What insurance should you have when buying a home in Ireland?

You will need to have building insurance when buying a house in Ireland. Every mortgage provider will want you to have this insurance to cover the balance of the mortgage if necessary.

Your mortgage provider will require the new homebuyer to have buildings insurance in place to protect the mortgage agreement and their loan to you. Buying a house means you are taking on the obligation of paying back the mortgage, and building insurance is part of the deal.

Home insurance protects the home buyer in case anything happens to the house, such as fire or flooding. The last thing you need is a badly damaged house, but with no means to repair or rebuild it.

MortgageOne can find the right insurance to have when buying a home in Ireland.

There are a few types of insurance to have when buying a home in Ireland, from buildings insurance to contents insurance and mortgage protection insurance. It may look like a lot of extra costs, but the right insurance will be there when you need it.

Types of insurance to have when buying a home:

Your bank statement will always show payments, both outgoing and incoming, to the account. The mortgage lender will expect to see payments and that you are managing your account within your financial limits.

What your mortgage provider will not want to see is late payments, missed payments and too many payments on your monthly bank statement.

Keeping your bank account tidy will be a huge bonus when looking for a mortgage.

Building insurance is the insurance policy you take out when buying a home. It protects both the homeowner and the mortgage lender in the event of any damage to the house.

The building’s insurance policy is for the structure of the house, the four walls, the roof and other parts of what may be thought of as permanent structures. If the home is badly damaged in a fire, due to a storm or a flood, then you will need the building’s insurance.

Climate change is causing severe storms and flooding, so the need for building insurance has never been higher.

Content insurance covers the homeowner when they suffer damage or the loss of the contents of the home. You may think you will never need to insure the contents, but then the unexpected happens, and you are pulling out the insurance policy.

You take out content insurance to cover the costs of replacing your TV, fridge, washing machine, clothes, and other personal possessions. A fire can quickly spread, and smoke damage will ruin most of your possessions. A leak in the roof can seep down the walls and throughout the house, causing damage along the way.

Break-ins are on the rise in Ireland, and the theft of possessions and valuables happens all the time.

A good content insurance policy will cover all your needs and help replace those valuables after a fire, flood, or robbery.

You should be able to combine the building’s insurance with the contents insurance to make one home insurance policy.

Mortgage protection insurance is one of those insurance policies you will know nothing about until you become a first-time homebuyer.

Your mortgage provider may require it, and first-time mortgage applicants may need to take out mortgage protection insurance before signing the paperwork.

The mortgage protection insurance will pay the balance of the mortgage in the case of your death. It will give you peace of mind knowing the family will be ok if you pass away, and the house will not be taken off them.

The right mortgage protection insurance is usually a reducing term cover policy, one in which the amount covered reduces as you pay off the mortgage.

If you have an existing life insurance policy, you could use it as a mortgage protection insurance policy, provided you have enough coverage in the policy in the case of your death.

MortgageOne insurance advisors can walk you through your insurance needs and be by your side when becoming a first-time home buyer in Ireland.

Underinsurance means not insuring your home to the correct value when taking out the policy. If you do not value the home correctly, you will not get the full amount when looking to rebuild the house or replace the contents.

An insurance company may consider the insurance policy invalid if it thinks you have not declared the full value of the home and contents. If you have underinsurance, you risk losing your home and all its contents and valuables when something goes wrong.

It may be an idea to get a professional to value the home so you have the correct insurance policy. You will need to know the full rebuild costs, not just the price you paid for the house at the time of purchase.

Underinsurance puts the home at risk. You may think you’re saving on the insurance policy premium, but you’re not, and it could cost you a significant amount of money.

MortgageOne have the team in place to help with all your home insurance needs.

Contact MortgageOne today to find out more about home insurance and exactly what insurance you need when buying a home in Ireland.

Our experts have the experience to know what insurance is necessary and exactly what you will need when taking out insurance with your mortgage.

The MortgageOne team has years of experience and in-depth knowledge of the Irish market to help you secure the best home insurance policy available.

The team can assist with the paperwork, guide you through the process, and help you obtain the best value on the market.

Call MortgageOne today, and let us help with your home insurance when buying a house.