Tuesday 28 March 2017

How to switch... Home Insurance

Picture posed
Picture posed

Step 1

Many companies clamp down on certain insurances if their claims get too high during the year. You may get a higher renewal quote than expected even though you have not had a claim - this is a great opportunity to move insurer. You get no benefit from loyalty. Ask the following questions:

l what is the excess? This is the first amount you pay of any claim. The higher the excess, the lower the premium, but off set that against the risk you are taking;

l is there an 'old for new' clause? In other words, if your five-year-old bike is stolen, can you get a new one to replace it, or will they simply give you a discounted value?;

l will they cover temporary accommodation if you have to leave your home for repairs?

Step 2

If you get a better quote, call your existing insurer and see can they beat it. They may want to retain your business if you haven't had a claim. If you live in an area damaged by the recent flooding, you may have this excluded from your policy. However, another insurer may see it differently, so never accept the first 'no'.

Savings: €618.60 - based on three-bed semi in Churchtown, Dublin 14 with €250,000 building cover, €35,000 contents cover and €5,000 all risks. Courtesy Chill Insurance.

POTENTIAL SAVING €618.60 TOTAL TIME 30 mins

Irish Independent

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