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Homeowners Insurance Policy

August 13th, 2015 at 12:28 pm

So having finally paid off our Dublin house, we now need to tie up some loose ends. I made D make sure that we are not still paying the mortgage (it was an auto payment). Also, Ireland requires a life insurance policy for mortgages, so D was paying 62 euro a month for a policy that would pay about 192,000 euro.

Contrast this to our US life insurance policy for him that is $22.90 a month for $500,000.

The surrender value of the life insurance policy in Ireland is 3000 euro, so we will surrender the policy and keep the US one.

Now we need to make a plan for the 3000 euro. I think it will be half into flights to the UK for next summer and half into emergency fund.

So, now we really can start thinking about next summer's trip to see D's family with a holiday over there for the second week.

5 Responses to “Homeowners Insurance Policy”

  1. My English Castle Says:

    Sounds like a good plan!

  2. snafu Says:

    I'll guess that the Insurance policy for the house in Ireland is quite different than an American 'term' policy which is often bought to protect [pay-off] the mortgage. Does the American policy have a cash surrender value? What is it's expiry date? How does it fit with your hard work to accelerate mortgage pay-off?

  3. VS_ozgirl Says:

    That's great news!

  4. Buendia Says:

    Our American policies are just in an emergency to cover our salaries if something were to happen. Without them, F would have to leave her school and there would be other lifestyle changes. So we're not really evaluating those. They don't have a cash surrender value, and they expire when she is 21. But the extra 62 euro a month definitely fits into our mortgage payment plan! We can start taking that money and either invest it or pay down principal on the US house now that the Irish house is paid off.

  5. FrugalTexan75 Says:

    Great plan with the money!

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