What you need to know about house insurance
Most house insurance policies include an excess. This is the first part of any claim you might make which you have to pay yourself. The level of the excess depends on which part of the house insurance policy you are claiming on, but is usually between €125, €250 & €500. This does not apply to claims for subsidence, in which case it will be much higher, typically €650.
- House Insurance is designed to cover the cost of unexpected losses. It does not cover wear and tear. If your property is not in a good state of repair, your claim may not be paid in full.
- You should be informed of any limits or restrictions which apply if the building is not lived in for any length of time, such as over 35 days.
Do I need to arrange buildings insurance myself?
Yes, if you own a house. Your lender will usually insist you have house insurance in place. If you own an apartment, your management company will probably arrange the buildings insurance for you, but you would need to check this with them.
How do I work out the 'Sum Insured' for my buildings insurance?
'Sum insured' is the amount it would cost to rebuild the entire property, and is not the same as its market value which may be greater or sometimes lower. If you are moving house, your surveyor should be able to assess the sum insured for you.
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How can I make sure it stays up to date?
Most insurers will automatically index-link the sum insured for you so that it goes up in line with inflation. But there may be some regional or other variations, so you should also check it yourself. You should do this at least once every two or three years, to make sure it stays up to date.
My home is in a subsidence-prone area, will I still be able to get insurance?
Unfortunately, some areas are more prone than others and the risk will be viewed on an individual basis. Please call us on 1890 48 48 48 to discuss.
I recently made a claim against my buildings insurance. Will my premium go up next year?
Not necessarily. Premium rates do depend on the level of claims made, but not just by you. Your premiums could be affected if claim rates were high across your whole area.
Information you should be given for contents insurance
You should be informed on what basis any claim would be settled. This may be on a 'new-for-old' basis (replacing or repairing the item at current prices) or 'indemnity' (taking into account wear and tear and loss in value).
- Policies will usually limit the amount they will pay for any one item of valuables or electronic equipment or for all possessions and ask you to pay the first part of each claim (the excess). You need to know what these amounts are.
- You may have to take certain security measures to protect your property and these should be explained to you.
- Some policies may automatically provide cover for accidental damage and losses away from your home, while some may provide this cover if you pay an extra premium.
- Policies will usually restrict the cover available if the home is left empty for a certain length of time, such as over 35 days.
- It is very important that the Sum Insured reflects the full value of your contents. If you are underinsured, your claim may not be paid in full. You can get an information sheet on home contents insurance and how to work out the amount of insurance by contacting us on 1890 48 48 48.
Is there any premium reductions available if I take extra steps to protect my property?
Many insurers offer premium reductions for improved security. Having good-quality locks, an approved burglar alarm, being a member of an approved neighbourhood watch scheme, and being in the property during daylight hours can all mean a cheaper premium.
Are my possessions covered away from the home, on holiday for example?
Policies may automatically include, or can be extended to provide, accidental damage or loss away from the home. Others will provide limited cover only.
Am I covered if I work from home?
Most policies will not cover losses arising from business activities at home. Your insurer may extend the policy, at an extra cost, or you may need to buy a specific policy to cover you business activities.
Will my house insurance policy cover risks on top of loss or damage to my possessions?
Most house insurance policies cover our legal liability if you injure someone or damage their property, up to a specified limit. You will also be covered for the cost of other accommodation if you home is badly damaged and is being repaired. Some policies offer the addition of cover for legal costs in taking or defending a legal action.