Many homeowners who believe that their policies provide adequate cover are subsequently discovering that they are underinsured – according to Bank of Ireland Insurance Services.
While over half of homeowners have modified their homes in the last five years, less than one in four who carry out home renovations adjust their insurance policies accordingly.
Stubbornly high inflation is also having an impact on home insurance cover levels, because insurance policies can increase or decrease depending on whether inflation levels rise or fall year on year.
The Bank is encouraging policyholders to ‘review before you renew’ and has some specific advice;
Carefully review their annual home insurance renewal notice
Check Buildings and Contents cover – home renovations may impact sums insured*
Contents value should cover the cost of replacing personal items and household goods
Specify risk items as part of cover – high value items may require individual valuations
Including Home Emergency Assistance in policy often proves to be beneficial
Notify your insurer of a claim as soon as possible, and before carrying out any repairs
Bank of Ireland Insurance Services has launched a new online home insurance platform which supplies home insurance quotes from both FBD and RSA, a key differentiator in the Irish insurance market. It is designed for ease of use and to provide competitive quotations – with existing Bank of Ireland customers availing of discounts up to 30% when applying online.
“As we move into the autumn and winter months it’s important for homeowners to review their insurance policies, avoid being underinsured and confirm they have the adequate level of cover in place. Underinsurance is an issue currently, so if you have made improvements or modifications to your home, you need to review what you are covered for. People need to be certain that the policy they hold reflects the actual value of their property and the contents within – otherwise, they won’t be sufficiently covered in the unfortunate event of storm damage, a domestic accident or a break-in.”
“Our research tells us that customers want a choice when it comes to selecting a home insurance provider and are looking to choose a premium knowing they are getting comprehensive cover and value for money. Our new home insurance platform, supplying customers with quotes from both FBD and RSA, provides them with just that," Deirdre Ashe, Managing Director, Bank of Ireland Insurance Services said.
Bank of Ireland is also keen to highlight that customers can take their own practical actions in order to reduce their premiums and keep costs down, including;
Maintaining your property and investigating leaks – get a plumber’s report
Keep drains and gutters free of debris to avoid blockages
Be storm ready and protect your home from damage
Ensure coverage inclusion for fire brigade charges and freezer contents cover
Fit and activate an alarm in order to reduce the costs of premiums
