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House Insurance

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  • 27-08-2013 9:49pm
    #1
    billyhead
    Registered Users Posts: 9,862 ✭✭✭


    I understand the importance of having house insurance these days and the foolishness of not having it in case something happens but i was just wondering if you have an oustanding mortgage is their a legal/mandatory requirement to have it.


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    #2
    L1011
    Registered Users Posts: 68,826 ✭✭✭✭L1011


    Your mortgage contract probably requires you to have structural insurance (but not contents) to the value of the mortgage. Read the contract, if you want to be entirely certain.

    Mine not only requires it, but it requires a form signing over the benefit from that section of the policy to the bank.


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    #3
    kkelliher
    Registered Users Posts: 1,583 ✭✭✭kkelliher


    MYOB wrote: »
    Your mortgage contract probably requires you to have structural insurance (but not contents) to the value of the mortgage.

    To the rebuild value of the property not the value of the mortgage. The bank will want security of the asset in case of default and if there was a fire etc they want a policy in place to cover the cost of repair ao they still have an asset of value.


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    #4
    L1011
    Registered Users Posts: 68,826 ✭✭✭✭L1011


    kkelliher wrote: »
    To the rebuild value of the property not the value of the mortgage. The bank will want security of the asset in case of default and if there was a fire etc they want a policy in place to cover the cost of repair ao they still have an asset of value.

    Good point - I'm way too tired to be posting. It'll be the rebuild costs they'll require.

    I've never heard of a mortgage contract without that requirement, but if I said there were none someone would find one.


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