We know how stressful it can be purchasing your first home you have to deal with banks, surveyors, insurers, solicitors and in some cases insurance brokers.
We have put together some impartial advice on how to make this process less stressful while also saving you money and giving you greater access to suitable insurance products that match your needs.
Don’t buy home insurance from the bank
Banks and lending institutions will try and offer you what they regard as a competitive home insurance quotation. What they don’t tell you is that they only have limited access to the insurance market. This can mean that they only use one insurance company for their home insurance quotations. This can be an issue as the price offered may not be the cheapest available on the market, they may not be able to offer cover in flood risk areas, or home insurance cover for non-standard homes.
Don’t buy home insurance from your mortgage broker unless…….
Similar to the above we would only recommend purchasing home insurance through your mortgage broker if he / she has access to a number of home insurance markets. Typically a mortgage broker will have access to a number of lending institutions for mortgages and only a few insurance companies for home insurance.
Mortgage Protection Insurance Vs Level Term Insurance
One of the lending requirements from the banks involves the mortgage holder having a life insurance policy in place that covers the outstanding mortgage amount. We always recommend clients getting a quote for both mortgage protection and also a quote for level term life insurance. For younger first time buyers it can be a great opportunity to purchase long term life cover at affordable rates.
Get all your ducks in a row prior to drawdown
It is very important to make sure that you can get both home insurance and life insurance cover in place before you decide to put a deposit on a property. We have seen some clients leave the insurance requirements to the last minute and this can delay the closing and drawdown of the mortgage. If you have any previous health conditions or the property you are purchasing is of non standard construction this can cause delays getting cover in place. We always recommend clients ticking insurance off the list first.
At BJP Insurance we can offer clients access to our panel of over 16 different home insurance markets, this ensures that we are able to provide both flexible and competitive insurance quotations to clients at inception of the policy and also at the renewal stage. Through our financial services arm we have access to all of the main life insurance companies operating in the Irish market.
If you are looking at buying a home for the first, second or even third time don’t delay and contact the insurance people today on 01 6674985.