Browse Forums Building A New House 1 Jun 29, 2015 11:23 am Can anyone please explain to me the process they went through to get house and contents insurance for their new build? In ringing insurance companies I'm getting conflicting advice about at what point an insurance company can provide house cover? From PCI? From handover? Thanks Re: House insurance commencement 2Jun 29, 2015 11:29 am You would get it from handover wouldn't you, as I wouldn't want to be responsible for any damage caused between PCI and handover. Our build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=70984 Re: House insurance commencement 3Jun 29, 2015 11:31 am That's what I thought but some insurers say have earlier. Me having insurance does not preclude the builder from having to replace anything that happens before Handover. They don't even need to know we might have insurance already. Just getting conflicting advice on timing. Re: House insurance commencement 4Jun 29, 2015 11:47 am Oh ok, I didn't think you could have 2 policy's on the one thing be it car or house etc, maybe ask an insurance broker? Our build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=70984 Re: House insurance commencement 5Jun 29, 2015 12:04 pm I just did mine online the week before handover as it needed to be in place with the bank listed as mortgagee for them to pay the final invoice. Re: House insurance commencement 6Jun 29, 2015 12:12 pm I did ours a week before PCI which will be a fortnight before Handover. I told them it was a new build etc and just went through the usual questions and values etc and they produced the policy for me to pay within 14 days... I assume builders insurance will cover right until handover but for peace of mind i don't mind paying an extra 2 weeks so there is an overlap and everything is 100% covered. Also remember to get contents at same time even if not moving in straight away as carpet and window coverings etc are contents and also some insurance companies will also cover your items being moved from storage to the new house. Re: House insurance commencement 7Jun 29, 2015 12:47 pm archetto Oh ok, I didn't think you could have 2 policy's on the one thing be it car or house etc, maybe ask an insurance broker? For an insurance claim to be paid the claimant must suffer the loss. Both builder and home owner cannot suffer the same loss, if they could then it would be a derivative product where the insurance company sells protection on a 3rd party. I thought that insurance kicked in at handover as for that reason easily stolen appliances are installed at handover. Interesting.... Great point on contents insurance Re: House insurance commencement 8Jun 29, 2015 1:08 pm AussieMark I thought that insurance kicked in at handover as for that reason easily stolen appliances are installed at handover alot of people have owner supplied products and pending the builders insurance policy (most dont cover owner supply) you may want your own policy to cover things like this, Rangehood, oven, lights etc can i guess be easily enough removed and on sold and all of which are a common owner supplied product... Our last house we insured in the December and didnt end up handing over till the February, we did it becuase of the xmas period and traditional wet season we didnt want any doubts as to what and wasnt covered so if something happened and builder insurance said no then we could claim on our home policy... i guess we always just prescribe to the better safe than sorry model... Re: House insurance commencement 9Jun 29, 2015 2:13 pm Total agree Mr B, I have a lot of owner supplied items that are not covered and specifically looked into getting cover for the items. It was almost impossible and in all cases cost prohibitive. I did not realise you cold insure contents prior to handover. Can you PM me the company you insure with as I would like to see how they quote. Cheers Mark Re: House insurance commencement 10Jun 29, 2015 5:58 pm I had to get my house insurance in place by PCI date, as the house was technically habitable at this statge and therefore the builder's insurance lapsed Dale - Building Newbie Proserpine, QLD The HIA contract, in the term & conditions section states that "Commencment" is deemed when the drainage is started or the piers are dug or the slab is formed up (incase… 2 6109 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 6554 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 7889 |