Q The roof of my house needs some attention. It is around 25 years old and has suffered wear and tear from weather damage and we also have a few missing tiles from a neighbors tree that was felled last year. Can I claim part of the repair through my household contents insurance?
A If the damage to your roof is related to it simply aging and wearing down over time, your policy is unlikely to cover the bill for repairs or replacement, according to Aviva’s Brian O’Connor.
Household contents insurance usually covers storm damage. Emergencies or accidents may also be covered if there is a sudden or unexpected loss and accident coverage applies to your policy. They would have to indicate a specific event, such as B. a storm or the felling of trees you mention, and provide evidence that either or both resulted in the roof being significantly damaged or even destroyed, Mr O’Connor said.
To substantiate your claim you will need evidence such as photos of the damage or receipts from a qualified professional such as a roofer to show the cause of the damage and the cost of repairs. If you can show that the damage was caused by wind, rain, hail, lightning or falling debris during a storm, your insurer should pay.
However, the need for regular maintenance of the roof or any other part of the home would not be sufficient reason to make a claim. This is the homeowner’s responsibility, Mr O’Connor said.
Q Myself and my business partner run an IT software company that is now very successful. The company pays a contribution to our pension plan. However, our accountant also mentioned that we should take out an income protection policy. How would that work?
A According to Siocha Costello of Aviva Life and Pensions, an executive income protection policy is a very tax-efficient way for your company to ensure it can continue to pay your income in the event an illness or injury prevents you from working. The Company can take out an Executive Income Protection Policy for each of you and pay the premium.
The maximum allowable benefit is 75% of your income, less the Social Security sickness benefit rate, if applicable. And if one of you is unable to work due to illness or injury, the company can draw on the policy and pay you or your partner a monthly income after a chosen period, called the deferral period, Ms Costello said.
The income security benefit relieves the company financially, especially in the case of longer absences. The cost of your pension contributions may also be covered under this policy, she said.
This would secure your retirement provision even if you were absent for a longer period of time. The premiums may be considered tax-deductible business expenses.
When it does, it can be credited against corporation tax, making it a very tax-efficient way to insure both the income and pension contributions of you and your partners, Ms Costello said.
Q I am employed on the pension scheme but am wondering if it is a good thing as I may be considering changing jobs for a better one. I pay 5 percent of my salary and my employer matches this. The employer will match any contribution I make, up to 10 percent of the salary.
A First off, it’s good news that your employer offers a retirement plan for you and your colleagues. According to Mark Ruddy, director of account management at Lockton Employee Benefits, only a third of those employed in the private sector have such a benefit.
In terms of the level of contributions your employer is willing to pay, a very commonly offered contribution level would be an employer-adjusted contribution of 5 percent of salary, he said.
The fact that your employer is willing to double contributions by up to 10 percent would be above average and not common, Mr Ruddy said. This is a real bonus for you and one that Mr. Ruddy recommends. If you’re a heavy taxpayer, increasing your contribution to 10 percent will only cost you an additional 3 percent of your net pay.
However, this would result in an extra 10 percent being invested in your pension. You will eventually thank your younger self in later years as it will make a huge difference in your quality of life in retirement, he said.
https://www.independent.ie/business/personal-finance/your-personal-finance-questions-can-we-claim-on-our-insurance-for-wear-and-tear-to-the-roof-41807911.html Your Personal Financial Questions – Can We Claim Our Roof Attrition Insurance?