Stack the Odds to Protect your Asset

Paul Murchan, Director, Gullion Ltd Loss Assessors and Surveyors cautions property owners on minimising any risk of loss, should you need to make a claim for damage to your property.

“A property insurance policy is similar to a contract so it’s important to be realistic, in both the level and amount of cover you commit too.  For example the term ‘buildings sum insured’ relates to the rebuild costs of the property. This is not the same as the price you paid for it or the current market value. In fact, it is typically less than the current market value and it should also include the cost of clearing the site as well as architects fees.  It’s important to make sure that you don’t under or over insure yourself, or you risk leaving yourself out of pocket.

“Additionally reading the small print and having a firm understanding of the clauses, as laid out within the terms and conditions of your contract (policy) is also pertinent, especially in the areas of increasingly common claims such as, ‘Escape of water’.  A good insurance policy will attribute £5,000 of cover as standard for leaks inside and outside the property.  Referred to as ‘trace and access’, often the cost of locating and reaching the leak is covered by the majority of property insurance policies however the cost of repairing the pipe itself will not be covered.

“If you need to make a claim, contact Gullion Ltd on 028 3082 8838.  Regulated by the Central Bank of Ireland, we protect YOUR best interests, NOT your insurance company.  We complete all reports and paperwork, meeting and negotiating with your insurance company’s loss adjuster and even restoration works with quality trades people, if you choose.”

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