Although different Irish organisations took initiatives to show how much consumers can save money while buying their home insurance coverage only by shopping around, still there are many hush homeowners who are paying much for this home security coverage.
Of course, you can save on your home protection coverage by shopping around. However, at the same time, there are several other factors that one should take into considerations before buying the householder insurances at the best price.
Shop Around Extensively
If you simply do nothing and let your current policy rolling over for years, you don’t need to spend any time. However, such laziness will cost your money. Most of the insurers are conscious of these types of customers who forego shopping of their home protection policy without any research and hence, they try to make profit from this point by increasing the renewal premium.
Many buyers stated that they were able to save notable amount of money by shopping around the householder insurances and they found the process easy enough. While shopping around, you need to make sure that you should obtain similar types of quotes from different policy providers. Certain additions in the home protection coverage including jewellery and costly computer may drive up the coverage cost. Therefore, you need to compare accordingly.
Decide What Building Coverage You Need
One of the best ways to calculate the building cost is by using a handy re-building cost calculator available in the website of the Society of Chartered Surveyors Ireland (SCSI). Here, all you need to do is to provide the information relevant to your property and you will receive the typical rebuild costs.
Here, you must remember that the rebuilding cost can vary from one location to another location. When you are going to pay €194,600 for rebuilding a semi-detached house in the Cock area, the same house would cost €247,520 for rebuilding in Dublin.
Avoid Instalment Payments
Since people have to pay high amount of property taxes and water charges from their wallets, most of them tend to repayment their householder insurances options throughout 10-12 months. Unfortunately, the truth is that most of the time, such instalment payment options may increase the total costs. Only few insurers offer free monthly instalment plan whereas most of the insurers in Ireland typically ask to pay interest at the rate of 15-30 per cent as a monthly premium.
Never Undervalue Your Property
Some people tend to undervalue their household property in order to save the cost of their home insurance. However, such attempt can place you in trouble when your insurer asks the so-called ‘average clause’ that applies limitation on your insurance claim. In case of damage or accident, you would not get the right valuation of the protection coverage claim in such typical situation.
Don’t Hesitate to Make a Claim
Above all, while you are paying for the householder insurances, don’t hesitate to go ahead and make claim for the policy. In many cases, the homeowners ultimately settle the matter by paying from their own pockets. You should always claim for those household damages for which you are expected to pay the coverage.