Recent surveys have shown that Home Insurance is one of the bills we generally overlook and tend to renew year after year without actively shopping around for a better quote!
We have compiled a few tips here to help you cut the cost of your Home Insurance bill and to ensure you are getting the correct level of cover required for your home:
1: Review your Sums Insured
Sounds like the obvious thing to do but a lot of people are actually unaware of what their sums insured are on their policy! If your policy is running for 5 years or more there may be index linking on your policy which would have increased your Sums insured annually over a period of years to the fact that you may be over or under insured currently. Also with the Building market on the rise again it’s the perfect time to re-evaluate your sums insured. If you are insure of what the rebuilding cost of your home is check out the rebuild calculator available on the Society of Chartered Surveyors to help guide you. www.scsi.ie/advice/house_rebuilding_calculator
The more secure your property is the more attractive you become to Insurers. Unfortunately your pet dog doesn’t fall into this category but having mortise deadlocks on doors and key operating locks on windows along with monitored home alarm systems all generate discounts with Insurance companies which will drive your quote down. Be sure to advise your insurer if you have had an alarm installed since you first took out your policy.
3: Contents & Specified Items
It’s important to evaluate the level of cover you currently have on your contents, again if you over-value your contents you will be paying more than you need to be. If you have listed specified items on your policy such as mobile phones, tablets & smart watches you may be better off taking out a specific gadget insurance policy for these items. This will be a more cost effective way of insuring the items and as they have a high claims ratio it will not affect your home insurance if you need to make a claim on one of them.
4: Shop Around
A high percentage of people take out their home insurance with their mortgage lender as part of the mortgage process. There is no obligation to stay with this insurer at renewal and shopping around generally will save you money compared to lenders rates.
5: Choose O’Loughlin Insurance!
We would love to deal with your home insurance policy. We have highly qualified and friendly staff who will find the best deal for you and give you that personal touch that you miss out on when dealing with larger direct firms. We deal with over 15 Insurers for home insurance so we will find a package that suits your pocket!
Give our Personal Lines team a call to compare your renewal and for a highly competitive quote!