Women are more likely than men to shop around for a better insurance deal, a new study reveals.

Research conducted by mortgage and insurance broker, Simply Mortgages, finds that four out of every 10 Irish men would rarely shop around for the best home insurance quotation.

Almost a fifth of men admitted that they have never shopped around for home insurance in the past. The survey also finds that men are three times more likely to base their home insurance purchase on the identity of the insurer than on price.

This behaviour flies in the face of the advice of the Irish Financial Services Regulatory Authority (IFSRA) , which said in August that consumers could save up to 50 per cent on their home insurance by seeking quotations from a few different providers. Women, conversely, are more likely to choose an insurance product on price and the level of cover, according to the research.

IFSRA recommends that consumers shop around as soon as they receive a renewal notice on their home insurance. The regulator says this is particularly important for consumers living in areas prone to flooding and subsidence.

The broker's research concludes that more than three quarters of consumers believe that home insurance is worth the cost.