Building Insurance

Daith · 08-01-2019 4:56pm #1

Hi all,

I'm a bit confused about building insurance for buying a 2nd hand property. How do I get insured on something I don't own? Is it looking for quotes for an expected date of ownership?

Most online quotes ask if I've a burglar alarm which I wouldn't know. Is it just easier to ring and explain?

4ensic15 · 08-01-2019 8:30pm

Go to a broker and get proper insurance arranged.

holystungun9 · 10-01-2019 6:20pm

Have you bought it? You buy it, then it’s yours to insure. I can’t see how you can insure it if it isn’t yours.

I had to get building insurance and like much insurance, imo, I have paid for a useless piece of paper as the company has so many outs if anything happens. It’s still a legal obligation to have it but I’m sure my €700 will go down the drain if I have to claim anything on it.

L1011 · 10-01-2019 6:26pm

holystungun9 wrote: »

Have you bought it? You buy it, then it’s yours to insure. I can’t see how you can insure it if it isn’t yours.

I had to get building insurance and like much insurance, imo, I have paid for a useless piece of paper as the company has so many outs if anything happens. It’s still a legal obligation to have it but I’m sure my €700 will go down the drain if I have to claim anything on it.

Banks will want insurance in place at drawdown. All house insurers will allow you to insure somewhere you are buying from a specified future time

august12 · 10-01-2019 9:31pm

L1011 wrote:

Banks will want insurance in place at drawdown. All house insurers will allow you to insure somewhere you are buying from a specified future time

I wasn't asked for house Insurance at drawdown but my mortgage protection policy is assigned to the bank, only purchased house insurance once sale was completed.

CardinalJ · 10-01-2019 9:43pm

My bank won't even send to the completions team without buildings insurance, the mortgage protection policy isn't assigned to them though, and they didn't seem to make an issue of it.

All insurers know that when someone is buying a house that they couldn't own it without the insurance. They turn a blind eye.

L1011 · 10-01-2019 10:01pm

Lets change my statement to "some banks" then - wasn't aware of any that would even consider issuing the cheque until the interest in the property was insured and assigned.

CardinalJ · 10-01-2019 10:18pm

L1011 wrote: »

Lets change my statement to "some banks" then - wasn't aware of any that would even consider issuing the cheque until the interest in the property was insured and assigned.

I was surprised as well, they said it had to be, I just didn't pick up on it when submitting to them.

Building Insurance

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