Browse Forums Building A New House 1 Feb 20, 2010 5:52 am Absolutely correct, the moment you take those keys it is yours. Organise it to take effect the day of handover. Picnic Point - Subdivision and DA Approved -On Hold - March 2012 Georges Fair - Moved in Dec 2013 PP - viewtopic.php?f=31&t=25747 Re: House Insurance - Organise before Handover ? 2Feb 20, 2010 7:24 am One of the requirements of our bank is to have building insurance in place & a copy of the policy before final settlement payment. We will combine our content insurance with this policy. Loretta Built The Jenmark with Cavalier Homes Macarthur. http://camdenacres.blogspot.com/ Thread - viewtopic.php?f=31&t=17870 We are in - front landscaping begins Re: House Insurance - Organise before Handover ? 3Feb 20, 2010 7:36 am We're in the same boat as JohnnyD, the bank requires that we have one in place prior and them to have a policy copy before they will release the final payment. Our Build - Places Fairhaven 23+ - https://forum.homeone.com.au/viewtopic.php?f=31&t=28045 Our Landscaping - Belial's Backyard - https://forum.homeone.com.au/viewtopic.php?f=19&t=45375 Re: House Insurance - Organise before Handover ? 4Feb 20, 2010 8:45 am I think this is standard practice if you have a mortgage - when buying an established house or taking handover of a house you have built - banks / credit unions etc always require proof of insurance. Ours offerrred to do insurance thru them but we prefer SGIC and we had to have SGIC fax a copy of the insurance to them - in fact we have to do this every year when it is renewed too. Re: House Insurance - Organise before Handover ? 5Feb 20, 2010 8:53 am When I move I just tell my insurer the date we are moving in (in your case the date the keys swap hands) and they insure me from that time on. When we purchased our home last time (existing) for the bank to give us finance we had to have a cert of currency off of our insurer for the house which was easy to get. If in any doubt just call your insurer and ask them they are pretty cluey and can help you out. Also if you dont have an insurer yet look around! you can save heaps of money and some companies will beat others prices. Also check to see if you get a discount if you insure more than one item e.g your house, car and contents and maybe even health if they do it, you can save heaps! RHI - BALDIVIS PERTH 2005 Bought/Finished WA Housing Centre Home 2010 Building the Benchmark with REDINK Homes in The Avalon 2013 Building the Michigan with Cont3nt Living In Highbury Estate! Re: House Insurance - Organise before Handover ? 6Feb 20, 2010 3:15 pm how much did you insure for, ie 100% of build cost or was it another amount. Im wondering if things like driveway and fences need to be included in the insured value. Also, would your insurance cover demolition costs as well as build costs should disaster strike? 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 6615 Building a fence now will help limit people dumping rubbish and soil on your property. Many houses in suburbia on small lots have fences up before a build. I moved into a… 1 4390 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 7930 |