Chilling firestorm Video from Victoria bushfires

[Y33]

Pushka,

Show the proof of your facts. Not what you read in some newspaper somewhere but actual facts. Otherwise you are just speculating on newspaper reports, etc.

The only part I can see that has some fact to it is some lenders require house insurance, but what % of these people does it involve.

Put the facts forward otherwise join a gossip forum somewhere.

 

[Raddles]

Hi there Y33
I think there is some confusion about insurance and mortgage insurance here.

Mortgage insurance protects the lender in the event of a default.

Insurance is a requirement of every mortgage document I have ever viewed and it is an event of default not to have it.

Unfortunately, some of the media coverage did highlight some of those adversely affected by the fires were not insured which means they have limited their options when it comes to rebuilding. I think you will find that is why some lawyers were attending the community centres to talk to people who still had mortgage contracts or leasing contracts - and how they could get out of them in their circumstances.
thanks

 

[Y33]

Raddles,

I was referring to house insurance not LMI although it does read that way will edit the mortgage to read house.

Also not all lenders require house insurance but if you are talking mainstream bank lenders then yes unless you negotiate otherwise.

The main issue is there are members who are just regurgitating information sourced from newspapers etc and some of them are doing it purely just to flame and get responses. They appear to like stirring the pot just for the fun of it.

 

[Raddles]

Hi Y33

that makes things a little clearer - but my point is that if there is a lender involved - it is a requirement to have insurance

thanks

 

[Raddles]

Hi Y33

I am now putting you on the spot - show me a lender who does not require insurance - mainstream or otherwise.

I have been in the legal game for over 23 years and I have never seen a mortgage document which does not require insurance to be taken over the security property.
thanks

 

[csc]

issue i have seen regarding lending facilities requiring insurance relates to actual housing insurance..ive seen many times people start off by insuring the property then after even just 12 mths they lapse..banks dont even check to ensure it is still insured...banks seem to be only interested that it is insured on the day of settlement or when the contract takes effect...

bit of a lapse with most institutions regarding this issue by not following up im quite sure.

good luck.

 

[Raddles]

Hi there
nevertheless - the borrower signed a contractual document saying they would insure their property and keep it insured
the onus is on the borrower - the bank could call for a certificate of insurance at any stage - and if it can't be provided - it is an event of default - which would entitle the bank to call up the whole loan to be repaid
I know people do let insurance lapse - but knowing how important adequate insurance is for recovery - there would have to be a better option
thanks

 

[Pushka]

What are we speculating about exactly? The facts are that many people dont have Insurance. Most of us see Insurance as part of the parcel of owning a house; if you cant afford Insurance to insure your most valuable investment then you cant afford to own a home and you need to rent.
If people read their Mortgage documents they are REQUIRED to have Insurance and provide the Lender with a copy of Insurance currency on demand. Where is the speculation? These are the facts.

Pushka,

Show the proof of your facts. Not what you read in some newspaper somewhere but actual facts. Otherwise you are just speculating on newspaper reports, etc.
The only part I can see that has some fact to it is some lenders require house insurance, but what % of these people does it involve.
Put the facts forward otherwise join a gossip forum somewhere.

What facts do you want me to give you. Did I mention 30% - nope. All I said was that many people are uninsured and that Mortgage companies require Insurance - both are facts. I wouldnt have a clue what percentage of houses are uninsured, I leave that to the experts. What do you want?

So, in light of that the experts say:
The Insurance Industry has estimated that 1 in 3 houses involved in the fires are uninsured.
Hell, what would they know! Obviously, you in Japan have a much better grasp of the problem.

Even My Brumby wont come to your aid:
Yesterday Victorian Premier John Brumby said it was too early to say whether money will be allocated to rebuilding properties destroyed by bushfires. Mr Brumby says up to 50 per cent of homes in some areas may have been uninsured or under-insured.
"The issue of whether there is a payment to any householders to assist with the physical cost of rebuilding, particularly for those who are uninsured, is a matter that the Bushfire Appeal Fund itself is examining as we speak," he said.

Ok, who has Mr Brumby been listening to, obviously not you! Or would you accuse him of gossiping too?

But wait, there is more:
INSURANCE companies have revealed one in four homes destroyed by Victoria's fires might not be covered by contents insurance. Twenty-five per cent - 490,000 -of Victorian homes do not have contents insurance and 3.7 per cent - 50,000 - do not have house insurance, figures provided by the Insurance Council of Australia show.

Gossip? Are we done yet? Sort out your own facts before you start throwing stones!

 

[Y33]

Pushka,

Might be in Japan now but you obviously failed to see where I come from as previously mentioned in my posts. I never wrote that you mentioned 30% but that it had been written previously. Also who reported the estimated 1 in 3 by insurance companies without actually putting any actual figures forward?

Are you feeling guilty a little bit? Trying to win some points now by bringing in under insured in to the equation. There is that magic word MAY again. The last part now reads 1 in 4 so what is it? 1 in 3 or 1 in 4? Then you go on about houses in Victoria and quote 3.7% don't have insurance. So which is it now? 1 in 3 or 1 in 4 or 3.7% in the bushfire area.

The point I was making is clearly in the statement below.

Good to see so much energy and time being wasted by those who don't really know what the situation is and are so easy to criticize when the shoe is on the other foot. Try to remember there are victims of these fires that require help and assistance not criticism from computer armchair experts and some requiring help are members on this forum.


Like I said some just prefer to flame for the sake of flaming.

Raddles,

Based on former dealings with BNSW. Happy to pm you with more information if you need it.

 

[Pushka]

Pushka,

Might be in Japan now but you obviously failed to see where I come from as previously mentioned in my posts. I never wrote that you mentioned 30%

Good to see so much energy and time being wasted by those who don't really know what the situation is and are so easy to criticize when the shoe is on the other foot. Try to remember there are victims of these fires that require help and assistance not criticism from pc experts and some requiring help are members on this forum.

You accused me of gossip mongering and not knowing what this is like.


The quote below was my first post on another thread relating to Investment properties and the Victorian fires.

My investment home would be the last of my worries, I said to the kids last night that trying to save a house was not worth risking anyone's life. Including our home. Insurance takes care of the house, nothing compensates for a life lost.

We have had a fire in our house, I know what it feels like to have the fire brigade racing up to my house at 4 am in the morning, I know what it feels like to lose things in a fire. We lost a substantial amount of property. Did this make the news? Nope. Did we get any handouts? Nope. Were we insured? Yes. Have I donated to the fire appeal - Of course. How trite it is to infer I am just a pc expert - you have no idea about anyone on this forum.

 

[Y33]

Now I get it.

You didn't get any help so nobody else should.

Now how would you feel if it wasn't just things you lost but your mother, father, daughter or son. Go up to one of these people and say what you just wrote. If you like I can personally introduce you to some who have and you can give them your opinion.

I do have an idea about some members on this forum. What they write reflects on them as not only a member of this forum but as members of our society.

Why don't we just agree to disagree and if you want to meet some of these people who have lost everything including love ones let me know.

 

[jaycee]

then why are you spendi9ng so much energy offending people like Y33 by ogoing on and on and defending yourself againa and again about this insurance thing ? leave it be... you know the wolrd is not perfect, someimes pple get more than others, other times they get ripped off...

What HELP is this whinging doing ? Will it teach these people a lesson like Ianvestor suggested it would ? I would dare suggest that people who have lost their home and were uninsured dont really need us from the comfort of our lounge rooms to point out they should have had insurance.... they know the situation... and our whinging on this forum to ourselves, or to them will not chagne things - so what is the point of going on about it ?

Just sounds very very insensitive at this stage, and of absoloutely no use to anyone except the complaintants ego.

 

[Pushka]

Now I get it.

You didn't get any help so nobody else should.

Have I donated to the fire appeal - Of course.

Maybe if you actually read people's posts you wouldnt need to take offence!
And once again because you obviously didnt read it the first and second time:

My investment home would be the last of my worries, I said to the kids last night that trying to save a house was not worth risking anyone's life. Including our home. Insurance takes care of the house, nothing compensates for a life lost.

Jaycee, I havent gone on and on about it as you imply, I actually havent posted in this thread for many days.

 

[jaycee]

I didnt imply that one had to write more often than you did to appear to be going on about it...

You made your point, some disagreed with it, what is the point of repeating it ? to piss the people of who disagree with you ?

Lets help no one like crc error said - stuff them, I'm allright Jack..... I had someone tell me something like that about how Australia helps all these ungrateful boat people that no one else wants to help, why should we ? I told him that perhaps if we wer ein the same situation, we'd see it differently. He told me "I doubt that would happen"- yeah, cuase the country you are in will take cae of your when you can't do it for yourself, cause you're country is rich at the moment, NOT YOU...

what the f**K happened to 'humanity' ?

 

[Pushka]

jaycee, at risk of going on about it, I was simply responding to Y. He initially raised the question about rumour mongering, I replied with some info from the Insurance Council etc, he then considered me to somewhat heartless, I then countered with other info I had posted in other threads saying that life was all that mattered.

Perhaps it is the time now, to make people (not those in the bushfire because they have learnt, some of them, the hard way, but the rest of the population) really realise that bad stuff can and does happen to ordinary folk and it is our personal responsibilty to ensure that we protect ourselves as much as possible from the impact of that. So that when the bad stuff does happen, we can concentrate on those things that are really important, like the welfare of our loved ones, and not have to worry about who is going to pay to rebuild the house. That is all I am trying to say!

 

[Y33]

With all the criticism about insurance who has, who hasn't and the money raised CAN anyone show me where one victim of these fires has said GIVE ME MONEY to build an uninsured house or anything else.

Any comments about where the money is going and who will get what and what it will be spent on is speculation until it becomes fact.

The current view of some appears to be guilty before the trial has even begun and these victims do not need to be on trial.

 

[jaycee]

Exactly Y33, well said.

Pushka, Y33 raised the issue of rumour mongring BECVUSE people were oging on about it.... We all hope the world will become perfect so taht we can concentrate on the important thing - guess what, it ain't, people make mistakes that others see as stupid.... yes even you could be guilty of that, I know I have been in my life, but then again Im not infallable.