Hi,
Just wondering if anyone has been in a similar situation and was able to find a solution….We’ve got our new PPOR on the market (just finished being built so builders insurance ended) and basically to get our insurance in order rang our insurance company which is SGIC and they said they won’t insure a house that is on the market. I said we’re living there so its owner occupied, the only thing thats different is the fact we’ve got it on the market. SGIC said we’ll find noone will insure the home because of the risks involved. I didn’t believe them so i spent the rest of the afternoon ringing around almost every insurance company in the phone book and sure enough he was right, noone will insure it.
I said to them, so all these people who are selling their homes and think they have insurance as normal really don’t should something go wrong? And they said “pretty much”. They said you’ll find that should something happen like the house burns down or the airconditioning unit got stolen and they go to make a claim that their claim won’t be valid because their house is on the market.
Just wondering how people go about this problem? Do people realise their house isn’t insured if they’ve got it on the market?
Kim
No didn’t realise. Interesting dilemma, perhpas contact a broker and see what htey can come up with.
Regards
PKyou hav me thinking now [buz2]
[cigar]hmmm
This is unbelievable – not to say it isn’t true. I’ll have to look into it myself as our house is also for sale. There should be something in the fine print on the policy if it is the case… yuck… reading insurance policies.
Cheers
SonjaGeeze we just sold a property….never considered that the insurance might not cover it while it was on the market
This cannot be right !!
Are you sure it you are not confusing the coverage of the property if it was vacant vs being occupied ?
I understand Insurance companies do not like a property to be vacant for any length of time…Our normal practice has been to contact them after the sale is completed to get a refund on the balance of the premium…
KP
Yeah thats what SGIC told me, they dont care whether its being occupied or not but as long as its on the market, they won’t insure it because apparently the risk of something happening is alot higher. I of course rang back on 4 different occasions and got the same story.
I have managed to get in touch with a broker and he had the worst time in the world trying to find someone who would insure our house, he finally got in touch with a friend who works for an insurance company and did him a favour. Wouldn’t be able to get it just by ringing their standard customr enquiry number because the operators just wouldn’t have the same sort of powers, its either a yes or no for them but luckily this broker has managed to get our place insured. I don’t know what people would do if they’ve got their house on the market and its not occupied [ohno]
I’d recommend anyone who’s got their place on the market to ring their insurer to double check that they are in fact insured. It was a scary few days for us.
Kim
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