We have put together a handy glossary to make it easier for you to understand all of the terms we use for home insurance. This glossary contains definitions for the keywords you are most likely to come across when getting a home insurance quote or looking through your policy documents.
Buildings – Your home and its fixtures and fittings, interior decorations, swimming pools (but not outdoor spas and hot tubs), fuel, septic and service tanks, terraces, patios, decks, paths, driveways, tennis courts, walls, fences and gates for which you are legally responsible, all within the boundary of your home.
Business Day – Business day means any day except Saturday, Sunday, bank holidays and public holidays.
Cancelling the Policy – You may cancel the policy at any time by giving us written notice. We may cancel the policy (or any section) by giving you 14 days’ notice by registered post to your last known address.
Claim – A request made by the insured for compensation from the insurance company in the event of loss or damage to the buildings or contents.
Contents – Household goods, personal belongings and valuables within your home which you or any member of your household own or for which you are responsible.
Endorsement – Additional terms, conditions, limits or exclusions which apply to the policy. They are listed on the policy schedule and/or in the policy booklet.
Excess – The amount you must pay towards certain claims. This is shown in your schedule.
Index-linking – We will adjust your building and contents sums insured each year using the index that we feel best protects you against the effects of inflation.
Material Fact – Any information which could impact your premium, or the decision of the insurance company to offer you insurance.
Mid term alterations (MTA) – If you make a change to your policy and this results in an adjustment in premium, we will not charge you for premium adjustments less than €20, nor will we refund you any premium amounts of less than €20.
No Claims Bonus – For every year you remain claims free with us we will increase your no claims discount at the following renewal based on the following scale:
- one year 15%,
- two years 18%,
- three years 25%,
- four years 35%,
- five or more 40%.
If you make a claim on your policy (excluding “Jury Service” claims) your NCD will reduce to 0 years/ 0% discount at the following renewal.
Partner – Your partner or husband or wife, living at the same address as you and sharing financial responsibilities with you. This does not include any business partner or associate.
Period/ Term of Insurance – The period of time covered by this policy, as shown in the schedule, and any further period that we agree to insure you for.
Personal Belongings – Luggage, clothing, sports, musical and photographic equipment and other items that you normally wear or take with you.
Quotation – The premium/ price and the cover we are prepared to offer based on the proposal details submitted by you.
Schedule – The document which gives details of the cover you have.
Unfurnished – Does not contain enough furniture for normal living.
Unoccupied – Not lived in by a member of your household or any other person who has your permission.
Valuables – Jewellery, furs, items of precious metals, pictures and works of art.
Our glossary is a quick and useful way for you to understand all of our home insurance terms.