Bank Meeting to Apply for Home Loan (My Insurance Is Less Than The Build Cost)

Regaine123 on 16/08/2020 - 16:34
Last edited 16/08/2020 - 19:20 by 1 other user

Hi
I have a question and hopefully some can help.

I organised my building insurance and my house permits for my build and they asked for a “estimate” which i did I’ve applied and started my insurance … I completed all my quotes and the price of the actual build has gone $80,000 over the insurance construction price and over waht it says on my permits which I gave them a while ago

Will the bank pick up on that and make me change the price that it says on the insurance and on my permits or won’t it matter? I’m covered for 20,000,000

Anyway so hopefully I don’t gotta spend another week or 2 changing that also.

Thanks

• 

  loulou1 on 16/08/2020 - 16:37

  ring your insurance and change it.

  • 

    Regaine123 on 16/08/2020 - 16:39

    I got my bank appointment on Tuesday they won’t change it in time I don’t think , Spose I can try

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      loulou1 on 16/08/2020 - 16:41

      in my experience when i have had to make changes, i ring my insurance and tell them the changes, almost immediately i get emailed an amended policy and i pay via bpay if any extra needs paying

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        Regaine123 on 16/08/2020 - 16:44

        Oh true , that’s good to know
        I just emailed my insurer and see how quick they can do it for me
        Thanks for the help I appreciate it

        • 

          Agarwal on 16/08/2020 - 17:11

          @Regaine123: You're probably better off calling them, they might go through their emails slowly.

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          JimmyF on 16/08/2020 - 17:32

          +1

          @Regaine123:

          I just emailed my insurer and see how quick they can do it for me

          CALL THEM, make the changes. Add a $100k just to be sure you are covered.

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  Muzeeb on 16/08/2020 - 17:34

  +2

  I’m covered for 20,000,000

  That's public liability I'm guessing

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  EFC94 on 16/08/2020 - 18:06

  +5

  Based on your other threads I'm starting to think you should get someone else to manage your build, it seems a little out of your depth.

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  bobbified on 16/08/2020 - 18:23

  Will the bank pick up on that and make me change the price that it says on the insurance and on my permits or won’t it matter?

  Your insurance premium is calculated on the value you're insuring for. If the actual value is much higher and an incident occurs, they will not pay you out the actual value.
  We all know how insurance works - paying the premium is easy, but when it comes to making a payout, they'll try give you a hard time (or totally) for the smallest reason. Don't put yourself in that position.

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    Regaine123 on 17/08/2020 - 05:09

    Yes I agree
    Thanks

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  Seraphin7 on 16/08/2020 - 19:47

  I completed all my quotes and the price of the actual build has gone $80,000 over the insurance construction price

  I’m covered for 20,000,000

  That's one helluva build.

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    Regaine123 on 16/08/2020 - 19:59

    Just to do my second crossing the council
    Needed the insurance of 20,000,000 public liability, just the new rules they have