Insurance before title

[marks]

Hi,

I'm doing a build on a development in Qld. (ipswich area)
The land is not titled yet but I have a contract on the site which settles 14 days after title.

Should I have insurance yet or after title or if at all?

Is everything the builders issue until handover?

thanks.

 

[mattnz]

Please confirm - are you the developer, or are you the one purchasing after the block is titled?

 

[marks]

I'm the buyer.
I'm buying the land and have a building contract for that land.

the land isn't titled yet. expecting to be titled within the month.

I have a Qld Law contract for the land and a builder's contract for the build on the land.


Cheers.

 

[mattnz]

I wouldn't have thought you would require insurance on the land in advance of the builder starting work, unless your lender requires this.

Once under construction the builders insurance policy will cover the site until handover.

 

[Colin Rice]

I wouldn't have thought you would require insurance on the land in advance of the builder starting work, unless your lender requires this.

Once under construction the builders insurance policy will cover the site until handover.

Lenders usually only require the building to be insured for the same as or more than the replacement value noted on the final valuation.

Best to check with your broker/bank and conveyancer for 100% peace of mind.

 

[Aaron_C]

There's no need to insure vacant land since there is nothing on there to insure.

 

[marks]

thanks everyone

 

[Strannik]

There's no need to insure vacant land since there is nothing on there to insure.

what about liability, in case someone wanders on your block of land and manages to break their leg? or is it considered their fault since you didn't give them permission to go there?

 

[PrimeProperty]

The first place to start is your contract. The contract will clarify who is responsible for insurance. Then based on the contract provisions, you can determine what (if any) insurance is required.