One of the signs that you’re really becoming an adult is starting to worry about the ‘worst case scenarios’ and suddenly, you’re faced with getting insurance for every part of your life, from your car to your pet.
One policy that is very important to have is insurance on the contents of your home, as replacing laptops, jewellery and other possessions could prove very costly in the case of a break-in or accident.
If you own your own home, this is a fairly straightforward process, as you can include your contents on your home insurance policy. However, if you are renting, it can be a little more tricky.
First up, if you are a student or are living in a houseshare, you can probably expect your premium to be a bit pricier than normal as insurance companies tend to deem you a bigger risk. Therefore, if you have the option to put your valuables on a parent’s policy, it might work out much more affordable.
A few years ago, options for insuring as a renter were very limited but due to an increase in the number of pricey electrical goods in each home these days, several companies are now providing dedicated policies for this purpose.
These including SimplyInsure.ie, One Direct, Chill Insurance and 123.ie, as well as many of the major banks, while there are also options for covering just your gadgets (such as laptops or consoles) with GadgetInsurance.com, Insure4Less, and MobileCover.ie specialises in smartphones.
If you are getting a policy, there are a few things to keep in mind.
1) What is my policy going to cover?
This will vary depending on the company that you are dealing with so it’s very important to clarify exactly what it included and what isn’t before you seal the deal. The National Consumer Agency has a handy table (below), which shows what is covered in an average policy and is a great reference point to doublecheck that everything is included.
2) How much cover do I need?
Most people choose an overall monetary value for their belongings, rather than naming each item separately. Your insurer will usually impose an limit on the amount that can be claimed per item so it’s particularly important to check these details if you have items that would be expensive to replace.
If this is the case, talk to the insurer about naming these specific items and their value on your policy. It will probably increase your premium but will prevent a nasty surprise when you go to make a claim.
3) What else will impact on the price of my premium?
Most likely, your address and the security of your home will also come into consideration. For example, having smoke detectors, being a non-smoker and having proper locks could entitle you to a discount on your policy.
4) Anything else I need to know?
Always ask about exclusions on your policy and confirm what the excess is before you sign on the dotted line. The excess is the amount that you’ll have to pay in the event of a claim.
