Steps in changing home insurance on BOI mortgage

tomasrojo

Hello,

My wife and I bought a house, where we now reside, in March 2013 with a Bank of Ireland morgage.  Our current insurer for both home insurance and life insurance is Royal Sun Alliance. Post Insurance has offered us a lower price for the same cover, including Buildings Sum Insured, as we currently have with RSA. I am going to see whether they can offer us a better price on life insurance equivalent to what we have with RSA too.

Given this lower cost, we are going to go with Post Insurance once our current policy is up for renewal on the first of March 2016. Are there any steps we need to take, apart from notifying RSA that we're changing? I think Post Insurance is supposed to inform Bank of Ireland when they take over the insurance on our property, but I want to make sure that everything is done properly and in a timely fashion.

Bank of Ireland: Nicola

Hi tomasrojo, thanks for getting in touch.

If you switch your life or home insurance provider you’ll need to send a copy of your new home insurance policy and the original life policy document to us at the address below.

Please include a note of your mortgage account number, Bank of Ireland’s interest will need to be noted on your new home insurance policy and for life cover; a new deed of assignment will need to be completed.

Mortgage Accounts administration
Bank of Ireland Mortgages
New Century House IFSC
Mayor Street Lower
Dublin 1

You can get more information about this here and if you’ve any other questions you can get in touch with our mortgage team on 01 6113333. I hope this helps, please let me know if you need anything else.

Thanks
Nicola

tomasrojo

Hi Nicola,

Thanks for your prompt reply.

Post Insurance sent me a "home insurance proposal statement of fact" and "premium breakdown". Would a photocopy of these sent to Mortgage Accounts Administration suffice? These aren't final documents, as I am more than thirty days away from expiry of current insurance, but the only thing that would change by next month would be the cost to me of the insurance, not the cover provided.

For life insurance (which I haven't yet looked into, so I may or may not pursue it), what would a new deed of assignment entail?

Kind regards,

Dermot

Bank of Ireland: Nicola

Hi Dermot,

We’d need a copy of the new Home Insurance schedule with interest of Bank of Ireland Mortgages noted as part of the new policy; the new insurer would arrange this for you.

Was your existing RSA home insurance policy taken out through Bank of Ireland?
Thanks
Nicola