buildings insurance

G

Gary 23

Registered User
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56
Hi
This may sound like a silly question but im a first time buyer so bear with me.
Is it absolutley neccesary for me to get buildings insurance?
I am buying a new home with homebond and i want to cut my costs as much as possible. Also who gives the most reasonable quotes?

Yours
Gary
 
The lender will insist on such insurance when first lending AFAIK.

Also, Homebond only covers structural issues, no cover if your house burns down.

If you search for Homebond, you will see that some posters on AAM were not happy with them when they had issues.

Cut corners elsewhere.
 
Try they came back the cheapest compared to all others I've tried, but homeinsurance is not that dear anyway, mine came to about 200 Euros.
 
my mortgage company insist on it - i have just today sorted out my house insurance and saved myself nearly €250 by switching to FBD (not connected to them in any way) I have compared the FBD policy coverage & T&C's and i can find no difference with my previous insurers. Only thing is I have €250 more in my pocket
 
The lender will insist on buildings insurance along with life assurance. These are two basic insurances that you should have anyway for your own peace of mind, as mentioned in previous post Homebond wont cover you if your house was burned down, flooded etc. If you want to cut costs shop around for your home insurance, you'll be amazed at how much you could save. Also see if you can reduce your life cover premium - all you need is life cover for the amount of your mortgage. Extras like serious illness, hospital cash etc are expensive, so maybe for now you should consider basic life assurance (even decreasing). You can always take these out later.
 
There are many existing threads dealing with both mortgage protection life assurance and home insurance which would be worth searching/browsing for and reading.
 
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