Home insurance is one of the non-avoidable expenses for people living in Ireland. Insurance is the one of the best ways to keep your home protected from any natural calamities and covers your property from losses incurred due to fire, wind, water, theft, or any other unforeseen events.
The occurrence of these events is common in Ireland. Therefore, all homeowners consider buying a house insurance policy to safeguard themselves from any financial losses. If you are planning to buy a new insurance cover or want to renew the existing one, make sure to compare home insurance quote online. Local insurance provider like theaa.ie can help you to customize a quote as per your need within your budget.
However, it is essential to read all the policy terms and conditions before buying. In case you oversight any underlying condition, it might turn out costly on your pocket. To safeguard you from such situations, let’s learn about the home insurance traps and how to avoid them.
1) Check the Excess
Excess is in an important thing to consider before you purchase a Home Insurance policy. It is the additional money that you need to pay in case of a claim. If the initial premium of your policy is less, check the excess. Policies with a higher excess will lead you to fork out a lot of money in the event of any claim. Therefore, make sure to read all underlying policy terms and conditions before purchase.
2) Check Accidental Damage Coverage
Don’t guess your policy has an accidental damage cover. Accidental damage results because of negligence. These damage coverages are not included by default in your policy terms. You need to pay an additional premium to get them covered. Thus, it is important that you keep yourself well-informed about the policy terms.
3) Sub-letting or Tenants
Sun-letting or keeping Tenants in your home is common. But remember to inform your insurer about the same. In case you are renting a portion of your house, you cannot enjoy the existing Home Insurance policy benefits. Your insurer will let you know about the suitable insurance that will allow you to continue availing the policy benefits.
4) Safety Features
It is important for you to install safety features in your home. Inform your insurer that you have installed locks, windows and burglar’s alarms to make your home secure. Your insurer will be happy to offer you a low insurance premium in these cases. However, make sure not to give any incorrect information about the safety features when you buy the policy. There are high chances for your claim to get rejected in case of any wrong information.
5) Access the flood risk.
This is an important aspect to consider before you buy the home insurance policy. If your home is located in any flood-prone area, inform your insurer at the time of purchase. The insurance premium will be higher as the risk of water damage due to flood is high in these areas. Don’t assume your policy is having this cover. You need to inform your insurer and get the risk assessed before you purchase the policy.
There is no doubt about the importance of protecting your home with a home insurance cover. However, it is wise to know the Home insurance traps and learn how to avoid them. We have listed the major areas to consider before you buy any Home Insurance. This will make sure your claim is settled seamlessly without any hassle.