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Facing the storm of home insurance costs

Facing the storm of home insurance costs

Facing the storm of home insurance costs
News from Irish Independent:

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Insurance companies face big payouts over storm damage

The cost of the recent storm damage could run into hundreds of millions of euro. It stands to reason that if the volume of home insurance claims goes up as a result, so too will the cost of premiums.

Fortunately, new insurers came into the market in recent years and, as they have not been hit by flood claims over the last two or three years, their premiums will be lower.

Homeowners, however, need to be vigilant when it comes to household spending. When it comes to home insurance, they need to know how to weather the storm. Here are eight ways.

1 Where people make errors with home insurance is in the valuation — either of the property or contents.

Over- or underinsuring your home can land you in hot water. With the collapse in house prices, particularly in rural areas, there are instances where the rebuilding cost is greater than the market value — so don’t be tempted to insure your home for less than the rebuilding cost.

Apply the square footage of your home to the Society of Chartered Surveyors Ireland’s…………… continues on Irish Independent

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