Guide to Home Insurance for New Homeowners in Ireland

1. Is Home Insurance Mandatory in Ireland? 

Home insurance itself is not legally mandatory in Ireland. However, if you’re taking out a mortgage to purchase your home, your lender will require you to have building insurance before drawing down the loan. This ensures that the property—the collateral for the loan—is protected against damages like fire, flood, and is protected against damages such as fire and storm.  

2. Types of Home Insurance Coverage offered by Allianz

Building and Contents: Allianz offers Building and Contents – which includes: 

• Cover for damages to the buildings 
• Cover for damages to the contents 
• Emergency Home Assistance with up to four callouts 
• Liability as a homeowner up to €3,000,000 
• Fire brigade charges up to €3,000 

Building and Contents: All of the same level of cover as Building and Contents – with the addition of 

• Cover for accidental damage 

3. When Should You Get Home Insurance? 

It’s crucial to arrange your home insurance policy in advance of closing the sale with the policy to take effect from the planned signing date. Your mortgage provider will require proof of insurance before funds are released. Ensure you start researching insurance providers early in the purchasing process to avoid delays. 

4. What Does Buildings Insurance Cover? 

Buildings insurance typically covers the following: 

• Damage from natural events like storms, floods, and lightning 
• Fire damage 
• Theft or vandalism 
• Burst pipes and other water damage 
• Subsidence (depending on the policy) 

It's essential to check the specifics of your policy, as coverage can vary. For example, some policies might not cover flood or subsidence damage if the property is in a flood-risk area, so always ensure your policy matches the risks associated with your location. 

5. Calculating the Rebuild Cost 

One of the most critical aspects of buildings insurance is determining the rebuild cost of your home. This is not the market value of the property but the amount it would take to rebuild your house from scratch. You can use the Society of Chartered Surveyors Ireland (SCSI) online calculator to estimate this cost, or a professional surveyor can provide a precise figure. 

6. Additional Considerations for New Homeowners 

New-Build Properties: If you’re buying a newly built home, it may come with a HomeBond guarantee, which covers certain structural defects for up to 10 years. However, this is not a replacement for home insurance, and you’ll still need to arrange a separate policy. 

Contents Insurance for New Homeowners: Consider adding contents insurance to protect your personal belongings once you move in. Many new homeowners invest in electronics and furniture for their new property, making contents insurance a valuable addition. 

Personal Liability: Standard on Allianz policies, which can protect you if someone is injured on your property. 

7. What to Do in Case of a Claim? 

In the unfortunate event of a claim, it’s essential to act quickly. Contact us as soon as possible. We'll talk you through what happens next and depending on the loss we will immediately appoint a loss adjuster to assess the damage.  

Document the damage with photos and notes. 

Report the incident to your insurer as soon as possible. Will talk you through what happens next and depending on the loss we will immediately appoint a loss adjuster to assess the damage.  

Allianz has an emergency assist line if customers need emergency access to tradespeople.  

Keep records of any temporary repairs or emergency expenses, as these might be reimbursable. 

While home insurance is not legally mandatory in Ireland, it is essential for anyone with a mortgage. By understanding the types of coverage available and tailoring your policy to meet your needs, you can protect your new home and belongings.  

Allianz p.l.c. is regulated by the Central Bank of Ireland.  Standard acceptance criteria, terms and conditions apply.  

This guidance is for general information purposes only. Allianz accepts no responsibility or liability for any losses that may arise from any reliance upon the information contained in this guidance. 

Information is correct as of November 2024.