers are offering. And remember that rates offered by mortgage lenders are not always the most competitive.

CHECKLIST:

1) Don't concentrate solely on price.

The lowest premium does not always offer the best value for money, but consumer surveys tend to focus on price to the exclusion of all else. Both the regulator and brokers says this is a bad idea.

"A survey gives you the six profiles and 36 different quotes over those profiles, " Reid says.

"It really doesn't tell you a lot more. I'm not going to kid anybody and say price isn't important but the only barometer people use is how much is your insurance.

They don't ask do you have accidental cover on your household policy or are contents you take outside of your home, such as sports equipment, camping equipment, clothes, covered by your policy."

2) Decide how much insurance you need.

Buildings insurance should cover the cost of rebuilding your home in the event of it being completely destroyed, which is not the same as the market value of your home should you decide to sell.

There can be a significant difference between the two figures, the regulator advises.

3) Insure your contents correctly.

Typically, people over-insure the building and under-insure the contents. Valuing contents has been a problematic area in the past and many insurance companies' products now specify the level of contents cover as a percentage of the house insurance, with the highest figure in most cases at 50%.

Over-insuring contents will lead to a higher premium. "If you were to take the time to go into each room and write everything down and stick a cost beside it and then stick another 50% on top of that again because there are going to be things you aren't going to think of, that's a reasonable start, " Reid recommends.

4) Watch out for restrictions in your cover.

The cheapest products can sometimes be the most restrictive, particularly in relation to the excess, the first portion of the claim for which you are responsible.

Usually the higher the excess, the cheaper the policy for the simple reason that you are taking on more of the insurance responsibility. Remember that while you may save yourself 20- 50 on increasing the excess you're excluding any kind of small claim from being paid by the insurer as a result.

5) Check what discounts you are entitled to.

Check if the insurance company offers discounts for installing burglar alarms, smoke alarms, security locks or if the house is in a neighbourhood watch area, the regulator advises. Monitored wire free alarms can offer a bigger discount, but can be more expensive, so it is worth checking out whether the saving being made is to your advantage. Discounts are also offered for loyalty if you have other policies with the insurer. The maximum discount any insurer will allow for is usually around 35-45%.

6. See if you can get a cheap group deal.

If you are part of a group insurance scheme at work or in an association, you may be able to get a cheaper premium or special discounts that are not available elsewhere, according to the regulator. If you live in an apartment, make sure the management agents shop around for the best quote for the apartment block.

7. See if you are being discriminated against because of where you live.

Location can have a bearing on the costs of home insurance and ask if your premium is being loaded because of the area in which you live.

This can vary depending of the insurance company's experience in the area.

8. Check your broker's credentials.

If you are using a broker, ask how many companies does the broker represent and how many quotations did the broker look for to make sure that the best quotation is being sought. It is also worth assessing what extra services, such as claims assistance, the broker will provide.