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Did you know that when insuring your home you should insure your property for the re-instatement value and not the market value!
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Important Notice for Home Insurance Customers.
Due to the sudden inflation increases in financial markets you may discover that you are underinsured for your home insurance. Underinsurance may lead to reduced claims settlements and under or over estimation in repair or rebuilding costs.
Claims settlements may be reduced if your buildings or contents sums insured, at the time of any loss or damage, are less than the full rebuild cost. If you are underinsured, the Condition of Average may apply in the event of a loss.
To assist you in calculating the rebuild cost of your home you should check your sums insured using the chartered surveyors of Ireland rebuild calculator. House Rebuild Calculator
Underinsurance occurs when you insure your buildings and contents for less than the amount it will cost to rebuild or replace it. You should not insure your home for the market value. You should consider your property including domestic outbuildings, and insure your home for the full rebuilding cost.
This includes the cost of removing debris after a loss, any architects', surveyors' and other professional fees as well as any additional costs necessary to meet current building regulations. Your contents should be insured for the full cost it would take to replace all household goods and personal belongings in the home as new. Claims settlements may be reduced if your buildings or contents sums insured, at the time of any loss or damage, are less than the full rebuild cost.
Condition of Average:
If you are underinsured, the Condition of Average may apply in the event of a loss. The Condition of Average Clause states that if your building or contents sums insured are less than the full rebuild cost of the buildings or contents at the time loss or damage occurs, then claims settlements may be reduced. You will then be responsible for the remainder of the loss.
So, for example , if you insured your home for €500,000 (when in reality, it would cost 1 million to rebuild), then you’re underinsured by €500,000 or 50%.
If you made a claim for €100,000 worth of fire damage to your home, you may think that, because you insured your home for €500,000, you’d be eligible to receive the full €100,000 payout.
However, under the average clause, your insurer would only pay out 50% of the €100,000 fire damage claim (€50,000), because you were only insured for half (50%) of the total rebuild value.
The insurer was, in effect, only getting half the premiums they should have been receiving from you to fully cover the building. So consequently, you’ll only receive half the amount of your claim.
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