So you’re buying a house and after all the legal odds and ends are tied away you pay a deposit of 10% and sign a contract. That’s it, you’re legally bound to complete the purchase no matter what.

Prudent buyers will then decide to protect their interest in the property by taking out home insurance but there’s a little snag. They can’t, because all the insurance companies say they do not have an interest in the property so they cannot have cover.

If they don’t own it, they cannot insure it!

Now anyone who is borrowing from a bank will know that they cannot draw down their cheque until their insurance is in place so they have to get insurance to satisfy the bank.

The only way to get it is to lie on the proposal form and say they own the house even though they don’t, not yet at least. So one lie later and a few hundred euros poorer you have insurance cover on paper at least.

In practice you have signed a false declaration to an insurance company which is ample grounds for repudiating your insurance at ANY time in the future.


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