With rising prices of living in Ireland, here is how to get the best value Home Insurance
We have all seen in recent times the cost of living is rising significantly in Ireland and we are starting to become more focused on how we can save our money on our everyday household bills. One of those bills being our home insurance. With this in mind we have compiled some of our top tips for finding the home insurance you need at the best possible price.
Firstly, Home Insurance, what does it cover
A home Insurance policy provides financial protection against insurance perils such as a fire, flood, or theft loss for example, which can include buildings cover or contents cover as well as policies incorporating both of these features.
Rebuild Value – how much should you insure your property for under your insurance policy?
This has caused confusion for many in the past. Home insurance is based on the rebuild and not the sale value of your house. It’s important to be as accurate as possible with this figure to prevent you from being over as well as underinsured. If unsure we recommend you use The Society of Chartered Surveyors Ireland calculator which you can access by clicking here
Your home should be insured for a ‘total loss’ scenario. Professional fees for surveyors, architects, and engineers should also be factored into the reinstatement value of your home.
Insurance on your buildings is not just designed to cover the physical structure of your property; the bricks and mortar but also Permanent Fixtures & Fittings – for example fitted wardrobes, kitchens & bathroom suites. Some people make the mistake of including these fixtures and fittings in the contents which can affect the premium.
Combined Buildings & Contents Insurance
Most people combine both Buildings & Contents insurance under one policy. This can result in a saving of both time and money. Generally speaking your contents as explained in simple terms is anything in your home that would fall out if you turned your house upside down. Fixed and fitted items as mentioned earlier are part of your buildings and by insuring your contents at the correct value, you can save money on your home insurance. We recommend going from room to room and putting a rough estimate of the value of your contents in each room and adding up the totals.
There are a number of ways to increase the security of your home which often provides a discount under your home insurance such as adding or updating the locks fitted on doors and windows or adding a security alarm. Some companies provide additional discounts if your alarm is monitored.
Paying the premium by installments or in full
If your goal is to save money on your home insurance, paying your premium in full as opposed to paying by installments is the cheaper option. Paying monthly can seem easier to do but monthly premiums generally result in additional interest costs.
People often worry about the rising costs of insurance and we have an option whereby you can buy a two or three year policy. This can be a great way to save money but also prevent your premium increasing if you are unlucky enough to experience a home claim within the term of the insurance.
When should you start reviewing your home insurance.
If you already have home insurance in place you should receive your renewal notice around 30 days before your renewal date. The mistake many make is leaving it until your renewal date to start reviewing the terms of your policy. A lot can happen in a year so it’s important to see if your existing policy covers your current needs. An example being you may have got engaged and may now need to insure an engagement ring. Valuations may be required which can take some time so it’s important to have this organised in advance.
Should you use an Insurance broker?
We may be slightly biased but we do believe going through a broker benefits our clients and helps save time and money. We deal with over 14 insurance companies and we can give our clients independent advice and guidance to make sure you have the policy that covers your needs at the best possible price. By letting us do the shopping around for you, we also help save you your time which can be also very valuable.
If you need more advice on home insurance you can call us on 0818 800 222 to speak with one of our helpful and friendly home insurance agents.