Home Insurance FAQs

Frequently Asked Questions

New Business:

• What type of Home Insurance can I arrange through Bank of Ireland Insurance Services?

  We provide insurance for properties used as the family home, holiday homes, investment properties and also cover for tenants renting a home.

• How much should I cover my buildings for?

  Your buildings should be insured for cost of rebuilding your home and to include associated charges. It is important to note, the market value of your home is not the reinstatement value of the house. For further information on reinstatement value please visit The Society of Chartered Surveyors Ireland

• How much should I cover my Contents for?

  Your Contents insurance should represent the total value of all of the possessions in your home. You can chose to cover the contents as a percentage of the buildings cover or alternatively you can insure contents as a separate sum.

• What is policy excess?

  Excess is the sum of money which the policy holder is responsible for paying in the event of a claim.

• Does it cost more to pay for insurance by direct debit?

  Unlike many of our competitors, Bank of Ireland Insurance Services offer interest free monthly repayments so you can spread out the cost of your insurance at no extra cost!

• How can I pay?

  You can pay by Direct Debit for the Home and Motor Insurance products. Simply choose your payment type when you have proceeded to purchase your policy, enter your bank details and click ‘Buy’. If you would like to pay your Direct Debit monthly you can do so at no additional cost. Credit Card payments are also available for Home and Motor insurance and the sole payment option available for the Travel Insurance Product.

• How do I register an account for the Bank of Ireland Insurance digital Wallet?

  Following the purchase of a Bank of Ireland Insurance product you can register an account on our digital Wallet. We will send you a link to set up your account. Use it to verify your email address and choose a password to create your account.

• I am having issues logging into the Wallet, what should I do?

  1) Forgot your user ID

  • Go to Bank of Ireland Insurance login page. Your user ID is the email address you used to set up your Bank of Ireland Insurance account. If you cannot remember the email you registered with please contact our support team on 01 488 4062 .

  2) Verify your email address

  • Go to Bank of Ireland Insurance login page. Select ‘Reset Password’. When you verify your email address we’ll send instructions to reset your password. If you are still having issues please contact our support team on 01 488 4062.

  3) Verification code expired

  • Once you register for our online platform a verification code will be sent to your email address. Verification codes are valid for 24hrs. If your code has expired or you are experiencing issues please contact our support team on 01 488 4062 .

 

Renewals/Existing Policyholder

• I have just received my renewal, what are my options?

  We encourage you to review your renewal documentation which outlines your premium and your cover. Your renewal documentation also includes details of your renewal payment options.

  If you currently pay your premium by direct debit your policy will renew automatically unless you contact us at least 5 working days before your renewal date, to advise us that you do not wish your policy to renew automatically. You can call 01 488 4062 or email boiservice@ie.rsagroup.com to do this.

  From time to time, our new policy quotes may be lower. Please visit bankofireland.com/insurance to check our new policy prices and to obtain an alternative quote should you so wish. You can also call 01 488 4062. New policies will be subject to qualifying criteria and Underwriting Terms and Conditions.

  You should keep your insurance arrangements under review as there may be other alternatives in the market that could provide savings for you for similar cover.

  More information in relation to getting insurance quotes is available on the Competition and Consumer Protection Commission website.

  If you wish to discuss further, please call us on 01 488 4062 or simply email boiservice@ie.rsagroup.com

• I am having issues logging into the Wallet, what should I do?

  1) Forgot your user ID

  • Go to Bank of Ireland Insurance login page. Your user ID is the email address you used to set up your Bank of Ireland Insurance account. If you cannot remember the email you registered with please contact our support team on 01 488 4062 .

  2) Verify your email address

  • Go to Bank of Ireland Insurance login page. Select ‘Reset Password’. When you verify your email address we’ll send instructions to reset your password. If you are still having issues please contact our support team on 01 488 4062.

  3) Verification code expired

  • Once you register for our online platform a verification code will be sent to your email address. Verification codes are valid for 24hrs. If your code has expired or you are experiencing issues please contact our support team on 01 488 4062 .

• Prior to December 2019, I purchased a policy through Bank of Ireland Insurance Services. Can I view it on the Wallet?

  The Bank of Ireland Insurance Services Wallet is currently available for policies purchased via the Wallet from December 2019. If you have an existing policy with Bank of Ireland Insurance Services purchased before December 2019, you’ll soon be able to add these on your Bank of Ireland Insurance Services wallet. In the meantime you can call us on 01 488 4062 if you have any questions about your existing policies.

• Your policy underwriter is RSA insurance Ireland DAC and here is what they have to say

  For further information and FAQs please click here.

 

Regulatory FAQs:

• What are the new regulations effective from the 1st of July 2022?

  The Central Bank of Ireland has introduced new rules relating to differential pricing, effective from 1st July 2022. In short, they mean that:

  • If you are renewing your home insurance premium for the second time or more, your renewal price will not be more than a consumer with a similar risk profile and cost of service to you, who is renewing for the first time
  • Providers of home insurance will have to review their pricing policies and processes annually
  • You can now opt-out of automatic renewal arrangements more easily

  As a result of the new regulations, we expect overall prices for new customers to rise, and renewal prices to come down across the industry.

• What is the Consumer Insurance Contracts Act (CICA)?

  The Consumer Insurance Contracts Act 2019 (the “Act”), came into effect on September 1st, 2020 and reforms the law applicable to consumer insurance contracts. The main aim of the Act is to strengthen your rights and improve your protection as a consumer. The Act also amends the duties of Insurers and your duties as a consumer. Bank of Ireland Insurance Services welcomes the changes brought about by the Act.

  We have worked with our Insurance Partners to review our policy wordings and documentation and have updated them to ensure that they are compliant with the Act.

  The changes came into effect in two phases; the first from 1st September 2020 and the second on 1st September 2021. We have outlined below the key changes for each effective date.

  Who does the Act apply to?

  The Act applies to consumers. For the purposes of CICA, a consumer is defined in the Financial Services Pensions Ombudsman Act 2017 and includes personal consumers and businesses with an annual turnover of €3m or less in the previous financial year.

  Key Changes from 1st September 2020

  Your Policy

  • Where the Insurer alters the terms and conditions of your policy, you will be notified no later than 20 working days before your renewal date.
  • Where the Insurer cancels your policy, you will be refunded the balance of the premium that you have paid, for the unexpired term of your contract.

  Duties in Relation to Claims

  The Insurer will continue to handle your claims in compliance with the Central Bank of Ireland Consumer Protection Code 2012. However, if the Consumer Insurance Contacts Act applies to your policy, the following will also apply:

  • Your Insurer is under a duty to handle claims promptly and fairly, notify you of a third-party claim as soon as possible and inform you when a claim is settled or closed. Your Insurer will continue to process claims quickly and fairly and to keep you informed throughout the process.
  • The Act reminds you of your duty to report claims within a reasonable time and requires you to respond to reasonable requests for information in an honest and reasonably careful manner.
  • Where it is not possible to quantify the total value of the claim within a reasonable time, but where part of the total value has been quantified, your Insurer will pay that part to you within a reasonable time.
  • Your Insurer will also disclose any information of which they become aware that supports or prejudices the validity of your claim and you will also be required to disclose such information to them.
  • In the event of a claim, your insurer will advise you of any policy conditions under which they are not obliged to pay the full amount of the claim unless and until repair, replacement or re-instatement works have been completed and any required documentation has been provided. Where such conditions apply, the amount of the “claim settlement amount” as defined by the Act, that can be deferred are –
    1. 5% of the claim settlement amount in a case in which the claim settlement amount is less than €40,000 or
    2. 10% in a case in which the claim settlement amount is €40,000 or more.
  • Where a claim contains information that is false or misleading and you know, or you consciously disregard whether it is false or misleading, your Insurer may refuse to pay the claim and may cancel the contract of insurance.
  • The Act also allows third parties to make a claim directly against your insurance policy where –
    1. the person insured under a contract of insurance has died, cannot be found or is insolvent and
    2. where the person insured under a contract of insurance lacks capacity or fails or refuses to communicate with the third-party who suffered injury or loss.

  Key Changes from 1st September 2021

  Your Policy

  • From the 1st of September 2021 the onus will be on the Insurer to ask you all relevant questions when you are buying or renewing a policy.
  • You are required to be honest and not hide any information that would affect the contract and the Insurer is required to do the same. You’re also required to answer any questions asked, honestly and with reasonable care. Where this has not happened, your Insurer may use one of the remedies available under the Consumer Insurance Contracts Act 2019 including, cancel the policy, reject a claim or limit the amount paid in the event of a claim.
  • You are not obliged to offer any more information than you are asked for, however there are changes that you will need to tell your Insurer about if they occur as they may affect your policy e.g. if you build an extension onto your home or your business premises/if you modify your car etc.
  • You will be advised of the changes you need to notify your Insurer of before you enter into a contract.
  • 5 years claims information document will be included with your policy documents.
  • From the 1st of September, as part of the renewal process, you will be provided with a list of claims on your policy for the previous 5 years (or for less than 5 years where you have held a policy with the Insurer for a shorter period).
  • As part of the renewal process you will also be provided with your previous 5 years premium or an annualised version of your premium if you made a change to your policy within any year.

  If you require more information, a full copy of the Act is available at www.oireachtas.ie

Important Underinsurance FAQ’s

• What does underinsurance mean?

  Underinsurance is when a property and/or its contents are insured for less than the amount that it would cost to rebuild, reinstate, or replace them.

• Why are we hearing about underinsurance in the media?

  Rising inflation, the war in Ukraine, Brexit and Covid-19 restrictions and other economic factors have impacted the cost of repair/ replacing buildings or contents as there has been a significant increase in the cost of raw materials and products, increased energy prices and a labour shortage.

• Why have I received this communication from RSA/FBD about underinsurance?

  RSA and FBD will encourage Bank of Ireland Insurance customers to regularly review your sums insured. It’s important that you regularly review the cost to rebuild your home and/or the cost of replacing your contents.

  If the cost has increased you will need to update your home insurance policy to avoid being underinsured.

• What is my buildings rebuild value and how do I calculate?

  Your property should be insured for its full rebuild cost. The rebuild cost is the cost of replacing your home and outbuildings. It should include:

  • the cost of demolition and
  • the cost to remove debris after a loss;
  • the cost of professional fees;
  • and the costs associated to comply with current building regulations.

  The buildings sum insured should include all items mentioned in the “Buildings” definition of the policy. It is important to note that buildings include items such as solar panels, septic tanks, fuel tanks, terraces, patios, decked areas, driveways, footpaths, walls, fences, gates and hedges.

  You need to consider other factors that may increase the rebuild cost of your home:

  • is your home is a period or listed house.
  • are the materials used in the building of your home are of non-standard material.

  You may consider getting a professional to calculate the total rebuild cost of your property if this is the case as a professional valuation will make sure that you insure your home for the true rebuild cost.

• Is there an online tool to calculate my rebuild value?

  You can check the approximate rebuilding value of your home on the Society of Chartered Surveyors’ House Rebuild Calculator

  SCSI House Rebuild Calculator – Society of Chartered Surveyors Ireland

  However, this is a generic calculator and do not account for period homes. For example, if you are unsure about the correct rebuild cost of your property, we recommend that you seek professional advice to help you with this. The professional will make sure your rebuild costs are correct.

• Is the rebuild value the same as the market value?

  Remember, the rebuild cost is not the same as the market value of your property. Market value is the price your home could sell for on the market. It reflects not only construction costs, but the cost of the land, the supply and demand for houses, and the location of the property.

  Rebuild cost is the cost to replace or reinstate your house to an equivalent standard, using equivalent materials and equipment. It does not include the cost of the site. The rebuild cost is what is important from an insurance perspective.

• What should I insure my contents for?

  Your contents sum insured should cover the cost of repairing or replacing personal belongings and household goods in your home. This includes items such as carpets, rugs, furniture and electronics. An easy way to work out the value of your possessions is to go from room to room and add up how much it would cost to replace every item as new. Another tip is to keep receipts for valuable items along with matching photographs.

• What happens if I’m underinsured?

  In the event of a valid claim, your home insurance policy will cover costs based on the buildings and contents sums insured that you provided to us when purchasing/ renewing your policy. You may think your home insurance policy covers the full cost to reinstate your property and/or contents to the pre-accident condition. This may not be the case if you are underinsured.

  To explain the impact of underinsurance, let’s look at an example of a claim where the property / contents were underinsured.

  CLAIMS EXAMPLES

  A customer takes out a policy to insure the buildings of their home for a rebuild sum of €400,000 and contents sum insured of €40,000. Let’s see what would happen of the actual cost to rebuild the home was calculated at €500,000 and the contents value was actually €50,000 to replace.

  	Sum Insured	Actual Cost	Difference	% Difference
  House	€400,000	€500,000	€100,00	20%
  Contents	€40,000	€50,000	€10,000	20%

  Claim 1 – €50,000 loss to the home

  • Claim value €50,000
  • Less underinsurance (20%) €10,000-
  • Sum due to the customer €40,000

  In this example, the customer would receive €10,000 less than the cost of their loss.

  Claim 2 – Total loss of the home e.g. result of a fire

  • Claim value €500,000
  • Less underinsurance (20%) €100,000-
  • Sum due to the customer €400,000

  In this case, the customer would receive a payment that is €100,000 less than the total cost of their loss.

  Claim 3 – €10,000 loss of contents

  • Claim value €10,000
  • Less underinsurance (20%) €2,000-
  • Sum due to the customer €8,000

  In this case, the customer would receive €2,000 less than the cost of their loss.

• How do I update my sums insured?

  RSA

  Mid Term Alteration

  If you increase your sum insured now and your policy is not due for renewal, There will be an associated increased in premium for the additional cover that will calculated, when the change is made, up until your policy renewal date.

  In addition, if a change is made or not, RSA at your next renewal, RSA are applying an increase to the buildings sum insured and an increase to the contents sum insured in line with the Society of Chartered Surveyors Ireland guidelines and the Consumer Price Index published by the CSO. The % increases will be noted on your renewal documents when they are issued.

  So if you have make any changes to your policy now, RSA will still apply the indexation increase and you will need to review your sums insured shown on the renewal schedule to satisfy yourself that they reflect the true rebuild value of your house and replacement cost of your contents.

  How do you make a change?

  You can email RSA (your policy underwriter) boiservice@ie.rsagroup.com or call 01 488 4062 between 9am and 5pm Monday to Friday.

  On the IVR you can get through by selecting option 1 for Home Insurance, then select option 2 for amendments and then option 1 for RSA.

  FBD

  Mid Term Alteration

  If you increase your sum insured now and your policy is not due for renewal, FBD will not charge you for any change to the sums insured up to the value of €50.00 (charges will be incurred if the additional premium incurred is above this amount) up until the policy renewal date.

  At your next renewal, FBD will then applying an increase to the buildings sum insured and to the contents sum insured, the % increases will be noted on your renewal documents when they are issued.

  So if you have make any changes to your policy now, FBD will still apply the indexation increase and you will need to review your sums insured shown on the renewal schedule to satisfy yourself that they reflect the true rebuild value of your house and replacement cost of your contents.

  How do you make a change?

  Call 01 488 4062 between 9am and 5pm Monday to Friday.

  On the IVR you can get through by selecting option 1 for Home Insurance, then select option 2 for amendments and then option 2 for FBD.

Find more helpful home insurance FAQs in our Help Centre.

Please contact our customer support team, or request a call back if you have any further questions and a member of our team will happily assist. Ph: 01 4884062 lines open Mon – Fri 09:00 – 17:00.