Tips and Advice

Home Insurance Policies:

Home insurance policies differ from provider to provider, you will never find one that offers cover for everything relating to your home or premises. You will find that the details of varying policies are a mix and match of different cover , features, criteria and requirements. Insurance is there in case of the unexpected, however it can be even more unexpected if you discover that your policy doesn't cover damage which has occured to your property.

What should you look for in a home insurance policy?

First ask yourself whch category do I come under?

Home owner - primary residence.
Landlord - apartment or house.
Holiday Home.
Business Premises.

What do I want covered and for how much?

Building cover.
Contents.
Accidental Damage.
Live in tenant / lodger.
There is no point insuring your home for 400,000 Euro when the rebuild value is only 200,000 Euro

What may I not be covered for?

If you disclose you have a working intruder alarm in your home or premises and if a breakin occurs and the alarm is not operational at the time you may find yourself in one of the following positions.
1. You may have to pay an additional excess which may be in the region of 1000 Euro.
2. Your claim may be referred to benchmarking.

If you have live in a recognised flood area, flood damage may not be covered.
If you disclose you have a smoke or fire alarm fitted (and all homes should have at least two alarms fitted.) and in the event of a fire it is discovered that the smoke/fire alarm was not operational you may not receive full cover.
If you have a live in tenant or lodger and you not disclose or weren't advised correctly on the matter this may affect your claim.
All insurance providers expect all home owners have their homes maintained to an expected level and standards, if a claim is deemed to fall under the category of maintenance and it hasn't been, then the likelihood is that your cliam may not be processed. This is highly relevant to all landlords.
Ask your broker what falls under what categories of maintenance so you will be aware of what to look out for, it will be a lot cheaper to maintain your property rather than paying for it to be fixed up after water damage due to heavy rain. Think to the future, not the present, that is what insurance is there for.

What is an excess?

This is the portion of the claim you pay for, it is actually deducted from the gross settlement. A typical excess on a private residence is somewhere in the region of 150 Euro.

What is retention?

Retention is the VAT amount for the cost of repairs carried out, the insurance provider will hold this amount until such time VAT receipts have been submitted to them.

Should I buy my insurance policy online or deal directly or deal through a broker?

This is a personal choice, if you buy online you may not be getting the best cover, but you may be getting a very competitive premium. Plus, it is difficult to ascertain the level of premium required as each individuals circumstances differ. Dealing with a broker or directly at least you can ask them specific questions relevant to you. So, in the end it is a personal decision of cost Vs cover.

What should I look out for?

Be aware you need to disclose to your insurer if you have a live in tenant or lodger as this may affect your policy.
Be aware of the security requirements and that you meet all criteria laid down in the policy by the insurer as this may affect any future claims.
Home insurance is relatively inexpensive so, don't mess it up by leaving out vital information when requesting a quote from an insurer or broker.

So, in conclusion, read, re-read, ask questions and make a decision. Don't just base your decision on the cheapest premium. Base it on the worst case scenario because at the end of the day it is your home, your business, your property.