When buying a home, it’s key to consider getting the right home insurance. It protects your investment. After all, buying a home for most is probably one of the most expensive things you will do in your lifetime. When is the right time to purchase home insurance? Timing is everything and knowing when to get coverage at the right periods can save you time and money. Let’s look at when the best time is to buy home insurance in Ireland in this guide:
1. Signed and sealed
Before signing the papers on a house purchase in Ireland, you have to take out home insurance. Usually, this insurance verification is a requirement from lenders to complete the mortgage process. Without home insurance, there could be closing delays or even a chance that your mortgage approval could be revoked. A few weeks before your closing date is a good time to start looking for a house insurance quote.
2. Home Renovations
Are you thinking of renovating your home? The value of your property may rise with renovations like putting on a new roof, remodelling your kitchen, or adding on an extension. To make sure any new upgrades are covered, they can also ask you to update your home insurance. It’s a good idea to get a house insurance estimate before beginning any significant renovations to determine how the modifications might influence your premium.
3. Paid off your mortgage?
In Ireland, you don’t need to have house insurance after your mortgage has been paid off. To protect your house and valuables though, you should try to keep your policy in place. Look at the home insurance policy cover once your mortgage has been paid off to make sure it still suits your needs.
4. Major Life Changes
Life changes such as marriage or retirement can sometimes impact your insurance needs. In these circumstances, it’s important to review your home insurance in Ireland. For example, combining households after marriage may require additional coverage for newly acquired belongings. Retirement might prompt a review of your policy to better match your current lifestyle and financial situation.
5. When Your Policy is Up for Renewal
One of the best times to review your home insurance policy and premium is when your policy is due for renewal. Don’t auto-renew your home insurance policy without reviewing it first. Take this opportunity to shop around and compare home insurance quotes in Ireland. This is your chance to find the best home insurance Ireland has on offer, ensuring your policy still meets your needs and budget. Shop around!
