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House + Stream + Insurance

  • 10-11-2014 1:36pm
    #1
    craic90
    Registered Users, Registered Users 2 Posts: 44 ✭


    Hi,

    We are nearing closure on a property which has a stream running out the back - about 12-15m from the House.

    I'm concerned about the following

    1. The implications of getting home insurance, and therefore the mortgage completion.
    2. If it is possible, the cost of insurance with such a liability on the grounds.
    3. The risk of flooding.

    Anyone have an experience - would appreciate to hear from you.

    Thanks


Comments

  • #2
    kkelliher
    Registered Users, Registered Users 2 Posts: 1,583 ✭✭✭kkelliher


    Move to banking and insurance where you might get a better response


  • #3
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,694 ✭✭✭✭NIMAN


    No experience myself but I know that in recent years when I was phoning around to get quotes for home insurance they have started asking "do you live within xxx metres of water". Obviously due to the amount of money they have had to pay out for the recent floods.

    Not sure how they will quantify the potential damage to you though. The fact that you are so close to a stream may be enough for them to charge you more, they may not care that its a small stream that never floods, they might just class you in the same group as someone who lives on the riverbank of a large river.


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    craic90 wrote: »
    Hi,

    We are nearing closure on a property which has a stream running out the back - about 12-15m from the House.

    I'm concerned about the following

    1. The implications of getting home insurance, and therefore the mortgage completion.
    2. If it is possible, the cost of insurance with such a liability on the grounds.
    3. The risk of flooding.

    Anyone have an experience - would appreciate to hear from you.

    Thanks

    You need to check with the vendor if there has been any claims for flooding in the past. Before you sign contract apply for a quote with an Insurance Company, if there was a claim they should have a record of it and will refuse insurance.


  • #5
    cerastes
    Closed Accounts Posts: 3,601 ✭✭✭cerastes


    NIMAN wrote: »
    No experience myself but I know that in recent years when I was phoning around to get quotes for home insurance they have started asking "do you live within xxx metres of water". Obviously due to the amount of money they have had to pay out for the recent floods.

    Not sure how they will quantify the potential damage to you though. The fact that you are so close to a stream may be enough for them to charge you more, they may not care that its a small stream that never floods, they might just class you in the same group as someone who lives on the riverbank of a large river.

    Yes, got asked that myself, went onto google map and apparently there is some tiny stream at the limit, either 200 or 300 metres away, the place has never suffered flooding and hopefully wont now that Ive said it.


  • #6
    mikom
    Closed Accounts Posts: 16,391 ✭✭✭✭mikom


    craic90 wrote: »
    Hi,

    We are nearing closure on a property which has a stream running out the back - about 12-15m from the House.

    I'm concerned about the following

    1. The implications of getting home insurance, and therefore the mortgage completion.
    2. If it is possible, the cost of insurance with such a liability on the grounds.
    3. The risk of flooding.

    Anyone have an experience - would appreciate to hear from you.

    Thanks

    Make sure the septic tank (if exists) is in full working order before buying.
    A septic tank next to running water would be prime for inspection, and you may be left with a hefty bill to remedy it if found below par.


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