If nothing else, Home Insurance gives the property owner peace of mind should the worst happen. Claims such as Fire, Water Damage, Burglary, and Storm Damage can leave a home owner exposed financially. If uninsured, these particular claims can often cost an insured thousands to repair the resulting damage. Home Insurance removes this financial burden and places it in the hands of the insurer. Unlike Car Insurance, Home Insurance is not compulsory under law. However, if you are a home owner with a mortgage, you will be required under the terms and conditions of your mortgage to have the property insured at all times until your mortgage is paid. The bank will generally request proof of insurance to confirm the property is insured annually. All insurers reward customers for being claims free. The insurers operate on a scale of 1-6 years claims free with 6 being the maximum discount available. The maximum discount you can receive is 40% on your annual premium for not making a claim in the last 6 years. Unfortunately, unlike Car Insurance, insurers do not offer cover to protect your No Claims Bonus. It is important to know that if you make a claim, no matter how big or small you will lose your 40% No Claims Bonus. If you are unsure whether to make a claim or not make sure to contact Top Insure and we will be happy to advise you accordingly. This is an area that often causes confusion with the majority of individuals seeking insurance for their home. The easiest way to explain the definition of a content would be ‘if I was to turn my house upside down, anything that falls is regarded as a content’. Many people will include their kitchen units and bathroom fixture and fittings under their Contents but this is a common misconception. All fixtures and fittings, kitchen units and built-in wardrobes are included in your Buildings Sums Insured.
It is very important to advise your insurer or broker if any portion of your roof is flat. If the flat roof is not noted under the policy and it leaks as a result of ‘Storm Damage’ the insurer will decline the claim for ‘Non-Disclosure’. Generally speaking if you have a flat roof that is over 25% in area the market does become limited but don’t worry you still have options. As well as the percentage of the flat roof in relation to the entire property the insurer will also need to confirm the following:
- Year of Construction
- The material e.g. torch on felt, mineral felt, concrete etc.
- When it was last replaced
Yes absolutely! All insurers will gladly apply a discount to all policies where the insured has a working burglar alarm but BEWARE! Make sure if you are noting an alarm that it is set every time the property is left unoccupied. If the alarm is not set and you are unfortunate to have a break-in the insurer can decline the entire claim. We would advise to always check how much discount you are obtaining from the insurer before applying the alarm! In the end the small discount may not be worth the worry!
This area can often cause confusion. Jewellery is classified by all insurers as a ‘Valuable Item’. All home insurance policies will provide cover for valuable items within the property ONLY unless specified. If for instance you want cover for an engagement ring worth €10,000, you are best to confirm the limit for valuables before proceeding with cover. If you want cover for the ring outside of your property for the full €10,000, you will have to note the item for the full value on the policy.