Interesting Facts of Home Insurance
Home insurance in some form has been around for nearly 350 years. Historically, Home Insurance started out by only protecting against the risk of fire. In the 18th and 19th centuries your house would have had a metal plaque called a “fire mark” hanging in a prominent place outside the house. This fire mark stated which insurance company insured the house.
Home insurance at the time was for the rich and not affordable for everybody. Each insurance company had their own fire fighters and the fire mark was to let fire fighters know who insured the house. If the fire fighters turned up and it was not insured by their company, then the fire fighters let the house burn! Thankfully, times have changed. Home Insurance is accessible to all and covers a wide range of risks to your home.
Why Do You Need Home Insurance?
Since then Home Insurance has undergone important changes to provide broader cover to protect against damages or losses that may happen at home. Allianz Home Insurance has evolved and continues to adapt to the changing needs of our customers. A modern Home Insurance policy covers 3 distinct areas: Buildings, Contents & All Risks. However, at Allianz we look for ways to improve our products and offer more comprehensive cover for you our customers. For example, we are very proud of our environmentally friendly cover credentials, whereby in the event that your house has to be totally rebuilt, Allianz will look, where possible, to rebuild your house to a BER “A” rating.
What Allianz Home Insurance Covers?
Allianz Home Insurance covers 3 different sections which are Buildings, Contents & All Risks. We also offer customers cover for their caravan/mobile home and a small craft; subject to acceptance criteria.
Buildings & Contents Sections
An Allianz policy covers the cost of any damage to your Buildings or Contents in the following scenarios:
- fire, smoke
- storm or flood, overflow of water & oil
- falling trees
- malicious damage
- accidental damage
- impact by air, rail or road vehicles or by animals
If your property is damaged or loss is caused by any of the above listed perils, we will cover your loss subject to the terms, conditions, limits and exclusions set out under the policy.
There are also additional benefits which attach to both buildings and contents sections. For instance we cover the cost of replacing food and other purchases that are lost or damaged while you (or a member of your household) are transporting them from the shop where bought to your home (maximum amount payable is €400 in respect of any one loss).
If you have Buildings cover, Allianz also cover your settlements in the event that you are found liable in an Irish court for injury or damage caused to someone else or their property while they are in your house. If you have Contents cover, we also cover you for any injury or damage you are found personally responsible for (except when driving).
All Risks Section
All risks is an optional cover that you can choose to add to an Allianz Home Insurance policy. With this additional cover, personal valuables that you name on the policy e.g. jewellery, cameras, sports equipment etc. will be protected against loss, theft or accidental damage. The good thing about this cover is that it applies both inside and outside of your house and also extends to your trips abroad for up to 60 days.
What is the Future Plan of Allianz Home Insurance?
We are one of the oldest insurance companies and aspire to be one of the most innovative, we realise we are embarking into an era of advanced technology and are always looking for ways to ensure Allianz can provide the most suitable products at an affordable price. We will soon launch an initiative which rewards policyholders who take extra steps to protect their homes through the installation of smart connected alarms.
About the author:Yulun has several years experience as a Household Risk Analyst in our Underwriting Department.
Date:April 18th, 2018