Building Only or Buildings & Contents Insurance
Your home is perhaps the most important asset you will ever own. You need to protect your home and your valuables against natural disaster, accidents, fire, theft and most unforeseen situations.
There are generally two types of insurance available: Buildings Only or Buildings & Contents.
When you arrange a Mortgage you are required to obtain home insurance but are not obliged to take the House Insurance product offered by your lender and are free to shopping around. Insurers can provide Indemnity letters to confirm cover to your lender.
Mortgage providers insist on the minimum of buildings insurance to protect their loan and ensure you can repay your mortgage if your home is destroyed.
When you insure your home, you should base your Sum Insured on the Rebuilding Cost
and not the Market Value
which can be significantly higher depending on where you live.
To check that the re-building cost of your house is accurate, you should either contact an independent surveyor or get details of current rebuilding costs from the Society of Chartered Surveyors by following this link www.scs.ie
Options are available for Owner Occupied or Investment/Rental properties.
Home insurance is usually sold as a single policy that can include sections covering:
- Buildings which covers damage to the structure of your home including roofs, walls, fences, gates, drives, garages, outbuildings and immovable fittings such as kitchen units, bathrooms, built in wardrobes and other permanent fixtures such as tiled or hardwood floors.
- Contents which covers loss of or damage to the contents of your home or essentially items you would want to keep if, for example, you were to move home such as kitchen appliances, carpets, furniture, curtains, antiques, other valuables, external items such as gardening equipment and a certain amount of personal cash in the home.
- Accidental damage to televisions, computer equipment, audio equipment and other valuables within your home.
- Liability Cover which covers you for injury to other people in or around your home.
- Un-Specified All Risks which covers loss or damage to valuables outside your home.
You can select a limit for cover on Unspecificed Clothing & Personal Possessions which you could have with you outside your home. Insurers will offer a Standard Limit, for example €3,000 with a Single Article Limit of €650. If you require a higher limit you can opt to increase as required.
Specified All Risks
which covers loss or damage to valuables outside your home.
This cover is applicable to higher value items, e.g. an engagement ring.
You simply specify the individual items as necessary and in the event of loss or damage you are covered for the value you provided for the specified item.
Insurers may look for independent professional valuations for high value items when you arrange your policy.
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