Do you even know who your buildings insurer is?

Few will dispute that buying a home is an emotional time. It’s near impossible not to get caught up in the excitement of it all, which understandably has you racing through the mountain of paperwork, just to get those keys in your hands as soon as possible.

Well, somewhere in that paper mountain will be your new buildings insurance policy. This is something that your bank will likely insist you must put in place, and rightly so, to protect the physical structure and fittings of the home. After all, they have a vested interest in the property. And quite often, the monthly insurance premium amount is neatly added to your bond repayment. Out of sight, out of mind.

However, it could pay to take a moment and explore your options.

Natasha Kawulesar, OUTsurance’s Head of Client Relations, says, “It’s commonplace for banks to offer their own insurance solutions. Alternatively, they might offer one from a specific insurer thanks to a commercial partnership. And sometimes this can lead to a favourable deal for the customer. However, unless you do a little comparing, you’ll never know for sure if you are getting the value for money you deserve. You’re under no obligation to accept that initial policy presented to you when signing for a home loan. Or one presented by your estate agent or bond originator, for that matter. Of course, securing buildings insurance is a crucial step, but you should certainly shop around.”

Luckily, it’s simple to get a few quotes and usually only takes a few minutes of your time. But, in the long run, you could save yourself a lot of money. Money that could even be directed back into your home loan to pay your home off even faster.

“Another thing to note, is that you can switch anytime you wish,” continues Kawulesar.

“Let’s assume you signed that first policy you were presented, and then simply forgot about it, because it was debited along with your monthly home loan payment. If you never had to claim, you could well have even forgotten who your insurer is. But again, you are under no obligation to stick with that policy. You’re free to shop around at any time to ensure you are getting the very best deal.”

If you would like OUTsurance to quote for your buildings insurance, simply click here or call 08 600 60 000. Not only do they offer comprehensive cover for your home, but for your car, business, life and pets too. You can even request the services of one of their dedicated OUTsurance Brokers who will become your single point of contact.

OUTsurance and OUTsurance Life are licensed insurers and FSPs. Ts, Cs, limits and standard rates apply.