Now is the time to shop around for your Mortgage Protection

Why do so many people in Ireland have their mortgage protection with their mortgage bank?  Well, no one really knows, but when we spoke to our customers, the same answers kept appearing.  So many of us lead a busy life, with work, children, sports, the gym, shopping around for insurance comes low on the priority list, so for most people keeping your mortgage protection with your mortgage bank is simply convenient. People often opt for the easiest option, especially when it comes to financial matters. It is convenient to have your mortgage protection bundled with your mortgage, as it involves fewer steps and paperwork, but over the long term, it may cost you more than you think.  A mortgage broker or insurance broker should continually look for the best cover and protection for you, not only cover that protects your property, but also your wallet. 

Another recurring reason people cited for shopping for or searching for an alternative mortgage protection policy, was their trust in their mortgage provider. It is not uncommon for homeowners, who have taken out a mortgage, to have spent significant time engaging with the mortgage provider, be it in person, over the phone or by email, and ultimately developing a relationship. There may be a level of trust established with the mortgage bank, especially if they have a long-standing relationship with them as a customer. People might feel more comfortable sticking with a familiar institution for their insurance needs. The belief for many is that the mortgage bank has a vested interest in protecting the mortgage and the client, however in the majority of cases the mortgage bank outsources the mortgage protection to an alternative insurance company in return for a commission, and ultimately, in the event of a claim, it is often the case that you will not deal with the mortgage provider, and instead a new relationship must be established in what is likely already a stressful time.

Many consumers are not aware of the options available to them. Some homeowners may be of the belief that they must hold the mortgage protection policy with the lending institution or their nominated insurer. This is not the case. At Dolmen Insurance,our mortgage protection experts shop the entire market to find the best cover and protection suited to your needs and budget. Each client not only has a unique property, but unique needs,often which cannot be met fully in a generic 'one size fits all'policy. 

There is also the perceived notion that taking out mortgage protection with your mortgage offers significant cost savings.  As one customer told us, “I believed that getting mortgage protection from our mortgage bank was more cost-effective, especially as they offered it as part of a bundled deal.  However, this year,when the cost went up again, I called our insurance broker and manged to reduce the premium. Dolmen reduced it to lower than the amount I paid when we originally took out a policy two years ago, with the same protection”.  At Dolmen, our team search the market to find our clients the best cover at the best price. It is essential to shop around when it comes to insurance, including mortgage protection. We compare quotes from different providers, so homeowners can potentially find better coverage options, lower premiums, or more suitable terms for their needs.  With access to options you won’t find on comparison sites, it is worth talking to our team today. 

Call: 01-8022385