In our busy lives, it is very easy to just let your home insurance policy renew year after year. The thoughts of scrolling through different web sites and reviewing policies to find a better quote can be daunting. Even with comparison websites available, people find it easier just to renew their current policy.
When reviewing clients’ policies, I often come across home insurance policies which have been in place for up to 20 years. And the comments I receive are, “well I’m a loyal costumer” or “it came with the mortgage.” If these are reasons why you haven’t changed your policy, I would say you are more than likely paying too much for your policy.
If you have to make a claim on your policy, it does not matter if you have been with the same insurer for one year or twenty years. Most likely the claim will be outsourced to an independent Loss Adjusting firm, and the only thing that matters to them is whether or not the claim is covered by the policy. They have no remit to take loyalty into consideration. It can happen that a claim such as Subsidence may revert back to an older policy, but that’s a headache for your Loss Assessor, and not for you to worry about.
Shopping around will almost certainly lead to finding a cheaper policy. But there are other benefits to shopping around. With the rising costs of construction in Ireland, homeowners are failing to insure their buildings sufficiently and this is the perfect opportunity to review your policy.
If you are underinsured any claim will be proportionally reduced to reflect the underinsurance. Please see the helpful link below for reviewing your Buildings Sum Insured provided by the Chartered Surveyors of Ireland.
The same can be said for your Contents Sums Insured. As every year passes, we purchase more belongings, our families get bigger, we receive gifts and inherit items. You should review all items in your home and include these in your Contents Sum Insured. Below I have shown a definition of Contents from a well known Insurer in Ireland. Contents include all carpets, freestanding appliances, clothing, jewellery, sports equipment, etc.
All household goods stored within the Property owned by You or any member of Your Household or for which they are responsible including Home Office Equipment, Valuables, clothing, Personal Effects and Money.
Most main stream policies, i.e. RSA, Zurich, Allianz, Liberty, Aviva etc. will provide more or less the same cover with minor differences such as limits on cash, policy excesses, and so on. They will all provide cover for Fire, Storm, Escape of Water, Theft and other Insured Perils.
Always remember to fill out proposal forms as genuine as possible. In the event of a claim Insurers can revert back and see if everything you answered is correct to the best of your ability.
If you have any non-standard building construction or even superior construction standards in your home, i.e. have a very large flat roof; high end kitchen; swimming pool, tennis courts, etc. I would also recommend talking to an Insurance Broker. Brokers can be very beneficial in finding the correct policy for you and ensuring everything is covered adequately.
If you have any questions or concerns, please don’t hesitate to contact us.
Conor Bedford
Mob: 086 456 1679
