Interesting insurance clause

From: Felicity W.


Well, as recommended by many here and elsewhere, I took out building insurance on a house I'm settling on next week. This was because of the small but still possible problem of something happening to the house between contract date and settlement, and the current owner not having insurance.
I was reading through the insurance certificate when it arrived (yes, I do these sorts of things! good sedative at night...) I noticed a clause - you must have owned the property for 3 months.
Hmmmm thinks I - so what effect does that have on my original purpose in taking out the insurance prior to settlement? Was it a waste of time?
Keep smiling
Felicity :cool:
 
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Reply: 1
From: Glenn Mott


If that is the case, there seems little use in insuring with that company
until you have owned the property for at least 3 months....however, if you
want the cover now, another company might be able to help you out.

Regards

Glenn
-----Original Message-----
From: propertyforum Listmanager
[mailto:listmanager@bne003w.webcentral.com.au]
Sent: Tuesday, 13 August 2002 2:33 PM
Subject: Interesting insurance clause


From: "Felicity W." <fwalker@alphalink.com.au>

Well, as recommended by many here and elsewhere, I took out building
insurance on a house I'm settling on next week. This was because of the
small but still possible problem of something happening to the house between
contract date and settlement, and the current owner not having insurance.
I was reading through the insurance certificate when it arrived (yes, I do
these sorts of things! good sedative at night...) I noticed a clause - you
must have owned the property for 3 months.
Hmmmm thinks I - so what effect does that have on my original purpose in
taking out the insurance prior to settlement? Was it a waste of time?
Keep smiling
Felicity :cool:



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Reply: 2
From: Thorpey !


On ya Felicity!
I read the small print too and find out lots of nasties here and there. Hey, you prob'ly even saw the disclaimer about how this insurance company will not be liable for this that and the other too!
I just got off the phone from my lender, triumphant in reversing a $190 charge that was not supposed to be charged. After a bit of conversation about other matters, the guy said he does not check his own statements and did not know how much,or if,a Bpay payment costs!
This was the supervisor of my first point of contact too!

Ye gads, caveat emptor indeeeeeeed!

As long as you read the fine print, however tedious it may seem, you should be ok!

Keep up the due diligence,
regards,
Thorpey (-8
 
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