No Claims Discount for Home Insurance

Just like with Motor Insurance, did you know that you can get a No Claims Discount for your home too?!

Getting a No Claims Discount (NCD) on your Home Insurance works in the same way. A NCD gives you a discount off next year’s insurance premium provided you have not made a claim in the last 12 months. And just like your motor NCD the longer you are claims free the bigger the discount you’ll get at renewal time.
Generally, companies give a 5-10% discount for every year you are claims free and this is generally capped at a maximum discount of 40% (some insurers may offer bigger discounts). This means that it would take up to 6 years to accumulate a full Home Insurance NCD from scratch. It is therefore important to talk to an advisor before making any claim so you as a homeowner understand the full impact of that claim going forward.
If you make any claim you will lose any NCD that you have built up over the year and you must start again at 0. Of course, the whole idea of insurance is to cover you against any financial losses arising from damage caused to your home or its contents. However, we would advise against making small claims unless you understand the full implications of making the claim.
Small claims under €1000 should generally be avoided if possible. However, we would certainly justify making a claim if you were to suffer serious financial loss after a fire, flooding or a burglary.
The good news about having a NCD is that you can transfer your discount to a new insurer at renewal. This means you have a great opportunity to save more money by being able to shop around for cover at renewal. Why not get a Quick Quote today and see for yourselves!