Did you know that when you purchase your home, not only will this be the asset you value most but it will almost certainly be the single largest purchase that you make. Owning a home requires you to carry homeowners insurance not only by your bank that is carrying your loan but because it makes repair or replacement affordable.
There is an unfortunate mistake that many homeowners make and that is not realising the value of their home and their possessions. Because of this, many people under insure their home and sadly, should something happen, they will be left with less than they had in the end.
There are certain things you need to look for when considering home insurance in Dublin. It is our goal to provide you with non biased advice and get you in touch with the best insurance companies in Ireland. Because there is no one type of insurance policy that fits all homes, you will need to consider several options to see if they apply to your needs. The following are some things to guide you in that direction so that you can develop a personalised plan that works for you.
What is home insurance?
This is an expense that you pay a company that charges you a fee to provide you with what is called an insurance policy. This policy states exactly what is to be covered should something happen not only to your home but on your property. The idea is to carry enough coverage so that for example, if you house burned down, you would be able to have a new one built equal to if not better than what you had to begin with.
As I mention before, not only is the insurance for things that happen to your property but things that happen on them. Of the things that can happen to your home, they are not limited to earthquakes, floods and fires but things like plumbing problems that flood your home, people accidentally injured and things of this nature.
- Even identity theft – is something that you want to consider and may be covered by your home insurance in Ireland, you will want to make a point to ask about this.
- Dwelling Protection – There are several things that fall into the coverage that this provides some of which are damage from a storm, fire of course as well as smoke and lightning
- Guest Medical Protection – If you have family or friends staying in your home they are your guest and you want to make sure your coverage includes their protection should they accidentally become injured while on your property.
- Personal Property – If you experience a theft, a fire or other losses that are covered, this type of coverage is for your possessions, your household items that were damaged or lost. It is not easy to come up with a value for some things but it is in your best interest to give it some thought and make sure your will be able to replace your lose with something comparable.
- Personal Liability Protection – In the event that you experience bodily injury or your home is damaged by by someone other than yourself, this will protect and repair the damage done by others.
- Additional Living Expense – If you have a loss of any kind that is covered under your policy and your home becomes uninhabitable, you have the peace of mind knowing that your living expenses for where ever you stay will be taken care of.
- Extended Replacement Cost – In the event that you experience or suffer a loss that is covered this includes up to 150% of the limits of your policy. This can bring your a lot of peace of mind knowing if it comes down to larger needs that you are covered and don’t have to come up with out of pocket money to manage it.
Another thing that you want to think about when considering home insurance in Ireland are the discounts that are available which will give your extra savings your would not normally get. The following are some of these type of discounts. Of course these can vary based on the state that you live in or where ever you live in the world.
- Higher Deductible – The way this works is this, there is a set deductible for each policy and your premium is based on this and many other factors. You can choose to pay a higher deductible which results in the lower policy premium.
- Protective Devices – There are discounts available for certain devices that you equip your home with such as but not limited to burglar alarms, smoke alarms, carbon monoxide detectors, deadbolts and more.
- Gated Community – If you enjoy the protected feeling that many do by living in a gated community, you will find there are other benefits to this type of living. With your home insurance in Dublin you want to be sure to check and see if they provide you with a discount because of the added security that comes along with this type of location.
- Fire-Resistant Construction Materials – If you had a say in the materials and chose these type of materials or the construction company used these types of materials, a discount may be allowed because the degree of damage done should be much less.
- Newer Home – The may be some extra savings to be found for owning a newer home. This is something that you want to put on your list of questions to ask so that you don’t miss out should you have purchased such a home.
There is another way to get discounts on your premium and that is to combine your insurance policies. You could save yourself hundreds of dollars if you combine your home with your auto and possibly other policies.
Other things that are covered by home insurance in Dublin are for homeowners that are careful, replacement locks for your home if you find that your keys have been stolen, you can be covered for finding a leak if you suspect there is one even your pedal cycles can be included in your coverage depending on the company.
An Insurance agency should be one that understands that this will be a financial protection you purchase that is one of the most important you will afford. They need to take the time to go over every detail so that you can make the best informed decision to protect your investment.
My advice to anyone would be to make sure that you feel welcome, that you are dealing with professionals who are willing to search for the right coverage for you and your needs. There are so many companies out there to choose from and it can take some time to find the right one but in the end remember that it is your home on the line.
Finding a company that has the ability to do the research for you, on your behalf considering all your needs can be a match made in heaven and save you a lot of headaches. Not everyone has the time to sit down and make all those phone calls, to ask all those questions over and over again. The task of taking notes for each one and then sitting down to compare and come up with what you consider to be the best choice could take days, weeks, time that could be better spent.
When you are looking for home insurance in Dublin let a reputable and reliable company do the hard work for you. You should be able to sit down and give them your information and sit back and wait for them to call you with the details as to what your options are. After all, that is what they are in the business for and it can give you peace of mind that you can’t put a price on by reducing the price on what you pay for your home insurance while getting the fullest coverage.
House insurance explained
It is the dream of every individual to protect their home. This is achieved through taking an insurance cover. Do you know that your insurance can be cheaper than it already is? How is this possible? It is possible though utilization of vital tips such as;
Choice of neighborhood
Where is your home located? Is it a risky area? Those are the questions that the insurer gauges while determining the amount to charge for your insurance. Unsafe areas are those that can easily be infected; say for example by floods, fire among other dangers. Before settling into a particular neighborhood, it is advisable to gauge the level of risk involved, as it is a primary contributor to your insurance costs. Those people living in areas that are deemed safe, example near fire stations usually enjoy lower insurance cost. Therefore, as a way of reducing your insurance cost, moving to neighborhoods that are less risky comes in handy.
Enhance safety of your home
How safe is your home? This is a question that determines the risk level of your home. The higher the risk level, the higher the cost of insuring the home. How do you heighten your home’s safety? It can be done through the installation of security accessories, together with a routine repairs and maintenance. Let’s examine some of the ways of keeping your home safe;
Installation of high-tech doors and locks, this ensures that threats such as theft do not easily jeopardize your home. In return, this will mean that you will barely lounge a claim as a consequence of endangered security. Safety can further be enhanced by the installation of a certified alarm system. It is known that the use of approved alarm system contributes to a reduction of insurance cost of up to 7.5%, an excellent example being NACOSS alarm system.
The professional installation and routine maintenance and repairs of gas, electricity and water systems are the way of improving the safety status in your home. This means that your home is less likely to suffer from fire due to gas leaks or faulty electrics. Further, installation of fire and smoke detectors will significantly impact on the safety concerns, in that way, reducing the insurance cost.
Loyalty and collective bargaining
Loyalty is rewarding. This is made possible through a continuous utilization of a particular insurance provider or purchasing multiple policies, says home, auto, health, and life insurance from the same supplier. In this way, you are likely to settle for a better and attractive bargain as the firm appreciates your loyalty. Discounts and bonuses will also as a result of the continued loyalty. This means that your insurance cost will be cut, resulting in a cheaper home insurance.
Weight claims
Before going ahead to lounge a claim, weight the impact the event holds. For instances that hold manageable financial implications, it is advisable for you to cater for the expense instead of lounging a claim. Why? While determining the insurance cost, insurers tend to check on your frequency of claiming for settlements. The higher the frequency, the higher the insurance cost, therefore, undertaking manageable expenses proves to be a vital way in quest of attaining a cheaper home insurance. It is also evident that building a no claim model results to a no-claims discount. In the long run, the discounts amount to up to 50% reduction in home insurance costs, and therefore, attaining a cheaper home insurance.
Credit Score
It is perceived that those individuals who hold a poor credit rating are likely to lounge claims more frequently than their counterparts with a good credit score rating. As such, while purchasing an insurance policy, insurers will determine the cost considering your credit score. Maintaining a good credit rating comes in handy in ensuring that you get a cheaper home insurance.
Add-ons and installments
In the modern competitive insurance markets, insurers are striving to produce attractive policies. In their efforts, they design add-ons that can prove to be expensive. By understanding the add-ons and eliminating the unnecessary ones, you will significantly reduce the insurance costs. Paying your installments on a monthly base seems to be convenient. However, what you don’t know is that the monthly pay attracts administration fees, increasing the costs of your insurance. By paying your installments on an annual basis, you will be able to attain a cheaper home insurance by eliminating the additional fees.
Deductible
A deductible is a contribution out of pocket you will be required to provide before a claim is settled. Deductibles and premiums work o a seesaw basis, meaning the higher the deductible, the lower the premiums. Before settling for a higher deductible, it is important to gauge the likelihood of an event triggering lounging of a claim. Where the probability is low, it is favorable to increase the level of deductible, thereby reducing the cost of your home insurance.
Shop around
The current home insurance you hold is not necessarily the best bargain in the market. Through shopping around, you will be able to get better quotes that are attractive and cheaper.
Frequently Asked Questions on Home Insurance
A large number of people may not have an idea of what is covered in a home insurance. All they know is; a home insurance is part of their mortgage agreement with their bank. They may also have no idea of who is covered in the policy and what isn’t covered. Listed below are a few frequently asked questions and answers to help you understand more about home insurance.
Must I Have Insurance For My Home?
Yes! Aside from he fact that its part of a mortgage agreement, having a home insurance will give you peace of mind in case anything happens to your home.
What Does Home Insurance Cover?
Generally, a home insurance covers everything from your roof to your kitchen sink. It also covers you, your family, pets and anyone hurt within your home. It covers some perils including damages caused by fire, explosions, aircrafts, theft and a lot more.
Are My Shed And Garage Included In The Policy?
Why not? All these are covered too! However, certain terms and conditions will apply.
Help Me Figure out the Suitable Building Cover I Need for My Home
Take a look at the survey report undertaken the time you got your mortgage to find the rebuilding costs. This will help you calculate how much you need to insure your property.
Must I Take Home Insurance Offered By My Bank?
No! It is not a must you take home insurance offered by your bank. Legally, you have total freedom to look at other alternatives available suitable for you. What you need to bear in mind is the fact that you must insure your building with the bank’s stated amount.
Say I’m a Landlord, Can I Insure a House I don’t live in?
It doesn’t matter if you don’t live in the house, you can still insure the house. Be sure to get a quote for the rental property you want to insure though.
What of My Tenants?
No. Your tenants and their possessions are not covered in the policy. Only your property and structure are covered. Your tenants may choose to buy a separate cover on their own to be on the safe side.
What about My Personal Possessions?
There’s a personal possessions cover you could take to insure all your personal possessions; computers, television etc.
How Can I Check The Types Of Locks I Have?
Take a look at the metal plate just near the edge once you open your door.
You’ll easily see the name and lock type engraved on the plate if you take a closer look.
Will My Personal Possessions Still Be Covered If I Take Them Away From Home?
No. They will not be covered if you haven’t taken a personal possession cover. The best part about this cover is; it will cover all your specified personal possessions irrespective of where they are globally.
What Will Happen To My Home Insurance If I Move House?
Nothing! You must, however, contact your insurance agent with details of your new house so that all the changes are made immediately. I Need More
Information on the All-Risks Cover:
This cover will insure items, not within your home. All you need to do is create a list of the items you want to be covered or select an overall amount for unspecified contents.
During House Improvement, A Plumber Gets Hurt, Am I Insured?
Before hiring professionals to offer a helping hand in renovating your home, be keen to confirm whether they have an insurance cover. The insurance policy may only offer cover to domestic employees such as the cleaners.
I Have Other Things in My Garden – Are They Also Covered?
Yes. They are covered as well. Any item outside your house is covered. However, you need to check more limit information on your policy.
If I’m making Online Transactions with My Credit Card, Am I Assured Of Security?
Definitely! Any personal information you give online is encrypted to ensure the security of data.
What do I need to do when my property is damaged?
Simple, contact your agent immediately whenever your property is damaged. However, to prevent further damages try and make emergency repairs so as to protect your property and yourself.