Standard home insurance is what most homeowners will be looking for. The vast majority of homes will fall under a standard policy, it simply means that the home has no increased risk due to circumstances and that the risk that exists is understood and readily accepted by the underwriter.
Usually a standard policy will have a smaller premium and less stipulations than non-standard making it simpler and more affordable to put into place. But in terms of cover and purpose they are broadly simillar.
If you're a homeowner in Ireland than it is greatly beneficial to get home insurance. Not having home insurance means that you are accepting the full financial risk in the event somethign happens to your home, and that can be incredibly expensive. It may also be a requiremtn ofyour mortgage lender to have at least building cover, so be sure to discuss this on your application.
Frequently Asked Questions
No, Home Insurance will only cover the building and constents on your policy. Your mortgage is seperately covered by mortgage protection which will be a requirement of your lender to acquire.
Yes, but you shouldn't. You might consider insuring your house under it's value to accpet risk and lower premiums. However by doing this you are accpeting that level of risk on all claims. If you only insure your house for 75% of it's value you are accepting 25% of the risk even if you only claim €10,000. Instead you should look to increase your excess if you want to lower premiums.
No. When you're looking to insure your home the value that you need to look at is your rebuild value. You can find this using the SCSI guide.
CUIS Financial Services DAC, t/a Peopl is regulated by the Central Bank of Ireland. Ref no.C182485
