Home Insuring home with foreign broker

[ollaetta]

I need to insure a house as an unoccupied dwelling and have received several crazy money quotes from the usual suspects here.

In desperation I checked a few UK sites and was pleased to see that not only will they quote me, their prices are way better value.

I haven't ever heard of anyone doing this before so I'm just wondering if there is any regulation or other reason why I cannot insure the house with a non-Irish broker?

 

[horusd]

Most insurers operating here are foreign-owned. So of itself that doesn't seem to be a problem. I haven't come across your particular scenario either tho and often UK underwriters are reluctant to insure in IRL, so you will want to ensure that the underwriter and not just the broker is fully aware of all relevant information ( I worked for a broker here for many moons). You might want to check with the the insurance federation who might give you a few pointers. Here is the link [broken link removed] . I think they have a helpline. If there is a mortgage on the property, the mortgagee will need to be named and you should also make sure they are happy. Remember as well that insurance on unoccupied properties is often restricted with certain conditions applying. ie water turned off at the mains etc. You probably know all this, but make sure you understand and comply with all such restrictions. Lastly, there may be a regulatory body ( most likely) in the UK, and you could check that your UK broker is listed with it and if not, why not.

 

[horusd]

Sorry ollaeta, I should have clarified something in my post. You might want to ask the IIF about companies registered to underwrite business in Ireland,( probably regulated by the financial regulator here), and make sure the underwriter is listed. You will obviously need 2 know who the underwriter is, so check this with the broker if you don't already know it.Hope all thiis helps. Best of luck.

 

[NorfBank]

I haven't ever heard of anyone doing this before so I'm just wondering if there is any regulation or other reason why I cannot insure the house with a non-Irish broker?

Does the company have a history of dealing with Irish claims, how quickly do they pay out, will they contest every claim?

As with all insurances, it's good to get a cheap price but just be sure it doesn't come back to bite you in the event of a claim. The cheapest is rarely the best.

 

[ollaetta]

Thanks for the replies guys. Good points about checking if the underwriters are registered to operate here and any history of Irish claims. On balance, the safest option is probably to take the premium hit and go with the best offer I get here at home.