When you’re in the process of buying a house in Ireland, there’s a lot to think about. While we know that picking out a home insurance policy isn’t as exciting as picking out new furniture or fitting your dream kitchen, it’s an essential step in the first time buyer journey. There can be a lot of jargon surrounding home insurance but we’re here to separate the facts from the noise. Here’s everything you need to know and 5 top tips to follow.

Firstly, what is home insurance? 

Its good to know the basics and while the terms ‘home insurance, cover, policies and cheap home insurance’ are all thrown around lot, you need to be clear about what it means. Home insurance is a type of property insurance for your residence. Essentially, you pay a premium in order to protect yourself if your home is damaged by fire, theft, flooding or a similar occurrence.

Home Insurance incorporates two products namely buildings insurance and content insurance.

Buildings insurance is protection for the physical structure of your home. This for example would kick in if you suffered severe damage to the roof of your home. Provided you meet all the assessors requirements after making a claim, then you would receive the sum to fix your roof from your  insurance company.

Content’s insurance is the second product that makes up your home insurance policy. Content’s insurance is protection for the belongings within your home. Typical reasons for claiming from your content’s insurance would be in the case of stolen goods ie. The theft of your tv etc.

Why do I need it?

The financial ramifications from structural damage to your home or a burglary could be extensive. Home insurance protects you against that financial loss and indeed, makes you feel more secure in your home. As a first-time buyer or any buyer for that matter, home insurance is essential!

So, what do I need to think about when it comes to investing in home insurance?

Insureare one of Ireland’s leading home insurance brokerages, so you have come to the right place.

Here’s some tips;

Is cheap cover the best cover?

As a first-time buyer, the costs start accumulating from all angles. Between fees from quantity surveyors, to financial advisors and solicitors, it can be a struggle. It might be music to your ears when someone recommends a place where you can get the ‘cheapest home insurance’. It’s important however, to be vigilant. In some cases, the cheapest home insurance cover leaves a lot to be desired.

If you want to take out some of the hassle of shopping around, why not use a broker? Brokers deal with multiple insurance providers, so you don’t have to. They’re also incredibly familiar with the best policies you can get for the best price, so you won’t have to worry about forgetting something vital.

Always know your rebuild cost.

We talk a lot about the re-build cost over here at Insuremyhouse.ie but it’s a factor that a lot of people forget.  A rebuild figure is the cost to completely rebuild your home if it was destroyed beyond repair. This figure should include the price of labour and the materials that would be required. The rebuild cost is generally lower than the market value of your home. Basing your home insurance on your rebuild cost is a good way to prevent under or over insuring your house and can subsequently help to ensure that you aren’t paying higher premiums than you need to.

If you had renter’s insurance, make your broker aware!

There are a lot of advantages to having renter’s insurance.  It protects you from unexpected financial burdens if there was a sudden fire or burglary to the house in which you are renting. But it can also have a positive effect on your subsequent home insurance policy.

Insurance companies off discounts to people who can effectively show a loss free claims history. If you had a success past with your renters insurance, you can use this to achieve a small discount on your home insurance moving forward.

If you availed of tenants insurance as a renter it’s definitely worth mentioning.

Get familiar with exclusions.

There are always a number of exclusions in a policy so it’s important that you are aware of them. If you decide to do renovation work to your home it is also vital to let your home insurance provider know so they can send you out additional forms where necessary. If your home is going to be unoccupied for a period of more than 30 days then your house insurance may not be valid. That’s why it’s imperative to get very familiar with what is included in your home insurance policy and what is not included, so you can stay informed.

Letter of indemnity.

A letter of indemnity is a must for first time buyers. Home insurance is one of the key fundamentals for all mortgages. Within your letter of indemnity your bank will ask you which provider you are with for your home insurance policy. When you are securing your home insurance policy with your provider, you simply state that your bank is an interested party on your policy. Your insurance provider will then send you a letter outlining exactly what’s. You can then pass this on to your bank in order to ensure a satisfactory conclusion to the purchase of your first property.

At Insuremyhouse.ie we do all that we can to insure that you get not only the best cover but the best price too. Get in touch with us today, so we can help you.