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AIB Home Insurance = FAIL

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  • 12-10-2011 9:47am
    #1
    Yawlboy
    Registered Users Posts: 748 ✭✭✭


    I rang AIB looking for a home insurance quote on an investment :mad: property I have that is rented out. Was answering all the usual questions when he asked have you ever been refused home insurance and I said "Not on that property but I was on my home as it is close to water" He then goes and checks with his underwriters and comes back and says we cannot quote you based on the fact that another house you own is near water - WTF!!!!!:eek::eek::eek::eek::eek:

    No wonder the country is f$£ked - with idiots like this in the banks.


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    #2
    Otis Driftwood
    Closed Accounts Posts: 9,925 ✭✭✭Otis Driftwood


    There are very few insurers that will quote when you have been refused cover on any property,it doesnt matter what type of property it is or where its situated,its you rather than the property that gets refused.I do agree though,in this case it seems pretty extreme.


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    #3
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,207 Mod ✭✭✭✭godtabh


    Otis Driftwood wrote: »
    There are very few insurers that will quote when you have been refused cover on any property,it doesnt matter what type of property it is or where its situated,its you rather than the property that gets refused.I do agree though,in this case it seems pretty extreme.

    The person isnt insured the property is surely?


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    #4
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    I wouldn't be surprised if the true reason you were declined was that by you mentioning your own home, they suddenly realised that the one you were looking for cover on is rented out.

    Banks generally only like to quote on owner occupied houses. They really only do bog standard risks. Go to insurance people for insurance matters and banks for banking matters.


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    #5
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    It appears they do cover buy to let
    http://www.aib.ie/personal/insurance/buy-to-let-investment-properties

    but I do tend to agree with oldyouth. It seems to be madness though but they probably want squeaky clean applications.

    The cover is underwritten by AXA>


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    #6
    Otis Driftwood
    Closed Accounts Posts: 9,925 ✭✭✭Otis Driftwood


    godtabh wrote: »
    The person isnt insured the property is surely?

    Its a weird one and similar to car insurance in some respects.

    For example,say you own a house and say had a claim for 20 grand.You sell the house 2 years later,buy a new house and go to get quotes.

    You have to tell the insurance company that you had a claim,even though it was on a totally different property that you now no longer own.

    Based on the above scenario,most insurance companies would decline to quote.


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    #7
    Insurance Works
    Registered Users Posts: 27 ✭Insurance Works


    If I were you I wouldn't be too concerned about this, the person you spoke to is most likely on a very low level as far as decision making is concerned within the company. They would be sticking to strict protocol within the company, and have obviously taken this to the extreme.

    What would be an extremely worthwile excercise for yourself to do now that you effectively have 2 refusals for a quotation would be to write to each insurer individually and ask them to outline (in writing) their reasons for refusing you cover and have them comment on the fact that the properties in question were outside of their underwriting criteria as opposed to yourself being outside the criteria

    Secondly I would strongly advise that you purchase your property insurance through a broker, they would deal with these type of queries for yourself, probably without you realising that these queries have ever popped up.


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