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Changing house insurance

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  • 12-09-2010 2:44pm
    #1
    Richard tea
    Registered Users Posts: 3,597 ✭✭✭


    Hello all,

    How does one go about changing house insurance company?
    Who do I contact first, ie, New insurance company or old insurance company or mortgage provider?

    Also, how do you work out the rebuild value of your home?

    Many Thanks
    Rich


Comments

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    #2
    petermurp
    Closed Accounts Posts: 21 ✭petermurp


    Best to contact a broker to arrange a new policy. Make sure new policy is in place before cancelling current one. The re-building/ reinstatement value is stated on original valuation report for mortgage purposes. Your mortgage provider/existing home insurance provider will have this information.


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


    Contact an Insurance Broker to arrange the most competitive cover. You can also get a quote and effect cover online with a few insurers such as 123.ie. Quote Devil or Chill.ie. However, if you are unsure of the actual cover aspects of house insurance, use the broker.

    Your mortgage provider will need to be noted on your new policy, so don't forget the mention that.

    When it comes to your sum insured on the Buildings side of things, have a look at the document produced by the Society of Chartered Surveyors http://www.scs.ie/2010-SCS-House-Rebuilding-Insurance-Guide.pdf

    Do NOT use the valuation report provided by your mortgage provider, which often reflects the market value of the house and the site, which has nothing to do with the rebuilding (reinstatement) cost

    When it comes to deciding what sum insured for your Contents, the valuation should reflect the cost of replacing all your worldly goods at today's prices


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    #4
    petermurp
    Closed Accounts Posts: 21 ✭petermurp


    oldyouth wrote: »
    Contact an Insurance Broker to arrange the most competitive cover. You can also get a quote and effect cover online with a few insurers such as 123.ie. Quote Devil or Chill.ie. However, if you are unsure of the actual cover aspects of house insurance, use the broker.

    Your mortgage provider will need to be noted on your new policy, so don't forget the mention that.

    When it comes to your sum insured on the Buildings side of things, have a look at the document produced by the Society of Chartered Surveyors http://www.scs.ie/2010-SCS-House-Rebuilding-Insurance-Guide.pdf

    Do NOT use the valuation report provided by your mortgage provider, which often reflects the market value of the house and the site, which has nothing to do with the rebuilding (reinstatement) cost

    When it comes to deciding what sum insured for your Contents, the valuation should reflect the cost of replacing all your worldly goods at today's prices


    All valuation reports will show the current market value of the property, and also stated the re-instatement/re-building costs.


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    #5
    Richard tea
    Registered Users Posts: 3,597 ✭✭✭Richard tea


    Thanks guys. Ill shop around. Im with the same provider for the last 3 years and just never bothered to change. And my premium has gone up every year, over 50 euro a month at this stage:(

    Regards
    Rich


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    #6
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    petermurp wrote: »
    All valuation reports will show the current market value of the property, and also stated the re-instatement/re-building costs.
    It is my experience that the valuation report will have little resemblence to the correct reinstatement cost


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    #7
    petermurp
    Closed Accounts Posts: 21 ✭petermurp


    oldyouth wrote: »
    It is my experience that the valuation report will have little resemblence to the correct reinstatement cost

    The op is looking to switch home insurance provider, so the info on the valuation report will suffice.


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    #8
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    petermurp wrote: »
    The op is looking to switch home insurance provider, so the info on the valuation report will suffice.
    Of course it will be accepable to his new insurance provider, any reasonable sum insured you submit will be. My point is that the figure on the valuation report may not be the correct reinstatement cost (either under or over) and this is the only figure insurers ever consider in settling a claim


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