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Can't get house insurance - Lapsed Policy

  • 28-09-2018 9:42am
    #1
    Sheikh
    Registered Users, Registered Users 2 Posts: 18 ✭


    Hi,

    Urgently looking for guidance. As a result of an omission, I failed to renew 2 house insurance policies on investment properties. The policies are lapsed for over 18 months. I now can't get any one to quote owing to the duration of the policies being lapsed. There are no other relevant matters, i.e. prior claims, proximity to rivers or other threats.

    Any ideas?
    Tagged:


Comments

  • #2
    fxotoole
    Registered Users, Registered Users 2 Posts: 1,661 ✭✭✭fxotoole


    A quick google brought this up:

    http://www.nonstandardinsurance.ie/2016/11/refused-home-insurance-nonstandard-property-insurance/

    Also try Quote Devil, they advertise cover for anyone who’s been refused insurance or has specialist insurance requirements


  • #3
    john kinsella
    Registered Users, Registered Users 2 Posts: 462 ✭✭john kinsella


    House insurance isn't mandatory so an insurer refusing to quote you on the basis your previous policy lapsed is very strange.

    Are you sure this is the reason? I just did a quick online quote with AA on a made up address saying no claims free years and and it quoted me no problem.


  • #4
    _Brian
    Registered Users, Registered Users 2 Posts: 18,834 ✭✭✭✭_Brian


    john kinsella wrote: »
    House insurance isn't mandatory so an insurer refusing to quote you on the basis your previous policy lapsed is very strange.

    Are you sure this is the reason? I just did a quick online quote with AA on a made up address saying no claims free years and and it quoted me no problem.

    Was that rental or personal home insurance.


  • #5
    john kinsella
    Registered Users, Registered Users 2 Posts: 462 ✭✭john kinsella


    _Brian wrote: »
    Was that rental or personal home insurance.

    Rental


  • #6
    Sheikh
    Registered Users, Registered Users 2 Posts: 18 ✭Sheikh


    By coincidence I had heard of this happen very recently to a friend. It seems that home insurance underwriters consider houses that have been out of cover for an extended period to be business that they don't want to underwrite. Very frustrating as I now need to consider selling these houses!


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  • #7
    peteb2
    Registered Users, Registered Users 2 Posts: 1,814 ✭✭✭peteb2


    Sheikh wrote:
    By coincidence I had heard of this happen very recently to a friend. It seems that home insurance underwriters consider houses that have been out of cover for an extended period to be business that they don't want to underwrite. Very frustrating as I now need to consider selling these houses!


    Correct. It's considered bad moral hazard.
    The reason they don't want to do house insurance where you've had a gap in cover is they assume you are only now taking cover out because you have discovered something you wish to claim for. Otherwise why didn't you always have cover .


  • #8
    fxotoole
    Registered Users, Registered Users 2 Posts: 1,661 ✭✭✭fxotoole


    peteb2 wrote: »
    Correct. It's considered bad moral hazard.
    The reason they don't want to do house insurance where you've had a gap in cover is they assume you are only now taking cover out because you have discovered something you wish to claim for. Otherwise why didn't you always have cover .

    What if you have a gap in cover because you genuinely forgot to renew?


  • #9
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    How could you forget to renew 2 policies. Insurance Companies send out renewal papers about 6 weeks prior to renewal. When completing tax returns the annual insurance premium would be deductible against tax - should be spotted then.
    fxotoole wrote: »
    What if you have a gap in cover because you genuinely forgot to renew?


  • #10
    peteb2
    Registered Users, Registered Users 2 Posts: 1,814 ✭✭✭peteb2


    fxotoole wrote:
    What if you have a gap in cover because you genuinely forgot to renew?


    Nothing. The view is you should have known better.


  • #11
    Thammer
    Closed Accounts Posts: 55 ✭✭Thammer


    I had lapsed insurance before

    It's a thing with house insurers alright

    I had no problem getting a reasonable quote through a broker


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