Bank of Ireland Urges Homeowners to ‘Review Before You Renew’
- 53% of homeowners have modified their homes in the last five years
- Less than one in four who carry out home renovations adjust their insurance policies
Many homeowners who believe that their policies provide adequate cover are subsequently discovering that they are underinsured – according to Bank of Ireland Insurance Services. While over half of homeowners have modified their homes in the last five years, less than one in four who carry out home renovations adjust their insurance policies accordingly.
Stubbornly high inflation is also having an impact on home insurance cover levels, because insurance policies can increase or decrease depending on whether inflation levels rise or fall year on year.
The Bank is encouraging policyholders to ‘review before you renew’ and has some specific advice;
- Carefully review their annual home insurance renewal notice
- Check Buildings and Contents cover – home renovations may impact sums insured*
- Contents value should cover the cost of replacing personal items and household goods
- Specify risk items as part of cover – high value items may require individual valuations
- Including Home Emergency Assistance in policy often proves to be beneficial
- Notify insurer of a claim as soon as possible, and before carrying out any repairs
Bank of Ireland Insurance Services has launched a new online home insurance platform which supplies home insurance quotes from both FBD and RSA, a key differentiator in the Irish insurance market. It is designed for ease of use and to provide competitive quotations – with existing Bank of Ireland customers availing of discounts up to 30% when applying online.
Deirdre Ashe, Managing Director Bank of Ireland Insurance Services said: “As we move into the autumn and winter months it’s important for homeowners to review their insurance policies, avoid being underinsured and confirm they have the adequate level of cover in place. Underinsurance is an issue currently, so if you have made improvements or modifications to your home, you need to review what your covered for. People need to be certain that the policy they hold reflects the actual value of their property and the contents within – otherwise they won’t be sufficiently covered in the unfortunate event of storm damage, a domestic accident or a break-in.”
“Our research tells us that customers want a choice when it comes to selecting a home insurance provider and are looking to choose a premium knowing they are getting comprehensive cover and value for money. Our new home insurance platform, supplying customers with quotes from both FBD and RSA, provides them with just that.”
Bank of Ireland is also keen to highlight that customers can take their own practical actions in order to reduce their premiums and keep costs down, including;
- Maintaining your property and investigating leaks – get a plumber’s report
- Keep drains and gutters free of debris to avoid blockages
- Be storm ready and protect your home from damage
- Ensure coverage inclusion for fire brigade charges and freezer contents cover
- Fit and activate an alarm in order to reduce the costs of premiums
ENDS
Notes to Editors:
- Under Insurance – is where the sums insured on a policy are at an amount that is less than the value it will cost to reinstate, repair or replace them.
- Bank of Ireland Insurance Services (BIIS) was founded in 1988 to provide General Insurance Products for Bank Customers.
- BIIS customers received over €42m throughout 2020, 2021 & 2022 following claims for loss or damage.
- Home Emergency Assistance is automatically included with Bank of Ireland Insurance Services, in the home you own and live in.
- Bank of Ireland Insurance Services currently has over 80,000 customers, availing of Home, Motor & Travel Insurance products.
- BIIS offers home insurance products specifically designed for a range of home cover, from traditional family homes, first time buyers, Buy-To-Let properties and holiday homes.
- For more details or to request a quote please visit Bank of Ireland Home Insurance