Home insurance in Ireland can be expensive, but if you know what to look out for, then you can actually save money by following a few simple tips.
Homeowners are always on the lookout for ways to reduce the cost of their home insurance, without losing any benefits or cover. We have compiled a simple guide to help you find ways that could save you money on your next home insurance premium.
Have a Home Alarm System Fitted
If you invest in additional security on your home, then you may be intitled to a discount on your home insurance policy renewal. Having your home monitored for security with a professionally fitted alarm system obviously gives ‘piece of mind’ to you and your family, it also extends a greater sense of safety and protection to you and your loved ones. But you may not have been aware that you can also benefit from this security investment with savings on your annual home insurance policy. Some Irish Insurance Companies offer discounts on home insurance Ireland policies, for home owners who have had an accredited ‘professionally fitted’ monitored alarm system installed.
Check Renewal Email Notifications From Your Insurance Company Or Broker Closely
Remember to check all email notifications from your insurer when they come into your inbox, as these emails often include information on ways for you to reduce costs and save money on your insurance renewal. Insurance companies and brokers usually inform costumers of any new discount offers that may have become available since your last renewal date, around the time of your upcoming renewal date. Don’t just delete these emails as they often include major cost saving information that you should be aware of. Even though these emails may have subject lines like ‘Policy Renewal Date’, they can include important information on discounts for early renewals or special cost saving options (subject to terms and conditions). It is important to go through these emails carefully and check the details of any new policy renewal offers which may have come into effect since your previous years policy.
Remember To Remove Expensive Items From Your Policy That You Have Sold.
For example, your policy may have an expensive item listed that you recently sold, and therefore, you may still be paying for cover on that expensive item that you no longer own. It is vitally important to go through all specified items covered on your policy carefully, to make sure that you are not paying for any expensive items that you no longer own. If the policy has items that you don’t own anymore, call the insurer or broker and have them removed.
Always Ask About Discounts
Don’t be shy… remember to ask your insurance company or broker about any discounts that may be on offer, before you sign and renew any insurance policy. Most discounts offered on home insurance are primarily based around home security devices such as smoke detectors, fire alarm systems and monitored alarm systems, so it may be worth investing in some extra home security devices if you can benefit from the investment.
Another point worth noting is… if you are retired, you may also be eligible for other O.A.P offers and discounts. Some Irish Insurance Companies offer discounts on insurance renewals to retired home owners who have been with them consistently for a number of years. Therefore, it is vital to ask questions to make sure that you take advantage of any discount options available to you now or in the future.
Avoid Over Valuing Your Property
Most people over-value their property !
Most people think that giving a high value on their property, will, in the event of a claim guarantee that the insurer will pay out based on the value that you valued your home at. However, this is not the case. The insurer will only pay out based on the rebuild value of the property and the cost of repair / replacement of the property or damage at the time of the event. It is vitally important to get your valuations right, as you could end up paying a much higher premium than needed, for an estimated property value that will actually not be paid out when the time comes.
It is important to know the exact value of all items that would need to be replaced in your home and the rebuild value of your house (Building and Contents). Do not insure your house for what you would hope to sell it for. Talk to an expert (auctioneer or valuer) and get the exact rebuild costs to rebuild your house. The correct prices you need to enter on your insurance application form should be, 1. Building = cost to rebuild your house, 2. Contents = the cost to refurnish your home and any valuable items that you may have in your home.
This tip also applies to valuing the contents of your houses. Don’t ‘under-value’ the contents, as you may end up with a pay out that won’t cover the cost of replacing the contents of your home, back to their original standard. If you undervalue your contents the insurance company will NOT pay out over and above the amount you valued them for. It is advisable to know the exact value of your home and the contents within, when making your home insurance application.
We Can Help
Britton Insurance is a highly renowned insurance broker in Ireland with a vast understanding of the home insurance market. We can help you find the correct insurance policy for your specific needs, within a timely manner. Give us a call today if you would like to save time and money when your home insurance policy comes up for renewal.