[ 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.
ARE YOU INSURED FOR THE RIGHT AMOUNT?
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 FRICS FSCSI ACI Arb RICS Reg Val
Power Kelly & Co
Chartered Valuation Surveyors,
Mespil Business Centre,
Always remember - call us to discuss any/every incident. We will advise and guide you.
JDM Insurance Services Ltd