Browse Forums General Discussion 1 Jun 01, 2009 11:17 pm About to send the paper work off tomorrow for the bank (signed mortgage papers YAY) but just read our check list and it says we need insurance and that the bank needs to be listed.... Just a bit confused, as to what insurance we get, as there isn't even a house yet. Thanks in advance. House has been complete since Feb 2010 Moved in April 2010 Outside completed August 2010 Currently working on the inside, painting, blinds, furniture http://ourhouseinperth.blogspot.com/ Re: Insurance???? 2Jun 01, 2009 11:34 pm Hello Blue, I was wondering the same thing and asked my Mortgage man (keystart) via email on friday, but got no reply. I will find out tomorrow. I thought that kind of thing didn't get given to banks/lenders until the house is under construction.. hmmm Built with New Generation (Summit Homes) We own land!... with a slab on it! Plus a shell of a house with stuff inside ! Re: Insurance???? 3Jun 02, 2009 12:13 am We have just had handover and only had to take out insurance just prior to recieving the keys. The builder should have insurance for the period they are building the house, they should give you a copy of the policy when you sign the contract. Sonya Re: Insurance???? 4Jun 02, 2009 3:14 am We've just organised our insurance for when we take possession from the builder next thursday. The insurer wanted to know if the bank had to be added on to the insurance. ( i guess as a company with an interest in the value of the property if it should be damaged. this is pretty standard if you have a mortgage.) in our case the answer was no only because we were lucky enough to be able to borrowed on just the value of the block not the house. This would be what your bank means. The builders have insurance until you take possession. we were actually sent a copy of the builders insurance as a certificate to keep once our paperwork was completed and the build was underway.. Re: Insurance???? 5Jun 02, 2009 7:49 am If I remember rightly, we got 2 copys of the builders insurance, we kept one and had to take one to our lender, the lender just needs to know the building is covered during construction and also covers if builder goes bankrupt - this is the builders responsibilty and is a legal requirement on them - you do not have to take out any insurance yourself untill handover. Re: Insurance???? 6Jun 02, 2009 9:17 am Thank you for your replies we have a copy of the builders insurance, I am going to call the bank just to be sure and hopefully that is what they are needing until we get to handover. I said to hubby that I doubt an insurance place would give us home insurance when you don't yet have a home! House has been complete since Feb 2010 Moved in April 2010 Outside completed August 2010 Currently working on the inside, painting, blinds, furniture http://ourhouseinperth.blogspot.com/ Re: Insurance???? 7Jun 02, 2009 9:41 am Just called the bank and yes, just need to include a copy of the builders insurance. So I have just copied that and will put that in with the other paperwork. YAY!! Sending off my mortgage papers today!!!!!! House has been complete since Feb 2010 Moved in April 2010 Outside completed August 2010 Currently working on the inside, painting, blinds, furniture http://ourhouseinperth.blogspot.com/ Hi there, long-time lurker but first time posting. I've bought a house 2 and a bit years ago and last year we had some major water damage on a converted pergola area… 0 7929 I apologise for any confusion, but your understanding is correct. We approached our situation differently based on advice from… 11 53200 i would not be signing anything on the day read your contract about when builder submits final invoice generally, have to meet builder within 7 days of receiving final… 1 4735 |