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Home Insurance

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  • 21-06-2010 6:46pm
    #1
    Spudzzmurphy
    Registered Users Posts: 355 ✭✭


    Just got my new home Insurance renewal policy today,and as well as the premium increasing by almost 30%:eek: it also has two new amendments from my last policy stating that I will not be covered for flooding,or for any water damage caused by a shower in the home.
    In all the years I have had house Insurance I have yet to make a single claim.
    Was just wondering if anyone else has had the same changes to there policy for the two items I have stated.

    PS.Property in Cork City./Was not affected by the floods in the past few months.


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    #2
    gogo
    Registered Users Posts: 1,452 ✭✭✭gogo


    Most renewal letters are automated by computer and they will increase the reinstatement value of your house, by the assumption that it will cost more to rebuild your house over the years. A lot of companies havent factored in the recession into renewal letters. Hence the 30%. You should ring your insurance company and check the value they are using and change it if needs me. People never check this, and their house is over insured, you can only ever get what its worth regardless of whats its insured for, so always check and never over-insure. Aside from that, its could of course just be an increase.
    Was cork not hit badly by the flooding, even if its not your exact area, the insurance company was probably hit badly and are covering themselves just in case.


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    #3
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    Most Insurers now use a flood mapping system which means if you are in a vunerable area, even if you never had a claim, you won't get the cover again Seeing that they all use the same system, you may not get it elsewhere, even if you shop around.

    As for the 'shower' exclusion, this usually only follows a few claims for a similar incident. However, if they have identified a hard water problem in the area that has resulted in repeated claims, they may have taken a universal decision on this too


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    #4
    Spudzzmurphy
    Registered Users Posts: 355 ✭✭Spudzzmurphy


    Thanks lads,went to my broker today and devalued the rebuilding costs and contents cover and got it down to a somewhat reasonable premium.
    Also asked them about the rising water issue,and was told that it applied across the board.


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