Home Insurance

Getting your house in order

Getting your house in order

Getting your house in order


As we all know, over the course of the last 6 months the cost of construction has risen significantly, as inflation in our and our neighbours economies kicks in with a lot of pent up demand and supply chain issues being laid bare.

The cost of rebuilding in some areas has doubled in the last 5 years. This leaves potential underinsurance issues and could really be costly in the event of a claim.

So what can be done? Here are some helpful tips:-

  • The market value of your property is entirely different to the rebuilding cost used by insurance companies in the event of property damage. If you know your square footage use the handy calculator 

square footage calculator

(Source, CSCI)

 

  • Increasing your buildings may not have the dramatic increase on your premium you fear, contents frequently rate higher with insurers.
  • Buildings include your fitted kitchen (excluding appliances), sanitary ware in your bathrooms and tiled and wooden floors.
  • Specify your valuable items and note those that will leave the house for all risks – most policies can easily facilitate this.
  • Make sure your contents figure is right, it could easily have increased for years and bear no relation to what’s in your home – write out an exhaustive list and allow 15-20% margin of error for those items you might forget.

Getting your home insurance right is important but it needn’t be difficult, follow the above steps and feel free to give us a call for advice and a quote – info@doylemahon.ie

 

Some questions our clients ask:

  • How does home insurance excess work?
  • How to get home insurance after a fire?
  • Can you change home insurance mid-year?
  • Does home insurance cover lost jewellery?

If you are in a similar position and unsure to the answer to any of the above, feel free to contact our team.

 

Colm Mahon CIP QFA | Director

  


Posted in Home Insurance
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