This a continuation of Part One, so remember, if you have any queries do not hesitate to contact or home insurance specialists on 0818 288 188.
As with Part One, in order to help get you sorted and set up with peace of mind for your home, our home insurance specialists, along with some of our house insurance customers, have developed a comprehensive guide containing things you should know about house insurance.
1. Why You Should Write Everything Down
You should create a detailed list of everything that you have in your house that can be stolen or damaged. This list should include the estimated value of each item. In the best case scenario you will have keep this home inventory list updated when you purchase new and valuable things. It is also a good idea to note any serial numbers on the items so that if they are taken, they can be linked back to you if found by the Gardaí. The ability to produce photographs and receipts that prove ownership of items will also help speed up the recovery process.
In addition to this, it is also a good idea to document phone calls by writing down who you spoke to and when. You should consider keeping digital copies online using a program like Dropbox or iCloud to keep the details safe and organised.
2. How Jewellery Is Covered
Last year there was a story where a man lost his wife’s rings, he was relieved that his house insurance policy covered jewellery, what he failed to realise is that but it was only up to a maximum of €3,000 in value. His wife gave him the rings to mind and he put them straight into his jacket pocket. He then forgot about the rings and took the jacket to the cleaners. As you can imagine, when he got his coat back, they were gone.
He notified his insurance company about the rings straight away. Within three weeks, he received a cheque from the insurance company, but they were still out a good deal of money because his wife’s engagement ring was worth €6,000 alone. The lesson? When signing up for house insurance, note the limits on jewellery. Most people don’t realize that things like wedding rings aren’t usually covered as standard on their policy. Most of the time extra cover is needed for these sort of valuable items. Be sure to check the jewellery limits when researching or purchasing home insurance.
3. Why Good Maintenance Matters
Insurance companies would rather pay as little as possible to repair damage, so they reward early detection and prevention. It is always more beneficial to put money into the maintenance of your home in order to save money in the long term. Making a claim on your insurance for something that could eventually lead to further damage is much better than waiting and making a claim when the damage is either unfixable or extremely expensive.
One thing to look out for is your gas bill and meter. If you notice that your gas bill or meter has an unusual spike or there is an upward trend in usage, and it’s not just because it’s the middle of winter, freezing outside, and you have the heating on more than usual, you could have a gas leak somewhere. Finding the source early could save you from dealing with a bigger headache in the event that the gas pipe ruptures and causes even more substantial damage.
4. When to File a Claim
One of our customer’s had a large wooden backyard fence blown down during the recent winter storms. When he was speaking to us he was saying that he didn’t think there was any way his home insurance would cover it. Even his neighbours assured him that it wouldn’t be covered. But he called us to ask, just in case. After reporting what had happened and providing a value on the damage that was assessed but an assessor, he received a check to cover the costs of the repair. He was pleasantly surprised that his insurance policy covered the damage.
Obvious mishaps such as fire, major flood, etc. aside, it can be beneficial to file a claim when in doubt, but we advise that you show some level of restraint. It can be damaging if you file frivolous claims. The claims history for your home is also what determines your premium rates, so it’s better not to cry wolf, unless you have a real claim. What are the consequence if you file claims needlessly? You will make yourself seem like more of a risk to the insurers and this can, in turn, mean possible rise in your house insurance premium.
5. How to Save by Bundling
One way to save money is to bundle your house insurance with other policies that you already own. Just don’t go buying a bunch of policies in order to ‘save’ money, for example, it makes a lot of sense to have your car and house insurance together because you’ll usually get some kind of discount. However, if you don’t have a need for life insurance, don’t buy a policy just because the agent says you’ll save money on other policies. After all, if you’re spending money on something that you don’t need, how are you saving money?
As you can see, this is a comprehensive guide to house insurance. If you haven’t already, be sure to read Part One of this guide for more information. If you are unsure about anything we have described here and would like further clarification, you can call our home insurance specialists on 0818 288 188 and they will be more than happy to speak to you.
If you would like to get a low cost home insurance quote that is specific to your home situation, you can also call our specialist team on 0818 288 188 or fill out our quick quote form online.