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House Insurance Question

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  • 23-01-2015 9:35pm
    #1
    TheBody
    Registered Users Posts: 5,624 ✭✭✭


    Hi folks.

    Is it possible to take out a house insurance policy on a house that you don't own?


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    #2
    To Elland Back
    Closed Accounts Posts: 1,923 ✭✭✭To Elland Back


    TheBody wrote: »
    Hi folks.

    Is it possible to take out a house insurance policy on a house that you don't own?

    For (your) Contents cover, yes you can. For the structure, no, unless you have a financial interest in the property


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    #3
    TheBody
    Registered Users Posts: 5,624 ✭✭✭TheBody


    To Elland Back wrote: »
    For (your) Contents cover, yes you can. For the structure, no, unless you have a financial interest in the property

    Thank you for the reply. It's the structure I had in mind.


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    #4
    To Elland Back
    Closed Accounts Posts: 1,923 ✭✭✭To Elland Back


    TheBody wrote: »
    Thank you for the reply. It's the structure I had in mind.

    If you own it, have a loan invested in it, been left it in a will etc, you can insure it. The key is 'financial interest'


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    #5
    TheBody
    Registered Users Posts: 5,624 ✭✭✭TheBody


    To Elland Back wrote: »
    If you own it, have a loan invested in it, been left it in a will etc, you can insure it. The key is 'financial interest'

    I have inherited the house but I have no paperwork to say I officially own it yet. I guess I can call a few brokers on Monday and see what they say.

    Thanks for the replies.


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    #6
    To Elland Back
    Closed Accounts Posts: 1,923 ✭✭✭To Elland Back


    TheBody wrote: »
    I have inherited the house but I have no paperwork to say I officially own it yet. I guess I can call a few brokers on Monday and see what they say.

    Thanks for the replies.

    When you say you have inherited the house, that is enough for you to insure it. It has become one of your assets. Don't want to pry but I would query the lack of paperwork (legal position)


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    #7
    TheBody
    Registered Users Posts: 5,624 ✭✭✭TheBody


    To Elland Back wrote: »
    When you say you have inherited the house, that is enough for you to insure it. It has become one of your assets. Don't want to pry but I would query the lack of paperwork (legal position)

    By lack of paperwork, I mean I am waiting for the solicitor to do her thing to get it in my name. It seems to take a considerable length of time.


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    #8
    To Elland Back
    Closed Accounts Posts: 1,923 ✭✭✭To Elland Back


    TheBody wrote: »
    By lack of paperwork, I mean I am waiting for the solicitor to do her thing to get it in my name. It seems to take a considerable length of time.

    If a solicitor, acting on behalf of the previous owner, has informed you that you are the beneficiary of the property, then you are entitled to rely on that information and have an insurable interest. In other words, if anything happened to the property, you would lose out financially. In my opinion, you have a right to insure it


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    #9
    TheBody
    Registered Users Posts: 5,624 ✭✭✭TheBody


    To Elland Back wrote: »
    If a solicitor, acting on behalf of the previous owner, has informed you that you are the beneficiary of the property, then you are entitled to rely on that information and have an insurable interest. In other words, if anything happened to the property, you would lose out financially. In my opinion, you have a right to insure it

    This is exactly the case.

    Thank you for your help. As I said earlier, I think the best thing to do next is call a few brokers on Monday and see what they say.


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    #10
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    TheBody wrote: »
    This is exactly the case.

    Thank you for your help. As I said earlier, I think the best thing to do next is call a few brokers on Monday and see what they say.

    Theyll say no. Unless the probate is cleared you have no insurable interest and the property should be insured by the estate


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