Browse Forums General Discussion 1 Jul 10, 2012 3:45 pm Hi all Went to insure our new build now we have reached lock up stage and are now eligible. Nearly fell over upon hearing the price companies are quoting us for this build. Approx $1800 per year for house and contents. Wondered why the price has gone up 100% on our previous house (we only left in Feb), which is close by and similar in size, etc. and it was only $900. Rang around a few different companies, all had similar high pricing. Finally found out why ..... it seems that until someone builds in a brand new street and gets a Certificate of Occupancy through their council, insurance companies won't recognise the address - it doesn't come up on any of their systems. Any unrecognised address automatically gets bumped up in price. One company rep told us this build is being put into a zone 3 category, because the address is not listed on the computer, instead of a zone 1 like the last house - causing the price hike. Spoke to another rep, (from same company), querying the high pricing and he denied this auto zoning takes place. He just said insurance has gone up! Hard to believe 100 % in a few months Our friend has recently moved into their brand new home, 300m away in the street next to us and is only paying $800! We presume that his street is already on their system. Seems we are stuck with the price hike for now, since we are the first house in this new street. Decided we will just pay the policy by the month, then once our Certificate of Occupancy is through in a few months, and the street becomes 'known', try and renegotiate with them, or take our business elsewhere. Spoke to yet another rep from same company, whilst making the first month's payment. He did agreed they DO put a massive premium on addresses not showing up on the system. Even told him to look on 'Whereis.com' as the street is there...it does really exists! So he did and agreed he could see it is there. But he still couldn't help us with the price hike as their system is too out of date!. Don't you just love insurance companies!! Settlement 1/2/12 New Shed 23/3/12 Slab poured 27/3/12 Frame complete 4/5/12 Roof complete 1/6/12 LOCKUP 29/6/12 Our new build blog http://kareenhillsownerbuild.blogspot.com/ Re: Costly insurance due building in new estate. 2Jul 10, 2012 3:49 pm For info on our build: viewtopic.php?f=31&t=43093 Built the McLaren by Dechellis - slab down 22 Feb - handover 30 Aug 2011 - and gardens finished 9 Dec 2012!! Re: Costly insurance due building in new estate. 3Jul 10, 2012 8:03 pm We had this problem but the girl we spoke to at Suncorp was very helpful. She matched our house to a nearby address that was on their system and this reduced the premium substantially. She actually tried a couple of different houses in the street because the claim record of an individual house will affect the premium. Our Homebuilding Thread 17th Nov - 1st meeting with PJB architect 27th Feb - Signed contract 23rd Mar - Plans approved 3rd Apr - Slab laid 18th Apr - Roof On 10th May - Lock-up 26th June - Handover Re: Costly insurance due building in new estate. 4Jul 10, 2012 11:22 pm Insurance has gone up though, my current house has gone up from $64 per month to $98 per month... Thats a big increase - its due to the floods last year Built a Hawthorne 31 with EB nessjeffdreamhouse.blogspot.com.au Building an investment now with New Living homes... We are at nearly finished... Just landscaping and driveway to go! 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 2710 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 53211 |