Structual Insurance

D

danb

Registered User
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Is it possible to transfer structural insurance policy on second hand house from vendor to buyer when completing purchase?

Specifically looking for a way to protect against any future potential structural issues even though there are currently no significant issues with the house.
 
some insurers will change the identity of the policyholder. Another way, would be to have yourself added on as a joint policyholder initially and they after a period, simply change nakme again to self only. there may be a bit of red tape in getting names added and deleted but that should be easy to deal with. Also make sure that there is no financial institution interested on policy, other than your own lenders.
 
Why would you be looking to protect yourself from any structural issues? You wouldnt be liable for it as it is up to the buyer to satisfy themselves that all is ok.
You cant remain on an insurance policy if you dont own the property as you have no financial interest in the property once you sell it. The insurance company wouldnt let you just change the title on the insurance policy. The purchaser would have to take a new policy out. No transferring it. Also i cant see them being prepared to have you as a joint policyholder as any cheques from claims over €1270 would be made out to you and buyer.
 
The background is as follows:

Looking to buy a house in a an area that has had history of subsidence.

Insurance companies are not covering against subsidence for new policies in the area.

The house I am looking at has no structural issues acorrding to my engineers report and so I would like to buy it.

I would also like to take advantage of existing insurance policy which does cover the existing occupier against subsidence.

Transferring the policy could allow my to maintain cover against future potential and provide additional security to me.
 
Dont think you can legitametely transfer the policy into your name. A lot of questions on a proposal form refer specifically to the policy, and it would be a material fact not to disclose what you were doing.

Once the engineer confirmed there was no subsidence problems i would be suprised if you cant get insurance cover for it. Suggest you go to a broker who would have access to niche underwriters that would do non-standard policies.
 
Transferring to your name won't work, it'll have to be a new contract. Best shop around for cover. You may get an insurer to take you on if you accept a higher excess on the subsidance part of the policy. Check this out fully before putting in a bid as building cover will be a prerequisite of a mortgage.
 
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