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If your building and contents sums insured are not adequate, you could end up paying a lot more than you anticipated. Always ensure that your sum insured is based on the full rebuild cost of your property. If you are unsure of the rebuilding cost of your home, you can use our Rebuild Cost Estimator for guidance.
BIIS has been evolving, and improving technology and general insurance product offerings to facilitate the growing needs and demands of BOI customers. As a result of ongoing technology investment, BIIS estimates that there will be a phased, year on year increase in our general insurance business over the next five years. If you’ve just put in a new kitchen or bathroom, or maybe a major extension, your existing cover may no longer be enough. Check your cover and increase the amount you’re insured for to take into account the latest additions. We may only pay a portion of any claim if you have underestimated this, so please check carefully. This is only an example of where a total loss occurred and it does not consider other settlement factors, such as excess.
Example 1 - Partial Loss
We will always list a primary location which can be where you go for in person teamwork, and we will cooperate with you where you can best perform your role. You will support in the creating and delivering successful campaigns to new and existing customers, while always focusing on delivering value to our customers. This requires a detailed knowledge of our products and of our competitors to support consistently achieving/exceeding monthly targets through balanced business.
So, it's important to check how much they are covered for and what you need to do to take care of them when you are out and about. Contents should be insured for their new replacement value and the sums insured should be sufficient to cover the replacement of all of your contents. It is important that you are clear on the detail of your Home insurance policy and any exclusions (what’s not covered), inclusions (what’s covered), maximum claim limits and any other terms or conditions. Most importantly, don’t wait until you need to make a claim – address any potential issues today by contacting your insurer to make sure that you are not underinsured. As the full potential cost of making good the property is actually €100,000, this would mean that any costs over €50,000 are not funded and would mean Mary needs to pay the remaining costs herself. We would only pay 50% of any loss or damage, no matter what the claim amount is.
Graduate Marketing Executive
Varying degrees of optionality apply depending on the role. For more detailed information on this role, please contact us, or let us know your preferred working arrangements when you apply. The maximum amount Mary would receive is €200,000, meaning Mary would need to pay the remaining costs herself. Life assurance and pensions products are provided by New Ireland Assurance Company plc., trading as Bank of Ireland Life. New Ireland Assurance Company plc., trading as Bank of Ireland Life is regulated by the Central Bank of Ireland.
Underinsurance occurs when you insure your buildings and contents for less than the amount it will cost to rebuild your home or replace your contents. While great care has been taken in its preparation, the content contained on this site is of a general nature and should not be relied on in relation to specific issues without taking appropriate professional advice. You can call the number above or request a callback to arrange a meeting with an Insurance & Investments Manager available in your local area. Please refer to your Policy Conditions for detailed information on your policy. Upon investigation, it becomes apparent that Mary has underinsured the property and the correct rebuild cost is €400,000. Limits, terms and exclusion apply to all insurance policies.
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For useful guidance on understanding rebuilding costs, visit Society of Chartered Surveyors Ireland or click here to use our Home Rebuild Cost Estimator, to help estimate the MINIMUM rebuild cost for your home. It is important that you insure your buildings for their full replacement costs and that you make any necessary allowances for the possibility of inflation or price increases in the future. You should take time to understand how the Condition of Average applies.
Your contents should be insured for the full cost it would take to replace all household goods and personal belongings in the home as new. You will be working in one of the fastest growing departments in the industry! The Company has a strong focus on product innovation and your training will take place in one of our many insurance teams, each offering a variety of different experiences. We are committed to enabling our colleagues to thrive and offer agile ways of working to maximise choice and flexibility in how we work and live.
Condition of Average examples
This is also known as ‘indexation’ or ‘index linking’ and is to help protect you against inflation. We may only pay a portion of any claim if you have underinsured your buildings and/or contents, so please check it carefully. Remember that items stored out of sight are often at risk of being forgotten. To be sure of full claims settlements it is essential to declare accurate and up-to-date the sums insured limits for you contents.
The level of reduction will be in proportion to your level of underinsurance and you will have to bear the difference. This condition applies regardless of the size of claim, whether it’s a total loss or a partial loss. The amount it costs to rebuild your property may be significantly different from what the market value is.
Mary insures her home, with a buildings sum insured of €200,000. A fire happens and causes €100,000 worth of damage. To read more about how you can avoid underinsurance and your obligation to keep your sums Insured at their correct levels, see the General conditions of your Home Insurance policy here.
You should not rely on us applying inflation protection to keep any of your sums insured at their correct levels. In addition, the reinstatement cost of your buildings or value of your property may be growing at a different rate. This could be, for example, due to a new extension or property you have acquired. Rebuilding costs are not the same as the market value of your property and property market values should not be used to determine your buildings sums insured. It's important you insure your property for the full rebuild cost.
This could involve changing your cover level or adding something to your policy. Members of the team have strong visibility in Bank of Ireland with regular touchpoints with Leadership, including the CEO and Executive Committee. Management of incoming sales and marketing requests. Please note this is only an example of a partial loss and it does not consider other settlement factors, such as excess.
Save an extra 20% on a new private home quote with a BER rating of B3 or higher. Any policy values shown are based on the most recently available prices. In the event that you encash your policy, the value will be based on prices after we receive your request. In case of an emergency, our Home Emergency helpline with Allianz Assistance is available for all policy holders 24 hours a day, 7 days a week. You could be moving home, having building work done or your property might be empty for longer than usual. You can make a claim online, or call us to make a claim or get an update if you prefer.
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