Residential insurance is a product with multi-risk cover. That is to say, it offers you lots of different types of cover that can be combined or grouped into a single policy. This type of insurance is intended for either occupied houses and apartments or summer residences. All residential insurance has a basic guarantee (cover), which covers the damage caused by accidents or extreme weather circumstances, such as storms, lightning, wind, snow and theft and vandalism.
You can choose to sign up for the basic cover package, but there are additional insurance options that also might appeal to you, such as protecting your property from structural damage or incidents like car crashes, gales, hurricane, extreme rain, electric damage, etc.
You can get, for example, insurance for reimbursement of damage caused to other people and for those who live or work in your house. The cover can also include damage that your pets may cause to others and their property, and this particular type of insurance is part of the civil liability insurance and can be contracted as a multi-risk policy. Another option is to link Residential Insurance to Life Insurance and Personal Accident Insurance. The latter is intended for the cover of domestic accidents involving anyone in your home.
In addition to these extra guarantees (covers), there is a huge variety of other services that can be include dor added on, depending on the insurer.
Although insurance is considered low cost - the average budget percentage for home insurance is around 2.24 % of annual income. Its not just the price, however, that separates competing insureance providers from each other. To attract customers, insurers strive to provide complimentary, add on services such as water tank cleaning, roof repairs, maintenance, locksmith, plumber, etc.
You can also build a policy that works for you by adding “Optional Covers”. This type of policy includes a range of options i.e. “Accidental Damage Cover, for gardens as well as Additional Cover for personal items (jewellery, cameras, golf clubs and etc). Each insurer offers plans with different features, ranging from a variety of covers to the exclusion of risks, such as insurance for wooden houses.
It is worth remembering that even if you pay into a group insurance scheme i.e. apartmaent block, this cover might not protect your individual home or your personal property. Each property owner who wants to protect their individual assets needs to take out their own insurance.
Getting Residential Insurance
Now that you already know all the cover options that residential insurance offers, you can purchase a tailor-made insurance policy to suit your needs confident that if something happens to your home, you're protected with excellent cover and efficient customer service.
We at InsuranceDeals.ie are here to help you find the insurer that offers the best cover to match your demands at competitive prices. Bear in mind, however, that the lowest premium policy is not always the one that ultimately offers the best value for money. Hopefully you will never need to rely on your insurance policy, but if something happens to your property it is essential that you have every aspect covered.
To find the insurance company that offers the best deal that is right for your family’s needs use our comparison switcher tool. Log on to InsuranceDeals.ie. We have partnered with leading insurance providers in Ireland to better serve you. Save money by changing today!