Confused About Home Insurance?

Check out our handy guide

Researching home insurance can be daunting. Check out our handy guide to help you along the way.

While it’s not a legal obligation to insure your home, some mortgage lenders insist that you hold appropriate insurance to cover the cost of damage to the structure of your home (buildings insurance). You may also want to opt for contents cover to protect your personal belongings.

How can I work out the right building cover for my home?

To calculate how much you should insure your property for, you'll need to find out the rebuilding costs. You can do this by looking at the survey or valuation report that was undertaken when you got your mortgage. Do bear in mind that the market value of a home has little relation to the costs of actually rebuilding a property. We recommend that you visit the Society of Chartered Surveyors Ireland website to work out the rebuilding cost of your property.

Do I have to take out insurance with my bank/mortgage provider?

No! Your buildings must be insured to the amount stated by your bank, building society or mortgage provider when they valued the property, but you are NOT obliged to take out a policy with them.

What’s the difference between building cover and contents cover?

Building cover is associated with the house itself, whereas contents relates to the things inside it. Buildings insurance covers the cost of rebuilding your home if it were to be destroyed, whereas contents insurance enables you to replace any items that are damaged.

How can I find out which locks are on my door?

It's actually pretty easy. Open your door and have a look at the metal plate near the edge. If you look closely you should be able to see the lock type and name engraved on it.

What about mortgage protection insurance?

When you get a mortgage to buy a new home, you will generally be required to take out Mortgage Protection Insurance. This is a particular type of life assurance taken out for the term of the mortgage designed to pay off your mortgage in full if you die before the mortgage has been fully paid.

I’m a landlord – what do I need to know?

If you are renting your property then having landlord insurance is a must. After all, there is a high number of risks associated with letting a property - some of which may be excluded from a standard home insurance policy. From accidental and malicious damage to your property to outstanding rent payments, landlord cover can provide you with much-needed reassurance that your property and tenants are protected, not to mention saving you from having to fork out large sums to resolve any damage. Landlords might also want to consider extending their cover to include loss of rent insurance and legal expenses cover.

Like any insurance policy, it’s important to shop around and compare quotes from different insurers to find the best deal in your circumstances. While searching for different policies, remember to pay close attention to what each one covers and make a note of any exclusions. You may also want to look at the amount of excess, any discounts and no claims bonus to help narrow down your options.

At Chill we search leading insurers to find you the best insurance cover for your budget. Our team are on hand to help you from quote to claim and everything in between. To see how much you could save get a quote or give us a call on 01 400 3400