Do I have to tell my insurer that we have Ukrainians in our house?

Q My family took a Ukrainian refugee and their two children into our home. I remember reading something in our home insurance terms about making a statement if the number of people residing in the property changes. Does this apply in this case? Even if it will hopefully be short-lived for their sake.

A In general, a household should inform their insurer of any significant changes to their home, such as B. Adding new long-term residents to understand changes in his coverage requirements. According to Elaine Kearney of Aviva Insurance Ireland, if the new residents are not immediate family or named policyholders, their premiums could change as a result and some insurance conditions could apply. However, in the case of housing Ukrainian refugees, many providers such as Aviva have waived this condition due to the unprecedented circumstances and in line with the government’s efforts to find housing solutions for those who come here to escape the war.

Insurers treat refugees as guests, which in your case means you don’t have to tell your provider they’re staying with you, Ms Kearney said. You’ll be covered by your policy the same way as guests who live in the house, she said. If your policy needs to be renewed for a longer term within the first 12 months that the refugees are living with you, you must inform your provider. If you still have people or family living with you after 12 months, you should let your insurer know when your policy next needs to be renewed, she said.

Q I have money to invest but don’t want to take any risks. I’m considering gold but have no idea who to turn to. Can you please give some advice?

A Interest rates are at historic lows. Some banks charge negative interest on some accounts – charging you for holding your money. It is therefore understandable that many people are looking to alternative investments in the hope of earning some return or at least keeping up with inflation. There’s one rule of thumb to consider when thinking about investing, says Liam Ferguson,’s principal finance broker.

The lower the risk of an investment, the lower the potential return and vice versa. Any risk-free investment will yield zero returns or worse right now, he said. If someone is trying to sell you an investment with little or no risk but the potential for high returns, be extremely suspicious of both the person and the product.

In the current climate, little or no risk and good returns are an either-or choice, Mr Ferguson said.

Gold is a favored investment in times of uncertainty and even war as it is perceived as a “safe haven”. This popularity tends to cause gold prices to rise during uncertain times when investors seek safety. But gold is not risk free or even low risk and can be very volatile at times.

For example, between October 2012 and December 2015, the price of gold fell by over 40 percent.

It recovered, but it took until the summer of 2020 to reach the same price as October 2012.

Mr Ferguson said gold is not a low-risk investment. Instead of looking for returns on risk-free investments, the question in 2022 must be how much risk one is willing to take in exchange for potentially higher returns.

Q My husband and I both work in the public sector. We currently earn €80,000 a year together. We managed to save €17,000. We never had loans or debt. Could we get a mortgage? We work in Dublin but hope to shop back home in Cork.

A According to Joey Sheahan, Head of Loans at online broker, you are a very good candidate for a mortgage.

You should be able to borrow three and a half times your income of $280,000. He said you could also qualify for an exemption, meaning you could potentially borrow up to €320,000 to €360,000. Based on your current monthly savings, your savings will increase by €15,000 in a year, leaving you with €32,000. With that you could buy a house for €320,000. The average house in Cork City costs €313,000. As long as your employer confirms in writing that you are OK working from Cork, there is no problem buying a house to live in Cork, Mr Sheahan said. Do I have to tell my insurer that we have Ukrainians in our house?

Fry Electronics Team

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