Browse Forums General Discussion 1 Nov 01, 2009 8:52 pm Might be a stupid question but do you have to have home insurance while your home is being built, or is it all covered by the builder's insurance?? Caz Caz & Co ALL MOVED IN!! Now comes all the hard work-decorating.... [b]Blog: http://cazoraz.blogspot.com/ Settling in Thread: viewtopic.php?f=31&t=36993 Re: Questions about insurance.... 2Nov 01, 2009 9:05 pm Unless you are owner buiolding, the builder takes out insurance, and needs to provide you with a certificate to confirm the site andgoods are insured, inc public liability. Adrian B Re: Questions about insurance.... 3Nov 01, 2009 11:54 pm Adrian B Unless you are owner buiolding, the builder takes out insurance, and needs to provide you with a certificate to confirm the site andgoods are insured, inc public liability. Yup this is what i was told as well Caz viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Questions about insurance.... 4Nov 02, 2009 6:06 am Yep its the builders cost, so when my painter fell off his ladder and broke both his arms it was my builders problem not mine. Well its probably the painters insurance, but if he decides to sue, it will be to my builder not me. Re: Questions about insurance.... 5Nov 02, 2009 7:49 am Don't forget, however, to arrange a cover note for your building before hand over so there is no possibility of the house being uninsured for even the briefest of times. A member of my wife's family didn't arrange a cover note, and their house was destroyed between hand over and them moving in. Disaster. I seem to recall that there have also been posts previously on this forum about this. Cover notes offer peace of mind for only the cost of ringing up a company and arranging the cover. Better to overlap with the builder's insurance for a few days than to be exposed. Pfiff Finally making progress again, with a clothesline (yippee) and some much needed little things being attended to over the holidays. 40 C on New Year's eve? We love our a/c! Re: Questions about insurance.... 7Nov 02, 2009 8:11 am Ooops, sorry, found it ... I was confused as I refer to it as "interim cover". Here's a quick definition from AAMI: A Cover Note informs the insured that coverage is active - often interim cover and more: 'A cover note will insure you for a short period of time only. This can be anything from 10-30 days, depending on the insurance company. It's enough time for you to receive the insurance Policy certificate and make a decision to accept it or not. If you decide to accept the insurance, you will need to pay the premium by the due date. If you don't pay the premium, the cover will expire.' My signature is distracting people from my wise posts ... Re: Questions about insurance.... 8Nov 02, 2009 8:49 am Sorry, I should have explained, Lex, but you found the answer. Indeed, you phone an insurance company up and they arrange insurance cover over the phone and give you a reference number in case any claims arise. This cover is for a limited time, and the insurance companies offer this service to you hoping that you will then agree to the terms and conditions of their policy and insure with them, although you are not obliged to do so. I've only once not signed a policy with a company that offered me a cover note, and that was because I pulled out of the sale. No drama. Cover notes are typically used for expensive items such as cars, houses, musical instruments, works of art and so on. They are easy and quick to arrange. Back in my school days, just a few short decades ago, a fellow student bought an expensive car, second hand, and totaled it on the way home from the purchase and before he had arranged insurance. He spent several years paying the loan back, and had to take out a second loan to purchase another car (somewhat cheaper). It was from that incident that I learned about cover notes and the wisdom of arranging them before purchase. Pfiff Finally making progress again, with a clothesline (yippee) and some much needed little things being attended to over the holidays. 40 C on New Year's eve? We love our a/c! Re: Questions about insurance.... 9Nov 02, 2009 9:02 am Ooh good idea about the cover note Fif, thankyou Good to know the builder foots all the insurance during the build. Lets hope no-one breaks an arm on the job though..............would slow down my build!! Caz & Co ALL MOVED IN!! Now comes all the hard work-decorating.... [b]Blog: http://cazoraz.blogspot.com/ Settling in Thread: viewtopic.php?f=31&t=36993 Hi Suku18 In NSW the statutory required insurances are: 1. HBCF ( Home Building Compensation Fund) - This is if the builder dies or goes broke. But this only covers 20%… 1 2712 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 7931 I apologise for any confusion, but your understanding is correct. We approached our situation differently based on advice from… 11 53212 |