If you’re a new homeowner looking for good 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 find 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 dire with home insurance. Northern Ireland does have insurance companies providing insurance for your most prized possession, including offering coverage on many risks.
Little Competition for Home Insurance
Unfortunately, there are only about nine insurance companies offering home insurance in 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. Many home insurance premiums are excessively high in Northern Ireland. One reason is the high rate of flooding and another is because the insurance companies have so 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 possessions. In many cases, this minimum is higher than the actual value of the homeowner’s possessions, causing them to pay for coverage they don’t need or not carry any coverage to save money.
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. By offering to pay more than the minimum required excess, your premiums will be lower. Consider getting a home insurance policy with a larger deductible and avoid making small claims.
The need for security in Northern Ireland can never be overemphasized, especially with insurance companies. Your premiums will be lower if you install certain security items such as security system, alarms, door and window locks, fencing and security lighting.