There are different types of house insurance, and they offer different types of cover.
For most of us, our home is the most important purchase we make. This means you want to look after your home as best you can. There are different types of house insurance, and they offer different types of cover.
Residential cover underwrites two things:
- The cost of replacing your personal belongings
- The cost of fixing damage to your property (buildings cover).
Thus, it provides you with cover for loss related to your home. It transfers the liability from you to an insurer.
Home insurance works similarly to car insurance. You incur a loss, and the insurance provider covers the bill.
A contents insurance policy covers your personal possessions inside your home. For instance, if burglars steal your jewellery, your policy will payout.
Buildings insurance covers the cost of damage to the building. Typically, this includes extreme weather and accidental damage cover. It could also cover mortgage payments.
Companies also offer tiers of home insurance. Basic cover protects your contents up to a certain value and against fire. Non-standard add-on cover might protect against flooding, subsidence, holiday home and electric damage, and pet or tradesperson damage. It could also provide alternative accommodation, fire brigade charges cover, or credit cards cover. Add-ons also exist that cover the cost of a tradesmen call-out.
You can bundle home insurance into other products too. Doing this can sometimes yield big discounts.
When you make a claim, you may have to pay a voluntary excess. This is in addition to your compulsory excess. You will only get funds once you pay this fee.
There's no universally cheaper house insurer. Your goal, therefore, should be to choose the one offering the best value. You want a package that provides cover at a price you can afford. Going too expensive could leave you out of pocket. Choosing too cheap could rob you of the cover you need.
The best approach is to compare home insurance quotes. That’s where we can help. InsuranceDeals.ie shows you the price of plans, along with their features.
Here are some of our tips for getting a cheap home insurance policy:
- Work out how much cover you need.
- Look for policies with claims-free or no-claims bonuses.
- Always read the full terms and conditions, including the contents insurance and accidental damage policy.
- Check rates for first time buyers.
- Compare home insurance quotes from multiple insurers. Choose at least three different companies
- Improve your home security. The safer your property, the lower your minimum premium.
- Buffer against storms and natural disasters. Install storm shutters. Reinforce your roof. Update your heating and electrical systems. Cut your risk of fire. Install a burglar alarm.
- Pay your premium annually. Paying by direct debit monthly installments is more expensive. The reason is that the insurance company treats it as a loan. When you pay monthly, you pay interest on top of your regular premium.
- Review your content insurance policy booklet at least once a year. Ensure your policy document covers new purchases or home improvement. If your home has gone up in value, tell your insurer.
- Search for a claims discount. Insurers may apply discounts to your contents cover if you hold multiple policies with them. You may also receive money off as a loyalty bonus.
The home insurance companies in Ireland are:
- 123.ie Insurance
- Cover in a Click (coverinaclick.ie)
- Liberty Insurance - Car & Home Insurance
- AIG Ireland
- Chill Insurance
- AXA Insurance - Newry Branch
- Quote Devil Insurance Brokers
- Allianz Insurance Ireland
- Blue Insurance - Car, Home, Travel, Pet, Gadget & Car Hire Excess Insurance
- Insure My House
- AXA Insurance Dublin City Branch
There is no single criterion for judging which firm is best. The one you should choose is the one that meets your needs.
If you have a lot of expensive jewellery or mobile phones, you may need to insure a higher replacement value on your contents insurance. Likewise, if you live in a flood-prone area, you need the policy to protect against flooding.
Finally, look for policies that offer a no claims bonus. For more detailed information, contact the customer service helpline.
Buildings and residential cover tend to go up every year. As inflation goes up, insurance providers must increase their fees to keep pace. The cost of contents cover, therefore, rises.
Individual factors, however, are more important for deciding your home insurance premiums. Things like where you live play a huge role in the final bill you’ll pay.
Here are some of the big contributors:
- Extreme weather events and catastrophes. Insurance companies often need to recoup costs through fee hikes.
- Burglary risks. Insurers use data to estimate the risks of burglary. If you live in a high-risk area, you’ll pay more for contents insurance.
- Emergency cleanup services/belongings. Restoring your home and buildings today is more expensive than in the past due to central bank-driven inflation. Insurance companies take that into consideration when working out your fees.
- Claiming may wipe out any discount.
Buildings and residential insurance is vital for protecting your quality of life. It prevents you from having to start from scratch. If you are a landlord, it can protect the value of your investment. Landlord insurance covers the building itself and loss of rental income.
The best places are price comparison sites, like InsuranceDeals. Here you can compare regular and buildings insurance products and get insured for less.
Knowing when to switch household insurance is vital. Changing providers helps you keep costs down and find suitable products. You might want to switch if you notice your premium going up or want more cover. You should also switch if you move to a semi-detached property. Check your policy booklet for more information.
It is not a legal requirement for regular homeowners to get insured. The government does, however, regulate the market. Landlords, for example, must take out a form of household insurance to protect tenants in buy-to-let properties. Renters are responsible for their own contents insurance.
Getting cheap home insurance quotes is way easier than you think. All you need are quality price comparison sites. Here at InsuranceDeals, we let you compare dozens of online quotes from top firms.