Anita Cambie Financial

House Insurance

House insurance is usually sold as a single policy that includes:

Buildings insurance which covers you for damage to buildings

Contents insurance which covers you for loss of or damage to the contents of your home

All-risks cover which covers you for loss or damage to valuables (even when outside your home)

Liability insurance which covers you for injury to other people in or around your home.

There can be considerable differences between policies in terms of what they exclude and the extras included. When you buy insurance, it is important to remember that the policy offering the lowest premium is not always the best. It is essential to read the policy details first to discover what is covered before you sign up.

Buildings Insurance

Buildings insurance covers anything you cannot take away with you if you move home. It usually includes:

The structure of your home such as the roof, walls, windows and doors

Permanent fittings such as tiled or hardwood floors, bathroom fittings and fitted kitchens

The garage

Some of the outbuildings such as a garden shed or a farm building and garden walls, gates and fences.

If your home is destroyed, your buildings insurance will usually pay for the cost of reinstatement or rent another home.

In the current market is important to ensure that your property is not over or under insured. For guideline what you house should be insured for , please refer to "The Society of Chartered Surveyors" website www.scs.ie

Contents Insurance

This covers the moveable objects in your home, including some flooring. It can be taken out as a separate policy from buildings insurance or combined with it. If you do not own your home, for example if you are renting, you should still think about insuring the contents of your home.

All-Risks Cover

This is an optional extra under most home insurance policies and protects you against loss or theft of, or accidental damage to, personal valuables such as jewellery. All-risks cover protects your personal valuables both outside and inside the home. It will also usually cover items taken abroad for up to 60 days.

You may have to pay extra for all-risks cover, depending on your insurer. If you have to claim, your insurer may choose to either:

give you the cash value of the item or pay to repair or replace it.

There are two types of all-risks cover:

You can choose an overall value for unspecified items without having to list each one. You could ask for 5,000 unspecified items cover. Most policies have an upper limit on the value you can insure each unspecified item for.

If you have items worth more than your insurers single item limit, you should think about listing the items you want covered and their value.

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