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Is it worth claiming on house insurance?

Whether you’ve suffered from a burst pipe, stolen contents, or property damage, claiming on house insurance can seem a daunting, timely process. You may not know what you can claim on, or whether it is worth claiming on your house insurance at all.

If you’ve had an emergency that needs urgent attention and emergency services, make sure you focus on the immediate situation and contact the relevant people to help you with your problem (remember to keep the receipts of any emergency work to claim back later). This means contacting the Gardaí if there is a crime, and organising emergency repairs if necessary. Be careful about getting non-emergency repairs before contacting your provider, as this may invalidate any claims. 

House with stethoscope on it

Check your insurance policy

If you’re thinking about claiming on your homeowners insurance, it’s worth checking your documents to remind yourself what you are eligible for. If you don’t have the right cover for your needs you could end up wasting time on the phone trying to claim, and you’ll likely experience some confused, exasperated conversations. For example, it is worth thinking about whether any possession affected will be automatically refused for a repair or replacement, such as when they are worth more than your policy’s ‘single item’ limit. Remember that if you have had a valuation for an expensive item, this will help you work out if it is too expensive to be covered, and will act as proof of ownership and value if it is included.

If in doubt, ask your insurance provider

If you believe you can claim on your damage or are still unsure, phone up your insurance provider and speak to customer services about your problem. If you were previously hesitant about whether you could claim, they’ll be able to look into this and tell you whether you can. Just make sure you have your policy details next to you when you make the call, and key information such as your policy number and any crime reference number (if applicable). If property damage has occurred that you can take photos of, this might be useful to have on hand to send to your provider (even better if you have photos of the area before the incident). 

Be careful of ruining your no claims bonus

If you will be eligible for a no claims bonus or a no claims discount in the future (these usually build up over a few years when you don’t make any claims), exercise caution with your claims. See what your no claims bonus will be worth (double-check with your provider), and assess whether your house insurance claim will be less than this. If it is less than your no claims bonus, it will not be ‘worth’ claiming in the long run (although you may still want to claim in the short term if you need the money immediately).

Watch out for your excess

There is no point claiming for small sums that are less than your excess (the first part of your claim that you’ll have to pay in order to receive it). You have house insurance to protect your finances, so make you’re making claim-savvy decisions, and not ones that are to your detriment.

Exercising caution is best, homeowners insurance can be tricky after all. There’s lots of advice out there, but it’s still always best to check with the professionals. If you’ve taken out house insurance through Campion, would like to make a claim and are unsure where to start, contact us – we’d be happy to help.

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Important Assumptions

For the purpose of determining the term over which pension contributions are made, we have assumed your birthday was exactly six months ago.

If your target retirement age is lower than the age at which the Social Welfare pension commences (age 68 if you are born on/after 01/01/1961, age 67 if born before this date but on/after 01/01/1955 and age 66 if born before 01/01/1955) the calculations allow for funding for this gap, in addition to the cost of the annuity.

You are entitled to a full Social Welfare pension of €248.30 per week as at March 2019 which is assumed to increase by 2.5% per year.

You are saving for the difference between the Social Welfare pension and your target monthly income in retirement.

We have allowed for inflation of your target monthly income of 2.5% per annum between now and your retirement date.

Any other private pension provision you may have in place has not been taken into account.

Your monthly pension contribution increases by 2.5% each year up until your retirement age and is invested in a pension plan with an annual management charge of 1% and a 5% charge on each contribution, in line with the Standard PRSA fees and charges maximum limit.

A Gross Investment Return of 4.2% per annum on your savings. This is not a forecast because the value of your investment may grow at a faster or slower rate than assumed and the value of your investment may be expected to fall from time to time as well as rise.

On retirement you purchase an annuity which escalates at 1.5% each year, has a 5-year guarantee and is payable monthly in advance. The annuity rate assumes a post retirement interest rate of 2% per annum and no spouse’s pension. The actual annuity rate will depend on the selection of dependant’s pension, guaranteed period and the escalation rate, as well as interest rates prevailing when the annuity is purchased.

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