When Should I Renew My Home Insurance?

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When you purchase a home you are not technically required by Irish law to get home and contents insurance. However, if you have a mortgage chances are your lender will request that you get some sort of home and contents insurance to protect their stake in your property. Home and contents insurance is a good thing to get anyways, as it will protect you in the event that your home is destroyed by providing you coverage for the cost to rebuild.

If you have already been living in your new home for some time now, then it is possible that certain things in your life have changed. Usually it is a good idea for a home owner to review and renew their home insurance on an annual basis. If you have experienced changes in the past few years of your life it may be best to shop around and look for new insurance coverage that may be more fitting to your lifestyle when you decide to renew.

When Should I Renew My Coverage?

There are certain conditions in your life that you might meet that would indicate it is a good time to renew your home and contents insurance coverage. Examples of these conditions might include:

  • You have new valuables such as an expensive jewelry, expensive electronic equipment, and new appliances that need to be insured separately.
  • You got a home conversion or extension since you last renewed your home insurance.
  • The cost of rebuilding your home has increased or decreased.
  • You underestimated or overestimated the value of your contents or the cost to rebuild your home.
  • You moved to a different home or you are planning on moving to a new home relatively soon.
  • You purchased a second piece of property, such as a vacation home.
  • You let your original home and contents insurance policy lapse.

What Will My New Policy Cost?

The factors that influence how much your ne policy will cost are the same as when you first take out a policy. These factors include:

  • The amount you insure your home for and whether you also insure your contents. The greater the insured value of your home and the valuables inside, the higher your premium will be.
  • The location of your home. It is possible that your insurer will charge more if you are in areas that are at a higher risk for crime or certain natural disasters. If you have security features to protect from things such as criminal activities, you may get a discount.
  • The type of cover you choose and any discounts you might be entitled to. Insurers offer various discounts, which can reduce your premium.

What Do I Need to Do If I Switch to a New Provider?

If you decide to make the shift to an entirely new insurance provider when you renew your home and contents insurance there are only a few things you will need to do:

  1. Notify your current insurance company with a written document stating that you wish to cancel your policy.
  2. If you are currently paying by direct debit, make sure you give your bank a call and cancel your direct debit.
  3. Complete any paperwork requested by your new insurance company.