Typically, at around about 30 to 40 days before the end of your current house insurance policy, your insurer will notify you that the policy is coming up for renewal. This used to be usually as a letter by post. But in recent years some insurance companies have opted do this by email or SMS. Whichever way you are notified, you should be aware that renewing your home insurance policy should not simply be about accepting the first quote they offer and signing the form for another year’s renewal at whatever price they offer you. Insurance companies would prefer if you simply rollover your cover into the next year by default. But it is wise to be aware that this renewal period (30 to 40 days before the renewal date) is a great opportunity for you to review, analyse and in some cases, modify your policy to suit your changing requirements and budget. As doing this can save you money in the long run.
Here are our top tips for renewing your house insurance Ireland policy.
Beware of auto renewal
Many home insurance companies have auto-renewal clauses.
So, unless you clearly specify that you don’t want to ‘auto-renew’, your policy can be set to automatically roll-over when it comes up for renewal. You don’t want this! You want your insurance company to send you renewal notification and all information on what they are offering for the next insurance period.
Your insurer will then send a notice of renewal before your policy expires. You will receive a letter containing the details of the new policy and the premium that you are being asked to pay to process the renewal.
These documents from the insurance company will also explain how you can cancel the renewal and policy and how long you have before you can ‘change your mind’. Most insurers will contact you the month before the policy renewal date.
So start early, plan in advance and shop around to find the best deal on your home insurance renewal before it is due.
Check whether your premium has changed
If you are staying with your current insurer, check to ensure the house insurance premium hasn’t changed and that there has been no new clauses introduced. Your insurer will inform you if the premium for the next term is lower/higher than the current rates. If you find that the insurance premium has gone up and you don’t know why, get in touch with the insurance company and ask ‘why’.
Typical reasons why premiums can increase are:
- Your property is of an age that doesn’t meet with some new building regulations, which will require you to make changes to the property to be in compliance and bring the premium back down.
- Your coverage has gone up due to national re-building cost increases. Since your building cover is based on the re-building cost of your house, building rate may have increased in the past year and this can, in turn have a knock on effect on your premium.
- You made a claim in the past year, which makes you ineligible for your no claim bonus.
- Your property is exposed to higher risks due to recent events in your property’s location, for example an increase in subsidence claims in your area.
Look for changes in your coverage
Ensure you know of any changes to your coverage. Your insurer might have added a complimentary add-on to your policy that you weren’t aware of. Perhaps they added an exclusion to the policy – such as roof-damage or fire exclusion.
Also, check if the insurer has raised the excess at renewal or informed you of an additional excess requirement for risks such as subsidence or flood damage. If the insurer raised the policy excess, it’s likely that they’ve done this for all homes in your area and not just yours, but you should be aware of it by reviewing your policy documents.
Update your policy information when requested to inform your insurer of changes
Be sure to provide all details about all new changes, so you are adequately covered whilst remaining fully compliant to the policy requirements and stipulations.
Whether or not your insurer has made changes to your premium or coverage, it is always a good idea to compare quotes from multiple insurers before you sign the dotted line.
You might be able to get better coverage for the same price, or better again, you might be able to get further discounts for the same coverage with another insurer. It’s always good to shop around.
Contact Britton Insurance
We are home insurance specialists in Ireland with many years of experience. We can compare quotes from multiple insurers to find the best deal and coverage available to us for your individual needs. Whether you have only a few days remaining to renewal your policy or not, we are here to provide you with a reliable, honest and professional service that can potentially save you money on your next home insurance policy renewal. Contact us today for more information and advice.