IrishIndependentHere we have another article that was in the Irish Independent last week regarding under-insured home insurance policies. Here at InsuranceWorks.ie we cannot get the message accross enough to home owners to be very careful when taking out an insurance policy. Always make sure your home is fully insured, dont be afraid to ask questions when taking our your policy, ask whats covered under the policy & make sure your home is 100 % fully covered.
People aren’t aware that if they take insurance that only covers say 50 per cent of the value of their house, then all claims they subsequent make all claims they subsequent make will only receive a 50 per cent payout, even if the amount is under the value insured.
InsuranceWorks.ie had one client with a house valued at €304,000 took insurance valued at €150,000 with a particular insurance company for a cheaper premium. The couple believed that any claim under €150,000 would be covered but after water damage occurred in the house requiring almost €5,300 of work the insurance company were only willing to pay them €2,614 ( after excess is deducted ) because they only got 50 per cent cover.
Insurance companies are not educating people on their premiums. But when homeowners go to make a claim, then the insurance companies will educate them.
If you have any questions regarding a home insurance claim & think you are under insured then contact our office and one of our team can assist you. Call: 01-4130636