Review your Policy Cover Annually
It might be the most obvious thing to do, but it’s the one thing most people overlook. Your circumstances change throughout the year and therefore so will your policy details.
Maybe you sold some items and the value of your contents has decreased?
Keeping your insurer up to date with accurate information is a definite way to insure you get cover at the best price.
Make Sure Your Property is Insured for the Correct Value
This can be difficult for homeowners. Often people will insure their property for what they believe is the market value or what they paid for it when they bought it.
When insuring your home, ask yourself, how much would it cost to rebuild the property? You should include all outbuildings, walls etc.
Here’s the correct calculator from the Socety of Chartered Surveyors to help you: https://www.scsi.ie/advice/house_rebuilding_calculator
Securing Your Property
An alarm, window locks etc will not only give you peace of mind against the ever increasing possibility of burglary, but it will also bring down your premium. Fitting a monitored alarm system will help keep the cost of your home insurance down.
Consider a Higher Excess
Do this only if you think it’s highly unlikely you’ll ever need to make a claim. “Excess” is the amount you’ll have to pay out of your own pocket if you ever need to make a claim, with the remaining amount being covered by your insurer.
If you opt for a higher excess, it will result in a lower premium, but you’ll be left out of pocket if and when you need to claim.
Are you happy with the service you’re receiving from your insurer?
If so, consider staying insured with them rather than hopping from insurer to insurer. It could save you money in the long term. Insurers offer discounts to renewing existing customers.
“OUR KNOWLEDGE IS YOUR GAIN.”
AIA Loss Assessors Ltd. are regulated by the Central Bank of Ireland.