Insurers opt for goods instead of giving cash

Home insurers are now replacing damaged or stolen household items with similar objects of lesser value, or in some cases householders are taking lower cash sums instead because they need the money.

The claims were made by new home insurance provider Insuremyhouse.ie, which said many insurance firms that were “more lenient” in paying out on claims in the boom years were now becoming increasingly stringent.

The company said there was anecdotal evidence that in some cases householders are losing up to 30% of the value of the damaged item, with some taking lower cash alternatives.