Purchasing home insurance cover can be an important step towards protecting your home. Home Insurance is not required by law in Ireland however you may be required to purchase a policy if you are taking out a mortgage. It can seem like a tedious task if you’re shopping around looking for the best price especially if you’re not even sure what is supposed to be looking for. So what does a standard policy include and what should your home insurance cover?
KennCo Home Insurance policies are sold as single policies which include:
- Buildings Cover
- Contents Cover
- Personal Effects
Buildings cover is there to cover the costs of rebuilding your home in the event of a claim. It’s your responsibility to calculate the price of rebuilding your home. We’ve given some hints on how your can accurately do this in How to Value your House for Home Insurance.
It’s important that you give the correct rebuilding amount and update it annually with your insurance company if you’ve made any changes to your home. If you’ve underestimated that cost, your insurance company will not pay anything exceeding the amount you have stated.
Rebuilding costs may include the cost of replacing your fixture and fittings and outbuildings, architect’s fees, planning permission fees etc.
This covers the costs of replacing your belongings within your house. You will receive the costs of replacing these items at their current price. However there are a few exceptions where deductions will be made from the current price based on wear and tear. This can include televisions, home computers, game consoles. A full list of these items can be found in the home insurance policy booklet. Any valuables worth over €1500 must be specified separately.
Personal effects covers the cost of replacing an new items that can be moved about easily by hand such as jewellery, mobile phone or laptops. A full list of items can be found in your policy document.
If you have any more queries regarding what our home insurance policies cover, please do not hesitate to call 0818 25 20 25 for more information.
Disclaimer: The above information is correct at the time of publication on 1 February 2017. Subject to change.