Have you recently bought a new property? If so, you are probably now facing the prospect of choosing a trusted home insurance provider.
Selecting a policy that is right for you and your home is important for dealing with the consequences of when life happens. Following these seven steps will help make the process far less complicated.
1. Know what your home insurance provides
Usually sold as a single policy, home insurance will include: buildings insurance, contents insurance, all-risks cover and liability insurance. Additional living expenses coverage can also be added to pay for accommodation and food bills, should you need to move out of your property.
2. Cover your most important possessions
Make sure that the contents of your home are insured for an adequate amount and ensure that you highlight your most valuable items within the policy. Things like jewelry and electrical, including mobile phones, can have their cover extended outside of the home, so that you are protected as you travel.
3. Choose good value, not cheap prices
Moving home is expensive and although it may be tempting to go with the cheapest option, you may end up short-changing yourself in the end. It is best to find cover that will truly protect you against losses and the best way to do so is via a comparison website.
4. Discounts are available
Depending on the provider, you may be entitled to receive money off your policy for a variety of reasons. This includes having a no-claims history, having an occupier over fifty, having a smoke detector installed and if the house of over ten years old.
5. Take note of your excess
Your excess refers to the amount that you must pay before your insurance will cover you, when making a claim. It varies greatly between different policies and you will need to make sure that you can afford to pay it, should the worse happen. The standard excess on a home insurance policy in Ireland is between €100 and €500.
6. Check what is excluded from your policy
If you plan on going away for two weeks or more, it’s possible that your policy may not be valid. In this case it is important to have someone come and check on your house for break-ins or other issues. Renovation work will need to be declared to your insurer, so that they can tweak your policy, otherwise it may be compromised.
7. Work out the re-build value of your house
This is strongly recommended. Your bank and mortgage broker should evaluate the property shortly after your sale is agreed and this will be the minimum amount that you should insure your home for. The total should take into account how much your house would take to rebuild and restore its contents.
Keeping this guidance in mind when choosing and negotiating your home insurance policy will help ensure that your property and its contents are fully protected.