Home Is it possible to to take out buildings insurance on a house which you don't own?

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michaelm

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I suspect that the answer is no but . . is it possible to to take out buildings insurance on a house which you don't (yet) own but have signed a contract to purchase and therefore have an interest in? I expect that the current owner has the house fully insured and I appreciate that you can't double insure the house (well can't get double payout) but I'm wondering if one could be somehow exposed having signed a contract to purchase but not having buildings insurance.
 
I would think yes, once you have an insurable interest in the house, if you have signed and are committed to completing purchase then I don't see why not.
 
Everyone has to do this.

The bank won't let you draw down the money until there is proof of the insurance being in place.
 
jhegarty said:
The bank won't let you draw down the money until there is proof of the insurance being in place.
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That's what I thought . . so I rang FBD, 123.ie & chill.ie and the concept did not compute which any of those I talked to.
 
You can be sure the bank's own insurance agency will sort it for you at a price! Try a face to face broker maybe rather than the online ones like Chill who can't deviate from the bog standard inquiry.
 
michaelm said:
I suspect that the answer is no but . . is it possible to to take out buildings insurance on a house which you don't (yet) own but have signed a contract to purchase and therefore have an interest in? I expect that the current owner has the house fully insured and I appreciate that you can't double insure the house (well can't get double payout) but I'm wondering if one could be somehow exposed having signed a contract to purchase but not having buildings insurance.
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Typically the sellers policy in place will have a clause whereby a purchaser who has contracted to buy the property will benefit under the sellers policy in the event of a loss. Check with your solicitors that there is insurance cover in place and that there is adequate cover and that the policy does have a purchaser clause. If so, there is no need to attempt to take out a new policy at this stage.
 
I am currently going through this as I have signed contracts on a house I wont get into until end of Jan'13.
Solicitor recommended I get cover on the house as I have a contractual interest in then property.

FBD are are going to call me tomorrow with my options- i will let you know.
 
In the end I just took out House insurance with Allianz as I was able to supply a correspondence address which differed from the new house address.
 
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