How to select the correct insurance policy and levels of policy coverage for your needs!

Typically your home or business premises are one of the biggest investments that one will make in their lifetime. Unfortunately, I regularly encounter policyholders who don’t have the correct insurance policy in place, or the correct level of insurance coverage for a property that they own.

In many instances or most cases, little or no consideration is given to the intricacies of the policy, the correct setting of sums insured/value at risk, and in the event of a claim this can leave policyholders thousands, tens or hundreds of thousands out of pocket.

How can you protect your position to avoid being out of pocket in the even of a claim?

At the time of taking out or renewing an insurance policy, it’s typically left up to policyholders to set and declare the sums insured for buildings and contents. Your insurance companies insurance underwriter will price the risk and set the policy premium based on the information, you the policyholder has provided to them. (The onus is on the policyholder or homeowner to supply this information to the insurance company).

When you have a claim in your home, your insurance company will send out a loss adjuster to investigate the claim, take photos, measurements etc, relating to the claim itself and also check to confirm that all the conditions, endorsements and warranties have been complied with.

One of the other roles of the loss adjuster is to measure the building and environs to ensure that the sums insured are adequate, in line with the Society of Chartered Surveyors rebuilding calculator (https://www.scsi.ie/advice/renewing_your_house_insurance_rebuild_calculator). If the value at risk is found to be more than the sum insured, average will apply. Meaning that if you age found to be 25% underinsured, 25% will be deducted off your claim payment, as you are deemed to be self-insured for the % portion, that you are underinsured by.

Very important to get to know the size of the building and use the calculator to correctly assess the correct level of cover. It’s a big issue with Dublin, I’d say that up to 35/40% of claims that I would deal with would have under insurance, from 10-40%. It’s critically important to know the size and rebuilding cost of your building.

SCSI REBUILD CALCULATOR

Why It’s critically important to tell your insurance company all material facts before and during your insurance policy?

As the insurance policy is based on utmost good faith, all material facts must be disclosed to the insurance company, continually on an ongoing basis. If material facts are not disclosed, in the even of a claim, your policy may be cancelled and claim rejected.

Your insurance policy will have conditions and warranties that must be adhered to, ie if you have an alarm, you have to switch it on, doors and windows must have 5 point locks, you must have working smoke detectors etc. For most people reading through an insurance policy is akin to a form of “medieval torture”, that said, it is vitally important to read through your policy schedule and determine what conditions, warranties, endorsements apply, and decipher how to comply with the aforementioned conditions, warranties and endorsements.

Not all policies are the same and the old adage applies “you get what you pay for”, so be careful what insurance policy you select and don’t just base on price. If you know someone in the insurance industry, ask them to read through and get their advice.

How to avoid buying the wrong insurance policy for your needs? (Probably the most important tip)

I would always recommend getting a reputable local insurance broker to sit down with you and recommend the best possible insurance policy for your needs. A good broker will be a friendly face and will be able to assist you when you have a query, or even help when you have a small claim. They may even pop out to your property and measure your building and advise on sums insured etc.

I deal with hundreds of claims every year and have experience with all insurance carriers, so I’d be more than happy to offer advice to homeowners on what insurance company is reputable from a claims standpoint.

Contact Details

Insurance Claim Solutions
Golf Rd, Rush, Co. Dublin

Mobile: 086 357 1713
Phone : 01 870 9210

We are registered as Public Loss Assessors and fully regulated by the Central Bank of Ireland

Google Reviews

Custome Reviews
Vincent Hanley
Vincent Hanley
13:59 22 Sep 22
I would be happy to recommend Trevor Kelly (Insurance Claim Solutions) in the event you need to make a claim on your household insurance. We recently had a serious leak in our hot water pipes and Trevor’s prompt attention was the essence of professionalism. It also took the hassle and stress out of dealing with the Insurance Company’s loss adjuster and with the pursuit of our claim. Couldn’t recommend him highly enough and would be very comfortable recommending him to family and friends.
Roger Kear
Roger Kear
10:59 04 Sep 22
The level of service that I received from Trevor Kelly was second to none. This was my first major claim with an Insurer and unsure of the process. Trevor took away all that worry. He was polite, reassuring, punctual and efficient. He dealt will all the details of the claim and completely took away all the hassle. If ever there was a service that I would recommend then it has to be Trevor Kelly. If anyone has the misfortune to make an insurance claim then the first call they should make should be to Trevor Kelly.
Eimear McBride
Eimear McBride
13:13 22 Aug 22
I would highly recommend Trevor's services. He guided me through the process from beginning to end, along with providing helpful advice along the way. He was responsive, efficient, practical and empathetic throughout.
Sherin Mathew
Sherin Mathew
16:42 18 Aug 22
Excellent service.....We went through a tough time and Trevor was there to support us... Proffessional and approachable.... Highly recommending.......
sheila hayes
sheila hayes
09:16 04 Aug 22
I used Trevor's company after I had a leak under my floor, he came recommended to me from leak detectors and the same day as I made the call Craig came out to inspect the damage and he handled everything from there on. I was very anxious as my insurance company had told me they would not cover the damage as I was causing it myself by having to dig up the floor to find the leak but Craig assured me it would be sorted. I am extremely happy with the settlement and the service from Insurance Claim Solutions. I would urge anyone in this position to contact them they take all the worries away.
See All Reviews
js_loader