Home insurance refund if sold?

mcbert

Hey, I assume the answer is no, but just want to confirm, if I paid my house insurance for the year, then sold it with 4-5 months remaining, is there any chance of getting any refund?


Thanks!

laotg

Have you asked the insurance company?

mcbert

laotg wrote: »

Have you asked the insurance company?

Nope, I'll ring next week, just thought of it 5min ago.

elperello

Depends on the company.
Most will refund, some charge an admin fee.
If you are taking out a new policy on a different property they will be keen to quote.

You will of course get a refund. You no longer have an insurable interest in the property, and the insurer has quoted you for 12 months (presumably) of cover. However, most insurers have an administration fee that will effectively (and conveniently) swallow up much of what you're due back.

Theoretically, it'd be nice if a house was insured, that you could keep the insurance on the house and transfer it to the new owner (like tax on a car).

Askthe EA

Whatever you do, don't cancel it before the sale closes, these things can drag on!

mcbert

Just to update, it is worth making that call. With 3 full months remaining, I've €119 due back to me by cheque...

Odyssey 2005

mcbert wrote: »

Just to update, it is worth making that call. With 3 full months remaining, I've €119 due back to me by cheque...

Well worth a call..Well done.

rightmove

House up for sale. Landlord insurance due. Was just going to renew under existing insurance but it's direct debit has 15% deposit and 9 payments so even if I cancel it's still tasty. If I pay in full presume like op I get a rebate when policy is no needed. Also should I change policy to normal home insurance from LL

tuisginideach

We got refund.

Beware - if house is empty, you need to inform insurers or ensure someone is sleeping there intermittently.

rightmove

Yep I stay there on and off. But should I stick to the ll insurance or would it be better to get holiday or normal home insurance. May just ring and ask them?

4ensic15

rightmove wrote: »

Yep I stay there on and off. But should I stick to the ll insurance or would it be better to get holiday or normal home insurance. May just ring and ask them?

You should talk to your insurance broker. that is what they are for.

rightmove

Did , they only cover for fire when it generally unoccupied. Premium remained the same ......😀🙄

Refund will happen if paid in full and without penalty when sold