When was the last time you revalued home and contents insurance?

JUST 35% of homeowners have valued the rebuild cost of their home within the past 36 months according to Insuremyhouse.ie. The online organisation that offers customers low cost home insurance and policy benefits said that many homeowners have unsuitable insurance cover because they fail to revalue on a regular basis.

This is all the more concerning given the freak spate of storms that have battered the landscape which is now becoming an annual occurrence. The frequency of the inclement weather is taking its toll on properties with homeowners experiencing the kind of structural damage they would not have expected.

A spokesperson for the insurance broker said close to 40% of people surveyed had not valued the rebuild cost of their home. Moreover, Insuremyhouse.ie also say 1 in 5 homeowners have been burgled, or personally know of someone who has, in the past 2 years which is a measure of how prevalent the problem is.

The latest CSO figures compiled and released in early 2018 show 19,092 recorded burglaries across Ireland in 2017, representing a 3.3% increase since 2016. The importance of having regular valuations and estimates is vital when bringing the value of house contents and private possessions within the home up to date. The home is where the majority of possessions are kept and it makes sense to reprice insurance on an annual basis for better peace of mind.