Important info regarding Home and Contents Insurance
It's been a challenging couple of weeks for one of my clients as we moved through the process of buying their first home! This knowledge is good for everyone so thought I would share.
Lesson 1.
1) If you are wanting to purchase a repaired home that was previously an "as is where is property" - the first thing you need to make sure you can get insurance. Insurers have really tightened up in this area and getting insurance for homes like this, has become quite difficult. This is because there has been quite a bit of bad publicity around poorly repaired homes and also insurers are wanting to limit the risks they take on! (Given they are in the business of risk - this seems a bit over the top to me)……but, this is the reality.
If the vendor of the property does not have all the paperwork from EQC and the Scope of repair, plus an Engineers report signed off by a Chartered Professional Engineer (CPEng) you will find it difficult to get insurance and without insurance you can't get a mortgage.
Thankfully in the end………All turned out ok for my clients because:
a. They had done their homework
b. There was a full engineers report of the work that had been completed and signed off.
🏡😘😍I love happy endings!!
Lesson 2.
2) Always, always, always!! Have your contents cover with the same insurance company that your house dwelling is insured with!
Remember it is your contents cover that provides you with the "alternative accommodation cover" in the event of a disaster. Seems weird I know!! But it does. So imagine trying to deal with two insurance companies if you had a disaster!! Some people in Canterbury know this only too well, as this situation arose in the EQ's!
Happy to talk if you need to. PS: I don't do Home and Contents insurance but I have great contacts and now even more after this week!! 😂😂😂
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