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Home insurance Northern Ireland considerations

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Home Insurance Extremely Important

 

If you’re a new homeowner looking for superb home insurance Northern Ireland may not be the “insurance rich” country you hoped it would be. Home insurance is probably one of the most important types of insurance we can have. Without good home insurance coverage, we could catch ourselves homeless in the case of a natural disaster such as fire, flood, earthquake, etc.

 

Northern Ireland is a country that has, in recent years, not been able to offer residents the amount of coverage that’s offered in other areas of the UK, particularly with auto insurance. Luckily, for residents, the situation has not been as drastic with home insurance. Home insurance is typically easier to find in NI than car insurance but it still pays to shop around.

 

Little Competition for Home Insurance

 

Unfortunately, there are only about nine insurance companies offering home insurance Northern Ireland. One reason for this small number is the high cost of starting up an insurance company in this country that has such a small insurance market. Quiet a few of home insurance premiums are excessively high in Northern Ireland. This may be due to the high rates of flooding seen in NI and also the fact that there is little competition.

 

Flooding – A Major Risk in Northern Ireland

 

One of the main risks to homeowners is the risk of flooding, which is very common in certain areas. The unfortunate thing about this is that the coverage for flooding is so expensive that those that need it the most are the ones that are dropping coverage because they can’t afford the premiums.

 

Another situation with home insurance companies that’s causing problems for many homeowners is that many insurance companies set a minimum on how much homeowners can have on their personal things. When looking for insurance it is important to take out enough insurance, however do not over insurance as this means you are paying for insurance that is not needed.

 

How to Get the Best Home Insurance Premiums

 

Many home insurance companies require you to pay a minimum excess (or deductible) before they’ll pay on a claim. Often when you pay more in excess your insurance premiums will work out cheaper. Consider getting a home insurance policy with a larger deductible and avoid making miniscule claims.

 

The need for security in Northern Ireland can never be overemphasized, especially with insurance companies. Your premiums usually may be lower if you install certain security items such as security system, alarms, door and window locks, fencing and security lighting.


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March 30, 2010 · Filed Under Home Owners And Renters Insurance

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