21 Jul 2026
Choosing the right home insurance policy involves much more than simply considering the value of your property.
A home purchased with a mortgage may have different insurance requirements from an apartment in a jointly owned building. Similarly, a detached house with a garden, storage areas, photovoltaic panels or other external installations may require broader protection.
It is also important to understand whether your insurance plan includes cover against major risks such as earthquakes and floods, as well as the conditions, exclusions and excesses that may apply.
Minerva Insurance’s miplace express Home Insurance allows you to choose between the Classic express, Advanced express and Elite express plans. Depending on the plan selected, cover may include fire, smoke, lightning, earthquakes, floods, theft, damage caused by leaking pipes, public liability, alternative accommodation and loss of rent.
Home insurance can be arranged to protect the building, the contents of the home or both.
Buildings insurance may cover the main structure of the property, permanent fixtures and installations, as well as other permanent structures forming part of the insured home.
Contents insurance may cover furniture, household equipment, personal belongings and, subject to specific terms, valuable items or property kept in external areas.
Depending on the selected plan, additional protection may also be available for public liability, temporary accommodation, loss of rent, architects’ and engineers’ fees and debris removal.
Home insurance may also be suitable for properties purchased with a mortgage.
Where a property is mortgaged, it is important to check whether the mortgage lender has been correctly named in the Policy Schedule and whether the relevant mortgage clause applies.
The MI 14 Mortgage Clause included in the miplace express policy provides that compensation for insured damage may be paid to the mortgage lender or assignee named in the Schedule, up to the value of their financial interest in the property.
However, the amount of cover should not be based only on the outstanding mortgage balance. The building sum insured should also reflect the appropriate rebuilding or replacement value under the policy.
The policy defines the replacement value of the home as the cost of rebuilding or replacing it in the same manner, size, style and appearance as when new. The value of the land is not included.
Before taking out or renewing a policy, you should confirm:
Earthquake cover may be included in a home insurance policy, depending on the selected plan and the details shown in the Policy Schedule.
Under the miplace express policy, this section covers loss or damage caused by an earthquake or volcanic eruption. It may also cover flooding or an overflow of the sea caused directly by an earthquake or volcanic eruption.
An excess applies to earthquake claims. The earthquake excess is applied to the total sum insured and to all losses occurring during each separate period of 72 consecutive hours.
The exact excess amount or percentage should always be confirmed in the Policy Schedule of the individual policy.
When looking for home insurance with earthquake cover, it is therefore not enough to confirm that earthquakes are listed among the insured risks. You should also check:
The meaning of flood is specifically defined in the insurance policy.
Flood cover applies to loss or damage caused by an accidental, sudden and violent accumulation of water or by the movement of a body of water originating from an area outside the private home.
This means that not every incident involving water inside a property is automatically treated as flood damage. The actual cause of the damage and the relevant policy section must be examined.
Flood cover excludes certain types of damage, including damage caused by:
Damage associated with storms, earthquakes or leaking pipes is considered under the relevant separate sections of the policy and is subject to their respective terms.
For this reason, when selecting home insurance with flood cover, it is also important to review the sections relating to:
Although all these incidents may result in water damage, they are treated as separate insured risks.
The miplace express policy defines a private home as either a house or an apartment used exclusively for residential purposes and situated at the address shown in the Policy Schedule.
The land on which the property is located is not included as part of the insured home.
Home insurance for an apartment may cover:
Apartment owners should clearly distinguish between insurance for their individual unit and insurance for the jointly owned building.
Jointly owned building insurance is intended to protect the building as a whole and the common property belonging to all owners.
Common property may include:
Insurance for the jointly owned building does not necessarily cover the personal contents of an individual apartment.
Similarly, an individual apartment insurance policy should not automatically be considered a replacement for insurance covering the entire jointly owned building.
Both types of insurance should be reviewed together to avoid gaps in protection or unnecessary duplication of cover.
A detached house may include more insurable elements than the main residential building alone.
Under the policy definitions, the insured property may include external buildings and permanent structures such as:
External installations and equipment may also include:
subject to the terms, limits and conditions of the policy.
When arranging home insurance for a detached house, it is therefore important to declare all material features of the property and confirm which items are included in the sum insured.
Additional attention may be required where the property includes:
One of the most important considerations when arranging home insurance is avoiding underinsurance.
Underinsurance occurs when the sum insured is lower than the actual value or replacement value of the insured property.
In such cases, the policy may treat the policyholder as being responsible for the uninsured proportion of the property. The policyholder may therefore be required to bear a corresponding proportion of the cost of the damage.
This can affect partial claims as well as cases involving a total loss.
The sum insured should therefore be reviewed whenever there are:
Before choosing a home insurance plan, consider the following:
Is the policy covering the building, the contents or both?
Check whether earthquakes are covered and confirm the applicable excess.
Review the definition of flood, the applicable conditions and the relevant exclusions.
Confirm that the mortgage lender is correctly named and that the relevant mortgage clause applies.
Check what is covered by the individual apartment policy and what is covered by the jointly owned building insurance.
Declare external buildings, photovoltaic systems, swimming pools, permanent installations and any other significant property features.
The amount should reflect the replacement value and realistic cost of rebuilding the property.
Several sections of cover may contain exclusions or restrictions when a property remains unoccupied, unless otherwise stated in the Policy Schedule.
There is no single home insurance plan that is equally suitable for every property.
Insurance needs vary according to the type, use, location, value and individual features of each home.
With miplace express, you can compare the Classic express, Advanced express and Elite express plans and select cover that reflects the needs of your home.
Visit our website to learn more and request a Home Insurance quotation.
This article is provided for general information purposes only. It does not replace the terms, conditions, exclusions, Policy Schedule or any endorsements forming part of the insurance policy.
For information about the cover applicable to your individual circumstances, please contact Minerva Insurance or your insurance intermediary.
Yes. Home insurance is also suitable for properties purchased with a mortgage.
Where a Mortgage Clause applies, the mortgage lender should be named in the Policy Schedule.
Earthquake cover depends on the insurance plan selected and the details shown in the Policy Schedule.
The applicable earthquake excess should also be reviewed before purchasing the policy.
No. The policy defines a flood as an accidental, sudden and violent accumulation or movement of water originating from outside the home.
Damage caused by leaking pipes, storms or underground water is assessed under different sections, terms and exclusions.
Yes. A private home may be either a house or an apartment used for residential purposes and situated at the address shown in the Policy Schedule.
Jointly owned building insurance primarily covers the building and the common property.
Cover for the contents of an individual apartment should be arranged and reviewed separately.
In addition to the main building, you should consider declaring garages, storage areas, pergolas, photovoltaic systems, swimming pools, external installations and other significant structures or equipment.
Underinsurance occurs when the sum insured is lower than the actual or replacement value of the property.
In the event of a claim, the policyholder may be required to bear a proportion of the loss.
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