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Mortgage protection insurance and home insurance

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  • 05-06-2019 8:12pm
    #1
    lucast2007us
    Registered Users Posts: 801 ✭✭✭


    Hi guys we have finally gone sale agreed. However the whole process took longer than expected as it's a bank sale.

    Long story short our loan offer expires at the end of the Month and are looking to get moving quickly on things.
    We have just signed contracts and were wondering is it now that we have to get Mortgage protection insurance and home insurance?

    Or do we wait to hear back from.the bank that they have received the contracts?


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    #2
    wench
    Registered Users Posts: 1,644 ✭✭✭wench


    You can start looking for quotes now. The policy won't come into effect until you close on the property.
    Particularly for the mortgage protection, start early. It can very easily be delayed if there are any health issues at all.


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    #3
    Gloomtastic!
    Registered Users Posts: 8,470 ✭✭✭Gloomtastic!


    Once contracts are exchanged you need to have house insurance and mortgage protection in place as the house is basically yours. If the place burns down before completion you’re still on the hook to buy it.

    Good luck!


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    #4
    jlm29
    Registered Users Posts: 3,818 ✭✭✭jlm29


    Mortgage protection is only a few euro a month, it can be delayed if they need to get your go to fill in forms etc, so I’d get it organised straight away to have it in place


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    #5
    lucast2007us
    Registered Users Posts: 801 ✭✭✭lucast2007us


    Thanks all what is a good deal on home insurance if the property is valued at 150,000?
    Contents probably max would be 10,000.

    Getting quotes of about 380 is that a fair price?


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    #6
    Buying house2020
    Registered Users Posts: 46 ✭Buying house2020


    You can get your mortgage protection in place ready to go, you can contact them when you have a date that you wish to commence the policy.

    Home insurance you can get quotes now, which is usually valid for 1 month, if it goes over that the policy is not valid and you have to get a fresh quote. If you go with the same company for both you might be able to get a further discount on home insurance, it all depends on the provider.


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    #7
    cruizer101
    Registered Users Posts: 3,205 ✭✭✭cruizer101


    One thing we decided to do was to get them both through the bank.
    It wasn't the cheapest option but it did mean there was no hassle of getting insurance company to talk to the bank and send over the documentation, we weren't having to try get different companies to communicate with each other.
    It could go smoothly but I have heard of people having some hassle there and the price difference was small enough between them and can change for the next year anyway.


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