House insurance for house in need of renovation./underpinned house

Nouginougi

Hello,

I am a first time buyer and need to get house insurance so the sale can be closed. At the moment, the house is very "insecure" according to insurance standards. I.e not house alarm, old wiring, no locks on windows ...etc

Of course, this will be fixed once I get the keys and before I move in.

Question is, can I cancel my policy after a few months? Or would the insurance company be willing to reduce the payments after the upgrade?

Thanks in advance

N.

ravima

you need a renovation type policy, building in the course of construction type policy. This is for a set defined period and once construction/renovation finishes, you then increase the cover to the standard household policy. Perhaps a chat with a broker would be helpful

ComfyKnickers

You only need the type of policy mentioned above if you are doing the renovation by direct labour i.e. getting a few mates who you know that are carpenters, blocklayers and have no insurance of their own etc. If you are using a building contractor who has his own insurance, there is no need to take out this policy. If the house is currently empty, you can just get fire only cover on an unoccupied property, it will be pricey but it will satisfy the bank and you can amend the cover to a normal house insurance policy (i.e. full risks, not just fire only) once the work has been done and the house is occupied.

Sacksian

I'm looking for something similar - does anyone know companies that offer "course of construction" insurance? Seems not all of them do for older homes.

Liam McPoyle

Course of construction is different to renovation.

Call into your nearest FBD office,I know they do under the course of construction but they may take on cover for renovation too.

Word of warning though,it will not be cheap.

oldyouth

Frost Insurance, Hooper Dolan, FBD & Campion Insurance do the type of policy you are looking for

Sacksian

oldyouth wrote: »

Frost Insurance, Hooper Dolan, FBD & Campion Insurance do the type of policy you are looking for

Hi oldyouth, you seem to have some expertise in this area. We're renovating and extending an old house but having trouble getting insurance for the duration of the project - any other specialists you know of?

FBD & Campion were very helpful and polite but unable to quote.

Nouginougi

Thank you all for your replies

I just found out house insurance will be difficult as it was underpinned. Does anyone have got any experience with this?? all advice appreciated.

N.

Newgrange Warrior

I had great fun a few years ago trying to get under construction insurance for a fallen down thatch cottage given the bank wanted full cover for the mortgage value prior to draw down. I was very grateful for RSA for insuring me.