Changing House Insurance

[Violet Rose]

We are going through some life stage changes at the moment, both personal and financial -
Firstly - we are switching mortgages - and have been set up with START mortgages - the broker so far has been exremely helpful, until this morning, he asked would i fax through my house insurance document. I did that and he rang back and advised this is not correct. He needs the house insurance made out "in the interest of START" - ??????
At the moment its in our names and IIB - 3 times I asked him what he meant and felt like an eejit - What does he mean "in the interest of START"???
By the way i got a very good quote from 123.ie - 168 euro cheaper than one i have now -

 

[CCOVICH]

You have to get Smart's interest in the policy noted by the insurer, i.e. they have rights under the policy as they will have a mortgage over the property in question. You will also need IIB to relinquish their interest in the policy. Call your insurer to see what you need to to.

 

[claremcafee]

We are going through some life stage changes at the moment, both personal and financial -
Firstly - we are switching mortgages - and have been set up with START mortgages - the broker so far has been exremely helpful, until this morning, he asked would i fax through my house insurance document. I did that and he rang back and advised this is not correct. He needs the house insurance made out "in the interest of START" - ??????
At the moment its in our names and IIB - 3 times I asked him what he meant and felt like an eejit - What does he mean "in the interest of START"???
By the way i got a very good quote from 123.ie - 168 euro cheaper than one i have now -

All you need to do is call your insurance provider and request a Letter of Indemnity that notes the interest of Start Mortgages in the property. A Letter of Indemnity simply states that Start have an interest in the property - as your mortgage provider they will want proof that the property is insured - God forbid there was a fire for instance. A Letter of Indemnity should be included in the documents you receive once you have paid for your policy.

If you decide to take out your insurance with 123.ie, we can fax or email the Letter of Indemnity to your broker for you. You can use the contact form on the 123.ie website to request this, just put FAO Clare in the enquiry field.