Hi all
Just wondering what insurance is required when purchasing a house and land package and when? I.e. the land will settle first with the developer and then the construction will commence with the relevant progress payments to the builder.
So do I need insurance on the vacant land - public liability risk perhaps - and are there insurers that even offer this type of limited product?
What happens during the building process? Am I covered by the builder's insurance and what is this type of insurance policy called, so that I can ask the builder to show me proof of its existence?
Hopefully that makes sense. Thanks.
Angela
Just wondering what insurance is required when purchasing a house and land package and when? I.e. the land will settle first with the developer and then the construction will commence with the relevant progress payments to the builder.
So do I need insurance on the vacant land - public liability risk perhaps - and are there insurers that even offer this type of limited product?
What happens during the building process? Am I covered by the builder's insurance and what is this type of insurance policy called, so that I can ask the builder to show me proof of its existence?
Hopefully that makes sense. Thanks.
Angela