What you need to understand about Insurance.

There are a number of things people need to understand about Insurance Policies. 


1. No policy covers everything they all have limits of indemnity so although Comprehensive  sounds great it does not cover everything when it comes to your level of cover.

2. Excess means the amount of the loss you cover yourself before the policy kicks in. Be aware many policies carry an excess for both Buildings (the property itself) and another for the contents. So a household claim could have say €350 excess on both total excess €700.

3. If you under insure the contents or buildings in a household policy then you settlement will be reduced by the same percentage of under insurance.

4. If you extend your home and add lots of extra contents this may put you in a position that you are under insured.You would need to disclose these changes and increase your cover accordingly (your broker can assist).

5. There is a single article limit on your valuables. (if you have a ring worth 10k and the single article limit is €2k,you get 2k for your ring unless it is insured separately on the policy .

6.Household Insurance policies apart from covering Buildings and Contents can also cover such things as Personal Possessions owned by you or any of your Household or for which they are responsible often to a limit of around €2500.Other cover people forget are Jury Service,Fatal Accident Benefit,Third party Liability,Personal Possessions lost outside the home (worldwide),Personal Accident  (death,loss of limb).

Above are some of the reasons you should use an Insurance Broker when taking out a policy and a Loss Assessor when making a claim.