Browse Forums Building A New House 1 Jan 14, 2009 8:01 am I was talking to our broker about our budget and he said we should look at getting building insurance. I asked him isn't the builder meant to have that but he said we should have our own as what is going to happen if, for example, a plane fell on our house durring construction?
Does this sound right? We are building with Eden Bray if that makes any difference. Thanks, Re: Does this sound right? 2Jan 14, 2009 8:07 am Is he by any chance selling you the policy?
The builder is responsbile for the build, up until occupancy certificate is issued. If items get stolen or damaged whether its a broken window or broken house the builders insurance should cover it. Before a builder can get your plans approved he need to show he has all these insurances in place. Re: Does this sound right? 4Jan 14, 2009 8:15 am Felix, this does not sound right at all - utter nonsense in fact.
Until final payment of house and handover to you, the property belongs to the builder and he is obliged to have insurance to cover anything from small things like theft or broken windows to planes crashing on the house. We certainly did not have any such insurance and neither builder nor our lender suggested we should. Yes, I know the land belongs to you but not sure what you would be insuring the land for Re: Does this sound right? 5Jan 14, 2009 12:34 pm Felix, our bank requires us to provide proof that we have building insurance prior to making the final drawdown on our loan; essentially, this is to provide proof that their will ongoing insurance cover after the builder's insurance has expired at the end of the build. I hope this is what your broker is talking about otherwise, as others have suggested, it sounds like he is trying it on! Good Luck. 'We make a living by what we get, but we make a life by what we give.' - Winston Churchill construction loans, insurance cover, sydney home loans 6Jan 14, 2009 3:49 pm Felix I was talking to our broker about our budget and he said we should look at getting building insurance. I asked him isn't the builder meant to have that but he said we should have our own as what is going to happen if, for example, a plane fell on our house durring construction? Does this sound right? We are building with Eden Bray if that makes any difference. Thanks, There must be a misunderstanding. On completion, a lot of lenders will require proof that you have building cover for the cost of construction but not during construction. Builder is responsible for insurance until it's handed over. They using concrete or timber sleepers? Timber or steel uprights? Any drainage behind sleeper? 3 5881 Hi We have a road close to our place and only an old flimsy wooden fence between us and the Neighbour closest to the road. Any ideas on a sound proof modular fence. Like… 0 7473 Grate, thank you! RexChan if thats the reason i could sleep well without thinking about additional cost. But 1st i'll need to read about NRV cleaning/replaing stuff. I… 7 31157 |