Browse Forums Building A New House 1 Mar 16, 2009 9:35 am Does anyone have any idea as to the cost of taking out builder's insurance, so that if the company I am building with goes broke we wont be stuck without a home. Who do I need to phone?
Any help will be greatly appreciated. Thanks! Re: Taking out insurance before we start building???? 2Mar 16, 2009 9:38 am The builder should organise it on behalf of you - well that's my understanding anyway. Re: Taking out insurance before we start building???? 3Mar 16, 2009 9:38 am The company will have insurance even if they do go broke. If they don't have it, don't build with them.
I don't think any insurance you take out will cover you any further than their insurance would. I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: Taking out insurance before we start building???? 5Mar 16, 2009 10:55 am There will be no cost to you, it is the builders responsibility to have builders insurance and a legal requirement for them to do so, and this covers the house until handover - as well as the builder going broke it covers such things as building site theft and vandalism.
Of course if you have anything of your own on site, it will not be covered - for example, we did our aircon through a separate contractor, builder allowed them access to the site during construction but it would not of been covered by their insurance. We also supplied some tiles ourselves and kept these at our old property (where they would be covered by that property's house + contents insurance) until they were ready to lay them. Probably still a good idea to do some homework about the building company though - if they do go broke, cost of re-building will be covered by their insurance but can be very slow time wise - this happened to my parents and was around the time of the HIH (?) collapse in SA, liquidators took over but house took another 2 years to be finished. Apart from the time factor, indirect costs like paying rent for longer or covering 2 mortgages, could cost you money. I thought this would be a popular question but I haven't been able to find any similar posts. Perhaps I'm wording my searches wrong? When you have car insurance and the… 0 6604 The fastest thing a builder will do is bank your cheque, those systems work perfectly with lightning speed, everything else is slow burn. Just the way it is. 1 8702 Can someone please offer some advice? Im DESPERATE. Because I'm completely and utterly exhausted. How long are variations taking with other companies at the moment? We… 0 18435 |