Home Buyers Guide

Chapter 8: Insurance

Insurance for home owners...cont:

Alternatively, you can choose ‘level term insurance’. Level term insurance is a little more expensive, but the cover
remains consistent for the term of the insurance.

So using the example above, term insurance would pay out the full €250,000 after 25 years, whereas the decreasing cover would pay out €81,000. If you have level term insurance, the mortgage would be paid off and the balance of €169,000 would be left to your estate.

If you take out a joint mortgage, you are required to take out a policy to cover both you and your partner, so that the mortgage would be completely paid off if either of you died.

House Insurance (structural cover)

House insurance generally covers the structure of the home against damage by fire, explosions, storms and floods, malicious damage, subsidence and landslip.

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