In Ireland, where wind and rain (and the occasional Atlantic storm) are almost constant companions, home insurance isn’t a formality. It’s your best chance at peace of mind.
Home insurance is one of those things many of us never think about unless the worst happens. Standing in the rain with a hole in the roof is not the best time to find out you’re not covered.
Why Your Home Isn’t Just Another House
No two homes are the same. From old stone cottages to urban contemporary studios, each house has its own inherent risks and differences. Older properties can require specific materials or treatments that need to be handled with care. If your property is by the river or by the sea, it may come with an increased risk of flooding. Or if you live in a post-war building, a heavy storm, a burglary, or an unforeseen accident can mess up your plans for a relaxing evening.
But that’s the beauty of the fabric of homes, you never quite know what you’re going to get. And though this might not lend itself to a “one-size-fits-all” insurance solution, it’s these kinds of nuances to your home’s character that need to be understood in order to get the right cover. You may find that what is a great option for your neighbour in their 3-bed semi is inadequate for your renovated Georgian terrace house or bungalow with unique fixtures.
Understanding Buildings and Contents Cover
One of the most common misconceptions is the difference between buildings and contents insurance. Building insurance simply covers the actual structure of the home — the walls, roofs and floors, in addition to permanent fixtures (built-in wardrobes, kitchen units). If you were to turn your home upside down, anything that doesn’t fall out is considered part of the building and is insured under a building policy. If you have a mortgage, building insurance is often compulsory.
Contents insurance covers the things you would take with you if you were to move. This typically includes your furniture, clothes, gadgets and personal items. If you were to turn your house upside down, anything that would fall out would be insured as your ‘contents’. You will need buildings and contents cover if you are a homeowner. Tenants only need insurance cover for their possessions. Think about whether you need both insurances and the most suitable level of cover.
Getting the Level Right
One of the common traps with home insurance in Ireland is to insure the property for too low a sum. Many individuals, in order to save on their premiums, choose a sum for reinstatement that is far too low. When it is time to claim, they are left in a situation where the amount they will receive will not be enough to rebuild the property to current standards. Just imagine your house was subject to serious fire or storm damage… and worst still, you do not have sufficient cover to rebuild!
The easiest way to get an accurate estimate is to use a rebuild calculator such as that provided by the Society of Chartered Surveyors Ireland. Of course, you don’t want to insure for more than the cost of rebuilding either.
More Than Just Weather
Irish weather is an obvious threat, but there are many reasons to be worried about the unexpected. Any of us can have a moment of clumsiness, and the ramifications can be expensive. If your child puts their foot through the TV screen or a friend rips your new sofa, your insurance should come to the rescue. Some policies include this kind of all-risks cover as standard, whereas others offer it as an optional extra. Always check what you’re covered for before you need to claim.
Liability cover is another important feature that can be easy to forget: if a visitor to your property accuses you of causing an accident, you can be left with an astronomical legal bill.
Don’t Skip the Small Print
Although Irish insurance companies are well-regulated, policies do vary a lot. It’s important to check the small print before you sign up or renew a policy. How much excess will you have to pay on a claim? Are there any exclusions for an empty property, which could be a problem if you work abroad or have a holiday home? Do you need to tell your insurer if you are working from home or running a small business from the property?
Getting these matters right could be the difference between a stress-free, smooth process and a long, frustrating argument when you come to make a claim.
Smart Ways to Save Without Compromising
Saving on your premium doesn’t have to mean cutting corners. There are also opportunities for reducing insurance costs when you have a monitored alarm, strong locks on doors and windows and even with membership of a local neighbourhood watch scheme. These aren’t just insurance rating criteria either; they can genuinely make your home more secure.
Protecting More Than Just Bricks and Mortar
At the end of the day, home insurance doesn’t exist in order to pay for four walls and a roof to be replaced. It exists to pay you whatever amount of money you need in order to help you rebuild your life should something happen.
One of the easiest ways to provide yourself with almost-instant peace of mind is to make sure that you use home insurance comparison tools to truly understand the type of coverage you’re buying. And how well that coverage aligns with what you need.