Q. My new mortgage lender insists that we maintain buildings insurance cover and so despite having only 2 previous home insurance claims, I am finding it really difficult to obtain cheap insurance quotes. Can you help ? Paddy – Navan Co Meath
A. Perhaps Paddy you did have previous home insurance claims, or maybe have been refused household insurance because of a previous material non-disclosure. These are reasons why you may have encountered difficulty in obtaining house buildings and contents insurance quotes. An adverse home insurance claims history might include
– Burglary – stolen property and resulting intruder damage
– Flood damage, burst pipes or escape of water
– Broken sanitary ware – washbasins, baths, shower
– Fire and smoke damage
– Lost items such as jewellery, keys, credit cards
An adverse insurance claims history is often a problem – being declined for home insurance is another. Once an insurer has decided to cancel insurance cover or declined to invite your insurance renewal for a particular reason, other insurers will often refuse to offer you any form of insurance cover. Once this has happened, finding home insurance quotes will often prove to be increasingly difficult. All insurance companies exchange information about each other’s insurance claims so if you have a mark against you, then they all know about it. If that is the case, then your only option is to accept the “loaded” insurance policy premium and keep the lender happy. Make sure you are covered – imperative you have insurance.