Browse Forums General Discussion 1 Sep 11, 2011 6:18 pm My home has just finished building and wondering when to get home insurance. I am buying 80% brand new furniture. Should i wait till i finish getting all the furniture and security systems? Or just get it now? My mortgage is with Westpac and they offer 5% discount on home insurance. Should i go with them or some other companies? DAP 7/3/2011 Site start letter 13/4 Earthworks 1/5 Set out 16/5 Storm water and sewer 16/5 Frames 30/5 Roof Tiles 7/5 Lock Up 23/6 Fix Out 30/6 Electrical 20/7 Plumbing 25/7 PCI 19/8 Re: When to get home insurance? 2Sep 11, 2011 6:23 pm Definately shop around. You should have insurance when you take possession though. My building thread : viewtopic.php?f=31&t=36059 Paid initial deposit 24/7/10 Tender appointment 20/8/2010 Flooring and tile appointment 25/9/10 Colour and Electrical appointment 13/9/10 December site start delayed Site start (YAY!) 17/1/11 Slab pour 1/2/2011 Re: When to get home insurance? 3Sep 11, 2011 8:55 pm Hi Ginz88, i would def recommend taking out insurance now for building cover and just increase your contents cover later after you've purchased all your furniture. Im pretty sure that CGU underwrite westpac insurance policies so shop around, aami have pretty good cover and their premiums were much cheaper when we organized it last year. Re: When to get home insurance? 4Sep 11, 2011 10:55 pm Hi, Most banks will not release funds for the final payment to the builders unless they have a copy of the insurance policy. You should also check your mortgage documents as often they will list the minimum amount the home must be insured for. You can always increase your contents cover later to cover any additional purchases. Shop around for some insurance quotes as the amounts can differ and be aware of exactly what is covered. House - Lockup completed 23rd December 2011 - Painters are in!!! https://forum.homeone.com.au/viewtopic.php?f=31&t=37261&start=0&hilit=Blaxland Re: When to get home insurance? 5Sep 14, 2011 9:29 am My understanding is home insurance is compulsory for a mortgage, just like for a car loan. Though my bank never checked if I had it or not. The reason is that the bank wants to know they can get their money back by foreclosing if you stop paying your mortgage, and they can't do that if your house has burnt down and you didn't have insurance. Metricon Riva 33 - http://herlihy-riva.blogspot.com Site start 15/03/2010 - Handover 23/12/2010 9 months and 8 days (284 calendar days) from site start to handover Re: When to get home insurance? 6Sep 14, 2011 6:55 pm With my loan one of the conditions before releasing the final funds was for the insurance policy or a certificate of currency. It had to mention the sum the home was insured for as well as showing the bank had a financial interest in the property. House - Lockup completed 23rd December 2011 - Painters are in!!! https://forum.homeone.com.au/viewtopic.php?f=31&t=37261&start=0&hilit=Blaxland Re: When to get home insurance? 7Sep 24, 2011 8:43 pm garyFinn-please check your private messages! Deemaree Kyndylan Capers: viewtopic.php?f=36&t=46852 My blog: http://www.sufficientlysufficient.blogspot.com/ Re: When to get home insurance? 8Oct 06, 2011 11:03 pm Thanks all, and another question Is builders insurance same as building/home insurance??? When i signed the contract to build, QBE issued me or my builder domestic building insurance. But thats not the same as home+contents insurance right? Sorry for stupid question again. DAP 7/3/2011 Site start letter 13/4 Earthworks 1/5 Set out 16/5 Storm water and sewer 16/5 Frames 30/5 Roof Tiles 7/5 Lock Up 23/6 Fix Out 30/6 Electrical 20/7 Plumbing 25/7 PCI 19/8 Re: When to get home insurance? 9Oct 07, 2011 9:42 am It's not the same thing. The builders insurance covers the builder & build site until you formally take possesion from the builder. Building/home and/or contents insurance is what you arrange once you are in possession to cover your home & contents. Deemaree Kyndylan Capers: viewtopic.php?f=36&t=46852 My blog: http://www.sufficientlysufficient.blogspot.com/ Re: When to get home insurance? 10Oct 07, 2011 5:01 pm Deemaree It's not the same thing. The builders insurance covers the builder & build site until you formally take possesion from the builder. Building/home and/or contents insurance is what you arrange once you are in possession to cover your home & contents. Thanks heaps. I better hurry and get home insurance then, been living in my new home for 1 month with out insurance. DAP 7/3/2011 Site start letter 13/4 Earthworks 1/5 Set out 16/5 Storm water and sewer 16/5 Frames 30/5 Roof Tiles 7/5 Lock Up 23/6 Fix Out 30/6 Electrical 20/7 Plumbing 25/7 PCI 19/8 Re: When to get home insurance? 11Oct 07, 2011 5:37 pm OMG. If I was you I would be straight on the phone and arranging some cover now. That is way too much risk if something happens and the house burns down or something else major. House - Lockup completed 23rd December 2011 - Painters are in!!! https://forum.homeone.com.au/viewtopic.php?f=31&t=37261&start=0&hilit=Blaxland Hi Suku18 In NSW the statutory required insurances are: 1. HBCF ( Home Building Compensation Fund) - This is if the builder dies or goes broke. 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