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BOI Mortgage in Cork - subsidence insurance

  • 19-01-2019 01:35PM
    #1
    okedoke
    Registered Users, Registered Users 2 Posts: 925 ✭✭✭


    I'm looking at taking out a mortgage on a house in Cork (not yet bought). I spoke to BOI and they say a condition of mortgage would be insurance cover to include subsidence cover. This was not an issue when i took out my current mortgage with AIB.

    Just wondering have others come across this issue - lots of areas in Cork are not insurable for subsidence as far as i know - I don't know if this means BOI don't lend here or do they not enforce this condition if you can't get cover?


Comments

  • #2
    beer enigma
    Registered Users, Registered Users 2 Posts: 6,241 ✭✭✭beer enigma


    okedoke wrote: »
    I'm looking at taking out a mortgage on a house in Cork (not yet bought). I spoke to BOI and they say a condition of mortgage would be insurance cover to include subsidence cover. This was not an issue when i took out my current mortgage with AIB.

    Just wondering have others come across this issue - lots of areas in Cork are not insurable for subsidence as far as i know - I don't know if this means BOI don't lend here or do they not enforce this condition if you can't get cover?

    It's a real problem, AXA did our insurance after AIB asked for similar back in 2007 and they've had us over a barrel since then . We managed to swap insurer last year by going through O'Leary brokers in Mahon so well worth giving them a call.


  • #3
    okedoke
    Registered Users, Registered Users 2 Posts: 925 ✭✭✭okedoke


    beer enigma wrote: »
    It's a real problem, AXA did our insurance after AIB asked for similar back in 2007 and they've had us over a barrel since then . We managed to swap insurer last year by going through O'Leary brokers in Mahon so well worth giving them a call.
    Thanks - interestingly AIB only wanted fire insuance from us in 2015


  • #4
    Roger Hassenforder
    Closed Accounts Posts: 8,555 ✭✭✭Roger Hassenforder


    Try FBD


  • #5
    lostinsuperfunk
    Registered Users, Registered Users 2 Posts: 725 ✭✭✭lostinsuperfunk


    Having had a similar experience, I'd recommend a local broker as poster #2 suggests. McCarthy's are also good, www.mig.ie (call them, don't try to get an online quote).


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