When shopping for home insurance, it is important to take the time to assess your options and choose a policy that provides optimal cover while at the same time saving you some money, if possible.
Although keeping the premiums price ‘low’ might be your main priority, you must ensure that you are fully covered. To help you choose a policy that has your needs covered, the team at Britton Insurance has put together some suggestions and tips that should help you make that choice.
So be sure to ask these questions when looking for home insurance.
How to Value My House?
When valuing their homes, the biggest mistake most people make is to price the value to match the market value of ‘selling’ the property, meaning the purchase price of the property on a given day. If you do this, then you are overvaluing your home and you will be over-insured.
You must cover for the ‘rebuild costs’ – how much it would cost to rebuild your house and NOT the market price it would fetch if you sold it in the morning. You already own the land that it is built on, so you won’t need to cover that purchase of the land again, on your insurance cover. Whereas the market ‘selling’ value would cover the cost of the land that the property sits on.
The Society of Chartered Surveyors offers a simple rebuild calculator you can use to find out your rebuild cost.
Can I Afford Higher Excess?
The excess is the amount you agree to pay when making a claim, leaving the insurance provider to cover the remaining costs.
The excess can have a huge impact on your home insurance Ireland premium.
When you increase your excess, your premium becomes cheaper. And if you lower your excess, your premium becomes more expensive.
Although increasing your excess could save you money when paying for your insurance premium, remember you will end up paying more ‘out of your pocket’ in the event that you need to make a claim.
What Fire Damages Does My Home Insurance Policy Cover?
Typically, your building insurance will cover fires caused by a chimney and accidental fire. However, every policy is different, so check with your insurer to ensure that you are appropriately covered.
Here at Britton Insurance, we believe that a lot of fire claims could be prevented if you take some precautions and are careful. For example, avoid leaving devices plugged in or candles lighting and be sure to clean your chimney twice a year.
Tumble Dryers can become a fire hazard if the lint is not removed regularly. So be sure to regularly inspect and removed the lint from your Tumble Dryer.
Should I Pay Upfront?
Many homeowners like to pay for their house insurance Ireland in instalments because it is easier to spread the cost out over the year and helps with annual household budgeting. However, you will be paying a little more on the ‘interest’ when you opt for monthly instalments (e.g. over 12 months).
Also keep in mind that, when you choose to pay for your house insurance premium upfront, you may even receive a discount. Of course, you will end up saving money on the interest when you pay in full (no instalments).
Call Britton Insurance
Call Britton Insurance to arrange for a free quote. We are here to put your worries to rest by ensuring your home is fully protected. Request a quick quote or call 074 9721 304.