Building Sum Insurance

Bazzy

Hi,

Just a quick query I have a mortgage with yourselves.

I have insurance with another company ( obviously you wont like that ) BOI are requesting that I insure the property for the value of the original mortgage.

This is far too high as it would not cost me that price to rebuild my property.

Am I legally obliged to change the value as you have requested ?

Thanks

Bank of Ireland: Sarah

Hi Bazzy, 

Thanks for contacting us on Bank of Ireland.

Are you referring to your Home Insurance policy and have you had your property valued recently? 

There are two types of insurance required for a mortgage. One is the house insurance to cover for the cost of rebuilding your house if it is destroyed. The other would be Life Assurance (Mortgage Protection) to cover the cost of your mortgage outstanding, should anything happen to you before the mortgage is paid fully. 

Thanks,
Sarah

Bazzy

Bank of Ireland: Sarah wrote: »

Hi Bazzy, 

Thanks for contacting us on Bank of Ireland.

Are you referring to your Home Insurance policy and have you had your property valued recently? 

There are two types of insurance required for a mortgage. One is the house insurance to cover for the cost of rebuilding your house if it is destroyed. The other would be Life Assurance (Mortgage Protection) to cover the cost of your mortgage outstanding, should anything happen to you before the mortgage is paid fully. 

Thanks,
Sarah

Its the First the cost of rebuilding the house should it be destroyed * Touch wood I will never have to claim in such an eventuality. I am covered to the cost of clearing the mortgage.

I have had a full rebuild quote and insured to that value.


Thanks
Bazzy  

Bank of Ireland: Sarah

Hi Bazzy,

Thanks for your reply. 

In this case, it would be best to call our Mortgage Team on 01- 611 3333 and they can check your specific mortgage account and explain whether this change of insurance is needed.

Please let us know if you need help with any other query. 

Thanks,
Sarah 

Bazzy

Bank of Ireland: Sarah wrote: »

Hi Bazzy,

Thanks for your reply. 

In this case, it would be best to call our Mortgage Team on 01- 611 3333 and they can check your specific mortgage account and explain whether this change of insurance is needed.

Please let us know if you need help with any other query. 

Thanks,
Sarah 

I am bound by the same law as everyone else in the country so to get back to my original question.

Am I legally obliged to insure my property to the value of the original mortgage.

This is a simple yes/no answer if I wanted to ring someone in the mortgage team I would have. This is the medium  I chose to contact you via.

Bank of Ireland: Sarah

Hi Bazzy,

Thanks for your reply.

Sorry we are unable to help you further with this here. This is very much specific to your mortgage and insurance and we would be unable to give this advice here. We'd strongly advise you to call our mortgage team on the above number, where a qualified mortgage advisor can go through this with you. 

Please let us know if you need help with any other query. 

Thanks,
Sarah

Bazzy

Bank of Ireland: Sarah wrote: »

Hi Bazzy,

Thanks for your reply.

Sorry we are unable to help you further with this here. This is very much specific to your mortgage and insurance and we would be unable to give this advice here. We'd strongly advise you to call our mortgage team on the above number, where a qualified mortgage advisor can go through this with you. 

Please let us know if you need help with any other query. 

Thanks,
Sarah

No Mortgage cover is mortgage cover you are trying to bully people into higher premiums the rule should be the same for all policies. So seems you cant answer my question I will contact your mortgage team who will also not answer as I have asked them several times the branch wouldn't answer the question either......


Talk to us indeed 

Bank of Ireland: Sarah

Bazzy wrote: »

Bank of Ireland: Sarah wrote: »

Hi Bazzy,

Thanks for your reply.

Sorry we are unable to help you further with this here. This is very much specific to your mortgage and insurance and we would be unable to give this advice here. We'd strongly advise you to call our mortgage team on the above number, where a qualified mortgage advisor can go through this with you. 

Please let us know if you need help with any other query. 

Thanks,
Sarah

No Mortgage cover is mortgage cover you are trying to bully people into higher premiums the rule should be the same for all policies. So seems you cant answer my question I will contact your mortgage team who will also not answer as I have asked them several times the branch wouldn't answer the question either......


Talk to us indeed 

Hi Bazzy,

Sorry that you feel this way. We will always try to help here on Boards where possible. This query would just be too specific to your mortgage and we would be unable to advise you further without knowing the specific terms and conditions of your particular mortgage. 

If you would like us to arrange a call back for you from your mortgage advisor, please send us a private message. Please include your name, contact number and branch and we will be happy to send your details on. You can send a private message by clicking the link in my signature (please make sure you have signatures set to display for you).

Thanks,
Sarah