Everything you need to know about home insurance

The devastation across the country, particularly in the West, brought by Storm Éowyn has reminded people of the fragility of our homes.

Having the correct home insurance in place is vital.

Here, we have a look at some of the key aspects.

Types of insurance

There are 1.85 million occupied dwellings in Ireland, according to the 2022 Census. There are standard and non-standard options.

John Ryan of Allianz Ireland told The Irish Times: "The insurance industry likely knows more about your home than you do.

“This data set knows which homes are within 50m of water, be it subterranean, a lake, a river, stream, tidal or the sea."

In general, homes that are less than 100 years old are protected from fire, storm damage and theft under standard insurance.

If your home is listed or within an architectural conservation area (ACA), Mr Walsh recommended ringing around insurance companies.

Renting

Less than 10 per cent of renters in Ireland have specific home insurance for their status, Mr Ryan said.

“If the property is unfurnished, the contents will need to include furniture. If it’s already furnished [then] laptops, jewellery, TVs and bikes should all be factored in. If a visitor to your rented home trips over something belonging to you, or your pet bites them, you are legally liable if that person takes a claim against you,” he said.

“If you own a bike and you injure someone while cycling, you are on the hook. If a fire damages the property, any fire damage to your contents isn’t covered if you don’t have contents insurance. If a renter calls the fire brigade it is the person who calls the emergency services who receives the bill. Costs of up to €3,000 are charged by the fire brigade."

Choosing insurance

It is best to pay your home insurance premium in full and up front. Instalment payments are often liable to a surcharge.

Discounts

Homeowners, or renters purchasing insurance, should make sure they have monitored security alarm and smoke and carbon dioxide detectors, adequate locks on all windows and mortice locks on outside doors.

Having all of these safety features in place can help to qualify for a discount from an insurance company.

Costs

Mr Ryan reiterated that looking around different companies for prices is essential.

Contents

Anything under €3,000 is covered by an all-risk policy. You should also take pictures of any valuables. For items over three years old, proof of purchase is necessary.