Home insurance is a mandatory requirement of a mortgage application. However, that doesn’t mean that you should simply opt for the default policy that your Bank or lending institution offers you without giving it any additional thought. Research the options available !
Even though you may consider home insurance an inconvenient additional expense, remember it does provide important protection to you and your family against unforeseen circumstances and natural disasters. But different policies offer different cover and prices vary throughout the market. Hence, it pays to do your homework before buying household insurance. Our recommendation is to use an Insurance Broker like Britton Insurance to do the research for you.
We have outlined below some of the priority pointers that you should focus on when researching Home Insurance in Ireland.
The Cost of Rebuilding
The first question that pops up when getting home insurance quotes is how much to insure your property for? It’s important to note that there’s a difference between your home’s market value and the cost of rebuilding the property.
House insurance companies will only pay for the cost of rebuilding the property in the event of a complete loss. For damages below that level, they will pay for the cost of necessary repairs to restore the property to its original condition.
Insurers refer to this as reinstatement cost. Reinstatement cost and market value are two completely different things. If you calculate your home insurance coverage on the basis of its market value, you may end up overpaying for your insurance or worse again, you may underinsure your property, in which case you will have to pay for the gap between the actual cost of reinstatement/repairs and what the insurance company will pay for.
Download this guide from The Society of Chartered Surveyors Ireland (SCSI) or visit their website to calculate the cost of rebuilding your home.
Alternatively, simply contact our dedicated home insurance team and we will assist you in arriving at the right insurance cover needed to make sure you are fully covered without ‘overpaying’ and without the risk of being ‘underinsured’. What’s more, we can assure you that we will seek to get the best home insurance quotes in Ireland that are available to us from across the market of Insurance companies.
Remember to Insure Your Building Contents
It’s equally important to ensure that you have the right level of cover for contents within your home. Our home insurance team always recommend that you take a room by room inventory of all items that you want to include in your house insurance policy.
Remember to read the small print on your insurance Policy and take note of details like the upper limit on claims for valuables. Some policies won’t pay any more than the fixed limit for specific items like engagement rings for example. If your valuables are valued much higher than this amount, you may have to consider add-on insurance, which will, of course, increase the price of your insurance policy. Again, it’s worth noting that the value that you have insured specific items at, must reflect the correct cost of replacing them.
Talk to Our Home Insurance Specialists Today!
At Britton Insurance, we understand that buying home insurance can be a headache. However, don’t simply go with your Bank or Lender’s insurance quote. Shop around ! or better still, get Britton Insurance to ‘Shop Around’ for you. When you choose Britton Insurance to find the best price and policy available for your insurance requirements, not only will we help you find the best cover for your home and contents but we also endeavour to can find the lowest possible quote available to us by comparing up to 15 different policies for you. Contact us today to request a free quote for home insurance, house insurance, car insurance in Ireland.