Insurance ..Enough ! Too Much ??

[ By kind permission of Gerry Monks ]

Is there anything that I can do to prevent my premium from increasing?
There are many actions with little or no cost that can be done.

10th December 2019

I want to thank a good friend and someone who is professionally qualified to address this topic – Adrian Power-Kelly of Power Kelly & Co, Chartered Valuation Surveyors.


Is your house or business premises properly insured? We all know the necessity of having insurance to cover the unexpected event, but the question is are you insured for the right amount? Getting it wrong can really cost you!

Every insurance policy includes an Average Clause. This provides that if you under insure then you will only receive a proportionate payment in the event of any claim. Under insure by 50% and even a €10,000 claim will give you a €5,000 payout and leave you short by €5,000. Similarly over insuring won’t give you a larger payout.

Many people confuse the Market Value sales price of a property with its rebuild cost – this is a common mistake. For example a commercial premises of 100 sq. m. (1100 sq. ft.) might sell for €400,000 but only have a rebuild cost of €250,000 – the opposite can also be true. Getting proper advice from a property professional about the correct valuation can make sure you pay the correct premium but more importantly make sure you don’t get left high and dry for €10,000’s in the event of being under insured.

Adrian Power-Kelly

Adrian Power-Kelly FRICS FSCSI ACI Arb RICS Reg Val
Power Kelly & Co
Chartered Valuation Surveyors,
Mespil Business Centre,
Sussex Road,
Dublin 4,
D04 T4A6

Tel; +353-1-2314643
Fax; +353-1-2314642

Thanks Adrian!

Always remember - call us to discuss any/every incident. We will advise and guide you.

Gerry Monks
Account Director
JDM Insurance Services Ltd
01 2988266
087 2830560

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