Is is possible to change house insurance on a mortgage?

[Tim Robbins]

Hi,
We are about to close on a new house.
The bank are quoting a high price for house insurance about 150 euro higher than a quote form 123.ie. However, we want to close quickly and we are thinking to use the bank's insurance for the first year (because it just keep things simpler) and then change to someone cheaper next year?

Is this possible?

Cheers

 

[wbbs]

It certainly is, if the bank one is monthly payments there is nothing to stop you cancelling as soon as you draw down and take out new policy, it must be for the same amount. In fact you can cancel at any time and claim a refund but it is easier if they are monthly payments.

 

[Yakuza]

You're under no obligation to take any other products from the bank, they're just trying to cross-sell to you. Tell them you'll take out your own insurance policy. You have to have insurance to comply with the terms of the mortgage, but it doesn't have to be the one they're pushing.

 

[docy]

Hi

If one has a claim on their residential house insurance held jointly, does this affect the premium one pays then on landlord insurance for a rental property which is owned soley by one of the residential occupants?

Thanks

 

[WilliamH]

You must declare it as it is an material fact. Most Insurers have no problem with 'one' claim on covered property or other properties.