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Insurance for Second Hand Apartment

  • 10-10-2021 3:33pm
    #1
    Registered Users Posts: 1 Housebuy1x


    I am sale agreed on an second hand apartment.

    The Letter of Offer from the bank requires home insurance to cover the value of the valuation report (which is not complete yet).

    The problem is you can't buy home insurance on an apartment - only content insurance.

    The management company have structural insurance. I have two questions:

    A) What happens if the structural insurance value is lower than the mortgage (I had to bid over asking to get the apartment. It will be the most expensive apartment purchased in the block - but I will still be saving nearly 500 euro a month paying the mortgage v rent [at current interest rates]).

    B) Do I need to ask the estate agent for a copy of the insurance policy/should by solicitor be doing this for me?



Answers

  • Registered Users Posts: 2,546 ✭✭✭ C14N


    Do you have a contact at the bank you can ask about it? They might be satisfied with the structural insurance from the management company. Structural insurance value generally will be lower than the value of the mortgage, even on a standalone house, since part of the value will be accepted as the right to use the land.



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