The damage wreaked by Storm Éowyn this week is likely to cost the insurance industry in excess of €100 million, with insurers predicting they will be snowed under with requests next week.
The storm, which led to record high winds that included gusts of 183km/h in Galway, caused significant damage to homes and businesses nationwide, while a GAA centre of excellence in Mayo was very badly damaged and an ice-skating rink in Blanchardstown was effectively flattened.
If your home or business is one of those impacted, when should you make a claim, and will it affect your premium going forward?
Jim Flannery, brand ambassador with OMC Claims, answers those questions here.
Can I get repairs to my property carried out before an insurance claim is settled?
Householders should notify their insurance company as a matter of urgency, advises Flannery.
He warns that repairs shouldn’t be carried out until the loss adjuster from the insurance company has seen the damage or unless the repairs are of an emergency nature.
“In some of these cases they are emergency repairs where it is a hole in a roof and water is coming in. But the trick there is to take plenty of photographs so the damage can be proven.”
How long will a householder have to wait before their claim is settled?
Flannery emphasises that every case is different.
“The really serious cases are ones where most of a roof has come off or significant damage has been caused from a tree falling. A simple claim can take two weeks to settle. A difficult one could take a month or two to settle and a week or so after that to receive a settlement.”
Should I contact the insurance company about minor storm damage?
In many cases, for instance where only one or two slates have come off a roof, it is not even worth making an insurance claim, says Flannery.
“Just get a roofer to repair that or put a slate back in place because they [the householder] will have a policy excess which is usually €250 or €275. They would then lose their no-claims bonus if they have one built up on their home policy.”
If I claim for damage caused to my property by the storm will I be able to get house insurance again?
Homeowners shouldn’t worry about losing their coverage if they claim insurance for storm damage.
“It is not like flood issues where a property is in a flood risk zone,” says Flannery. “Storms are becoming more frequent but it is not as though an insurer can decide they are not going to provide storm cover for certain areas of the country. That is the whole purpose of insurance, that the losses of the few are covered by the premiums of the many.”
How much of the storm damage will be covered when it comes to public or commercial buildings?
Flannery says that 100 per cent of the damage will be covered provided their sum insured is accurate.
“It has been a feature over the last two or three years that building costs have increased and if people haven’t kept their insurance sum insured at an adequate level they will lose a proportion of their claim in proportion to the degree of underinsurance.”
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