Home Insurance - Frequently Asked Questions
What is a Material Fact?
A Material Fact is any information or circumstance concerning You, the cover or property to be insured which may affect the Terms or Conditions, or acceptance of cover or premium payable in respect of the Insurance. If You are in any doubt as to whether the information may be material such information should be disclosed.
What is Duty of Disclosure?
We are obliged to point out that you have a legal duty to provide to insurers all information which is material to the risk being insured, whether unfavourable or otherwise to you, at the time of placement. Material facts would include any information that could influence a decision by an Insurer on whether to accept a risk and if so, upon what premium and terms. If such information is not disclosed by you, your insurer has the right to void your insurance from its commencement. If this right is exercised any claims under your policy will not be met. This responsibility applies throughout the whole period that you are insured. We are required also to advise that failure to make full disclosure of material facts may also cause difficulties for you in trying to purchase insurance elsewhere. In the case of property insurance failure to have property insurance in place could lead to a breach of the terms and conditions attaching to any loan secured on that property.
How to Work Out the Full Cost of Rebuilding your Home?
The buildings sum insured should represent the full cost of rebuilding your home (including outbuildings) if it was totally destroyed. It is important to remember that this is not the same as the market value of your home. When assessing the sum to be insured you should also take into consideration other fixtures on your property such as outbuildings, walls, fences, as well as interior fixtures like built-in kitchens, wardrobes, fireplaces, tiling, wooden floors etc. If you are unsure of the rebuilding cost, you may call us to assist you or seek advice from the Society of Chartered Surveyors Ireland (CSI). If you have a mortgage your lender may request a higher sum to be insured.
What should I do if I am moving house?
Urgently contact us so that we can re-quote the new risk address and advise you of any new terms or conditions. It is considered by insurers to be a material fact (see Material Fact and Duty of Disclosure explanations above).
What should I do if I am doing renovations?
Please note that if you are making any structural changes to your home, you must contact us eg. New windows/doors/extension/conservatory/attic conversion. It is considered by insurers to be a material fact. (see Material Fact and Duty of Disclosure explanations above).
How much should I insure my contents for?
Your contents sum insured consists of all items in your home which could be taken with you if you were moving house - including floor coverings (but not tiling or wooden floors). An Inventory of Contents is available to assist you when calculating your contents sum insured.
This inventory is a general one but you may customise it to suit your own individual needs. On completion, you may find that the contents sum insured requires an increase. This inventory can be retained by yourself for future reference. Please refer to your Home policy booklet in relation to valuables i.e. paintings, antiques etc. or contact any member of the Household team for assistance.
NB: The value of each item should reflect replacement value at current prices. We recommend that you review this sum insured if new items are purchased or every 3 years to ensure a correct replacement value in the event of a claim.
What is a Letter of Indemnity?
Letter from Allianz p.l.c. to your bank/building society confirming that their interest in the property is noted.
My tenants have moved out and my property is unoccupied, do I need to do anything?
YES! This is a material fact (see Material Fact & Duty of Disclosure above). Please contact us immediately so that we can amend your policy and explain the revised policy coverage to you.
What excess do I pay in the event of a claim?
|Home Buildings: Standard/Water Damage||€225 / €400|
|Home Contents: Standard/Water Damage||€225 / €400|
Does my cover reduce if my house is unoccupied?
Yes, when the property is left unoccupied for more than 60 consecutive days, no cover shall apply in respect of water damage, malicious damage, stealing or attempted stealing. However, if your Home becomes unoccupied for a period of time, you should inform us immediately.