Is home insurance necessary?

Its 2012 and as the days and months go by, more and more people are considering more ways in which they can cut down on their monthly outgoings. There is a high percentage of people in the country wrapped up in a financial quagmire and may are really finding it difficult to make ends meet. And they look at all expenditure, including home insurance.

Our advice is this: Make Sure Your Home Is Insured – Cut No Corners  and here’s why:

1. We have worked with thousands of clients in the past 25 years and have helped them recover from flood, fire, property damage as a result of burglary, subsistence claims and leaking pipe damage plus many more. In the vast majority of cases, we were able to help the client recover their loss by working with them and their insurance company. All these clients were insured.

2. The emotional and financial pressure experienced by clients in the face of an event is immense. Having insurance eases some of this pressure in the immediate aftermath and makes it all so much more bearable as time goes on and the recovery process starts.

3. If you are suffering financially right now, neglecting your insurance and subsequently suffering a loss with massively increase your pain and suffering. Its a gamble that you may be considering but no good gambler takes unnecessary risks.

Working with a loss assessor like Clearys will ensure that if you do suffer a loos, your claim will be managed professionally, promptly and with empathy at all times. Call us today to discuss your claim…

How Safe is Your Home from Flooding?

Serious Flooding on the River Shannon

Major Flooding in 2009 throughout Ireland resulted in large areas of the country being isolated for weeks. Access to property, damage to buildings and their contents, destruction of stock and loss of  Business due to the flood resulted in many large contentious insurance claims.
Insurance companies argued that property adjacent to rivers were not insured for flood damage as the event was not “ fortuitous”, it was inevitable. Clearly these floods were exceptional so that argument did not hold water for long! Another argument for large areas such as car parks however carried much more weight in that the policy will not pay for damage to “land” or “ground” under the finished car park surfaces.
Rising and falling water table which affect properties adjacent to rivers could give rise to difficulty in dealing with claims for damage to car park surfaces, paving and kerbing, damage to drains and underground services particularly where the issue of Proof of Cause of Damage is a problem. Policies may exclude damage due to changes in water table levels.
Need help? Call 1850 28 1850

Retention in Property Damage Insurance Claims

We are finding more and more that insurers are holding in excess of 30 – 40% of a property damage claim settlement until the client can prove that the work specified in the settlement has been carried out and that invoices are available up to and exceeding the value of the settlement. Retentions are “assumed” to be the difference between insurer’s liability on an indemnity basis and that of reinstatement (i.e. effectively New for Old). The levels of retention however are in our view far in excess of a realistic and fair measure of indemnity – particularly in cases of relatively new residential properties, where actual wear and tear could be argued as extremely nominal.

 

Many issues arise in this area but firstly why is this happening and who benefits. Clearly the insurer benefits from the retention of cash-flow initially. The issue becomes much more significant I believe when one considers that many retentions are ultimately never actually pursued by the client because of the various unfair aspects of the system being applied. For example Loss Adjusters are setting deadlines to have works completed which in many cases do not consider the clients ability to manage a small building project (this is despite the fact that the client is actually entitled to professional fees to have this work done for them) once the deadline passes and works are not complete insurers close the file and make a big deal about re-opening the case. We see many cases where contractors VAT registration is not current – when this happens payment is not made to the client – so the client suffers again.

 

If the client pursues the retention but has not completed all of the work agreed in the settlement for whatever reason again the retention is withheld. This position also applies if the full amount of settlement is not spent on repairs and this may apply to “parts” of the settlement such as Professional Fees or VAT for example.

 

This may be a risky game for insurers as the amounts being held could be argued as being excessive and therefore insurers are not actually paying their true liability under the terms of the policy. This could be a big area of concern in these days of consumer protection and questionable banking and finacial practices.

 

We will rebuild

loss assessor galway, loss assessor donegal,

Could not pass this up… Within 1 hour of the earthquake in Donegal, this was being posted online. Great sense of humour.

As a firm of Loss Assessors based in Galway, Dublin, Limerick and Kilkenny we often deal with situations where people have just suffered a loss and are often distressed and in shock. Its amazing in these situations how well people keep things in perspective, despite the predicament they find themselves in .