Q The roof of my house needs some attention. It’s almost 25 years old and has suffered wear and tear from weather damage, and we also have some tiles missing from a neighboring tree that fell last year. Can I claim for partial repairs on my home insurance?
a According to Brian O’Connor of Aviva, if the damage to your roof is related to its aging and deteriorating over time, it’s unlikely that your policy will cover the bill for repair or replacement.
Typically, a home insurance policy covers damage caused by hurricanes. Emergency events or accidents may also be covered, where there has been a sudden or unforeseen loss, and accidental cover is applicable to your policy. Mr. O’Connor said that you need to point to some specific event, such as the storm event or the felling of trees you mentioned, and provide evidence that either or both significantly damaged or destroyed the roof .
To support your claim, you will need evidence such as photographs of the damage or supporting documents from a qualified professional such as a roofing occupant to substantiate the cause of the damage and the cost of the repair. Where you can prove that the damage was caused by wind, rain, hail, lightning or falling debris during the storm, your insurer must pay.
However, the need for regular maintenance on the roof or any other part of the house would not be a sufficient reason for submitting a claim. It is the responsibility of the homeowner, Mr. O’Connor said.
Q Me and my business partner run an IT software company which is doing very well now. The company is contributing to our pension. However, our accountant also mentioned that we should have an income security policy. How will this work?
a According to Siocha Costello of Aviva Life & Pensions, an executive income protection policy is a very tax-efficient way for your company to ensure that it can continue to pay your income should an illness or injury keep you from working. prevents from The company can take out a working income protection policy for each of you and pay the premium.
The maximum benefit allowed is 75 percent of your income, less the individual rate of Social Welfare Sickness Benefit, if applicable. And if one of you is unable to work due to illness or injury, the company can claim the policy and pay you, or your partner, monthly income after a chosen period, which is deferred. The period is called, Ms. Costello said.
The income protection benefit removes the financial burden from the business, especially if the absence is long-term. The cost of your pension contribution can also be covered under this policy, he added.
This means that your retirement provision will also be taken care of in case of prolonged absence. Premiums may qualify as a tax-deductible business expense.
If so, it can be offset against corporation tax, making it a very efficient way to insure both you and your partners’ income and pension contributions, Ms. Costello said.
QI is working in pension scheme, but I am wondering if it is a good plan, as I can consider changing job for better job. I pay 5 percent of my salary and my employer matches it. The employer will match any contribution made by me up to 10 per cent of my salary.
a First, the good news is that your employer offers a pension plan for you and your associates. According to Mark Rudy, head of client management at Lockton Employee Benefits, only a third of people working in the private sector have such benefits.
In terms of the level of contribution that your employer is willing to make, 5 percent of the salary employer-matched contribution would be a very typical contribution level, he said.
The fact that your employer is willing to match contributions of up to 10 pc would be above average and not usually found, Mr. Rudy said. This is a real bonus for you and Mr. Rudy advises you to take it. If you’re a high-rate taxpayer, increasing your contribution to 10 pc will only cost you 3 pc of your take-home pay extra.
However, this will result in an additional 10 per cent being invested in your pension. He said that in later years you will eventually thank your younger self, as this will make a huge difference in your quality of life in retirement.
