No matter what you might have planned for 2024, it’s impossible to know all the outcomes, so one of the most important things you can do as the year gets into full swing is ensure you have the right insurance cover.

Reviewing your existing insurance

If it’s been a few years since you last reviewed your existing insurance policies, we would highly recommend you made that a priority for 2024. Whether it’s your, home and contents or vehicle insurance, regular reviews will ensure you’re not caught out should you need to make a claim.

Inflation has been a buzz word over the last 18 months and we’re seeing a steady increase in the cost of many things, including groceries, rates, insurance and many other services too. And if it’s been a while since you’ve last reviewed your cover, then you run the risk of your sum insured not being adequate especially faced with a large insurance claim.

For example, a replacement value sum insured of say $500,000 to cover your home five years ago will almost certainly not be sufficient today. It’s important that you assess the sum insured limits with the worst case scenario in mind. The question is, do I have enough cover if my house, business assets or contents where completely lost in a major fire, flood or EQ?

Being under-insured is a dangerous risk that can easily be mitigated by regularly reviewing your policies and your sum insured amounts to ensure you’re adequately covered.

We’d love the opportunity to review your policies with you, so please get in touch if you would like to start that process.

Planning ahead for 2024

Now that you have reviewed your existing policies, it’s also important to think about what policies you might need to consider given your plans for the year ahead. And here are a few suggestions to get you started.

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  Thinking of investing in property?

  
  There are a few things you’ll need to consider,

1. Where are we looking to buy – What are the likely implications in relation to insurance cover and any restrictions? Its important investors, home owners become more aware of location and implications of future insurance coverage.
2. Is this going to be rented out fully or be an Air BNB or a Holiday Home? – How will the insurance cover reflect these different property scenarios? Your Insurer will want to know.
3. Do I need landlord policy extensions for a rental property? Do I use a property manager and/or are we managing the property in line with insurer expectations

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  Thinking of starting a business?

There are a number of business-related insurance policies to consider and manage.

A review with one of our commercial Brokers who will uncover the full extent of exposures and possible risk solutions we have for you.

Or contact a AIB Commercial Brokers; [email protected].

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  Thinking of building or renovating?

It’s important you talk to us about any property innovation or works before the work starts. Any construction insurance needs to be confirm at the start of the project and not half way through.

A specific contract works/construction insurance policy might be needed to effectively insure the work and ensure you are covered for losses during the project. It is best not to rely on existing house and/or property cover automatically…lets us review this for you.  

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  Thinking of travelling?

Planning a trip can be exciting, but if something goes wrong it can be an awful experience. Having travel insurance in place when you first book the trip is very important. A policy taken out from at the ‘booking stage’ ensures any changes between that point and the actual travel date can be covered. Good, effective travel insurance will give you, your family or work colleagues the peace of mind to be able to enjoy your holiday or business trip without the stress.

If you’re not sure what insurance policies you might need in 2024, please get in touch with one of our brokers or please contact us at and we will be happy to sit down with you, review your existing policies and help you put a plan together for the year ahead.

Contact Us via email:

Business Insurance:

Contact an AIB Commercial Broker; [email protected]

Personal Lines Insurance; (House, Contents, Private Motor etc)

Contact an AIB Personal Line Broker; [email protected]