Why You Shouldn’t Wait Until the Last Minute for House Insurance and Mortgage Protection in Ireland

Buying a home is one of the most exciting—and stressful—experiences you’ll ever go through. Between going sale agreed, organising surveys, and juggling paperwork, it’s easy to put certain tasks on the back burner. But here’s a common mistake that can trip up even the most organised buyers: leaving house insurance and mortgage protection until just before signing contracts.

The Risks of Last-Minute Insurance

Many first-time buyers in Ireland assume they can sort out their house insurance and mortgage protection a few days before closing. Unfortunately, this can lead to big problems. Lenders won’t release mortgage funds until you have both policies in place, and there’s a surprisingly long list of things that can cause delays:

• Survey Surprises: If your pre-purchase survey uncovers issues like structural defects, non-standard construction, or a history of flooding, insurers may ask for more information or even refuse cover.

• Personal Health or History: Mortgage protection often requires a health questionnaire. Pre-existing conditions or medical history can mean extra forms or medical checks.

• Busy Periods: During peak times, insurers and brokers can take longer to process applications, especially if additional paperwork or valuations are needed.

• Missing Documents: If you don’t have all your paperwork ready, you could be left scrambling at the last minute.

Delays like these can add days, weeks, or even months to your buying journey. In some cases, they’ve even caused sales to fall through entirely.

The Smart Move: Get Quotes Early

The best way to avoid stress? Start getting quotes for house insurance and mortgage protection as soon as you go sale agreed. You don’t have to start the policies right away—just having quotes and information ready means you’ll be able to act quickly if any issues pop up.

Here’s how to make the process smoother:

• Contact insurers or a broker early: As soon as you go sale agreed, reach out for quotes. This gives you a clear idea of what’s needed and flags any potential issues before they become urgent.

• Be open about the property: Share your survey findings with your broker or insurer. If there are any red flags, you’ll have time to address them.

• Gather your documents: Make sure you have everything you need—ID, proof of address, survey reports, and any medical information for mortgage protection.

• Compare policies: With more time, you can shop around for the best deal and the right level of cover for your needs.

Other Types of Insurance to Consider

Buying a house is a huge investment, and it’s a good time to review your overall financial protection. Beyond house insurance and mortgage protection, you might also want to think about:

• Income Protection: This pays out if you’re unable to work due to illness or injury—helping you keep up with mortgage payments.

• Life Insurance: Provides a lump sum for your loved ones if something happens to you.

• Serious Illness Cover: Pays out if you’re diagnosed with a specified serious illness.

Every family is different, so it’s worth speaking to a professional who can help you understand what’s right for your situation.

Get Expert Advice from People Who Know the Irish Market

If you’re unsure where to start, a good broker can make a world of difference. Our friends at Lion.ie are experts in helping Irish buyers secure house insurance, mortgage protection, and more. They’ve helped thousands of people through the process and know exactly how to handle any bumps along the way.

So, don’t let last-minute insurance delays jeopardise your home purchase. By starting early, getting your quotes in place, and addressing any issues before they become urgent, you’ll make the final stages of your house buying journey much less stressful.

If you’re at the “sale agreed” stage or just planning ahead, now’s the time to get your insurance ducks in a row.

Need more tips on the house buying process? Check out our other guides and resources on HomeHunterReport.ie, or try our Home Hunter Score Quiz to see how prepared you are for each step!