You’ve just signed the agreement and you’re now the proud owner of your first home. But there’s one more important job to do – get your home insurance. Getting the right house insurance ensures that you don’t have to fork out large amounts of money unnecessarily, if you have to make a claim in the unfortunate event of something happening to your new home.
When it comes to buying home insurance, price is not the only factor to consider. Keep the following four things in mind when buying home insurance in Ireland.
Understand Your Rebuild Cost
When calculating the cost of house insurance in Ireland, you must consider how much it would cost if you had to rebuild your property from the ground up and replace all of its contents. Your bank and the mortgage broker would have carried out a valuation before approving your loan. This valuation identifies the cost of rebuilding your home and this is the absolute minimum amount that you must be insured for.
Begin by assessing how much home contents cover you’ll need. Make sure, you don’t forget to mention important possessions like jewellery, laptops, smartphone, tablets, etc when pricing your insurance policy. Moreover, be sure not to underestimate the value of your possessions as you may find yourself left short, when you need to make a claim.
For instance, say you estimated your belongings are worth €25,000 when they’re actually worth €35,000. If you make a claim for €3,500 – 10% of the actual value of your home – the insurance company in Ireland is entitled to pay you only €2,500 – 10% of the insured sum.
Know Your Excess
Every policy has several different excesses owing to the nature of house insurance and the several risks that are covered. The ‘excess’ is the part of the claim that you will be responsible for.
For example, the excess amount you need to pay for leaking water may differ from the amount of excess you need to pay for a fire. So remember to check the excess stipulations and clauses in your policy to be sure that you know what exactly is covered and what amount you will be required to pay if you need to make a claim for a specific type of claim.
It is vitally important to know the exact excess that you will have to bear at the time of making any claim type, so that you are always pre-prepared should there be a need to make a claim.
Know What’s Excluded
Every policy has a number of exclusions and it’s important that you are aware of these exclusions, to ensure that you are in complete compliance with the contract between you and your insurer.
If you’re making any renovation to your property, be sure to notify your insurer immediately as additional forms and cover may be necessary.
If your property will be unoccupied for more than 2 weeks consecutively, be sure to turn off the heating and water, and where possible, arrange for someone to check on the property regularly. If your home is unoccupied for more than 30 days consecutively, your house insurance might not be valid. It is worth checking this with your insurance company so that you know exactly what the requirements are.
Contact Britton Insurance for a Competitive Home Insurance Quote
Policy details differ from insurer to insurer. Be sure to contact us directly for a competitive quote and advise on the best options for insurance cover for your home or any other like car insurance, motor insurance etc . Call 074 9721 304.