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| *Loan,banking and credit>>>property insurance |
When buying new property, do we need to get building insurance at point of exchange OR completion of purhace? |
When buying new property, do we need to get building insurance at point of exchange OR completion of purhace? Depends on the contract - many times the builder has a builders risk policy that is in effect, until the point of exchange or completion of purchase. YOU aren't responsible for the building until the completion of purchase, UNLESS the contract says otherwise. My reply to your email did not go through - yahoo says your email has not been verified. So here it is: If you buy the insurance before you own it, and there's a loss before you own it, you can only collect on the policy up to your ownership interest - ie, how much money YOU'VE put into it. There should be an escape clause from the sales agreement, if the place should burn down the day before the sale is complete. When buying any landed or non landed properties it is a must that the said property be covered by insurance to safeguard the banks that is the lenders interest in the property From my experience I insured a business when the new owner was in the process of buying the business as well as the building. He bought it while it was in es row. This is due to the fact while the properly is in escrow the title company will ask for proof of insurance. Thanks |
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