[Familyofmonkeys]

I have a question for all of you that have bought a plot of land and had house built...Marie P/Lupin77 etc....

What did you do about insurance for your land before you started building and during building process. Can you reccomend insurance company and what was covered i.e. liability, earthquake/flood damage, etc

Have to get it sorted by friday, as we had overlooked insurance :o

[Lupin]

Insurance for land?!?!?!

What can happen to it?

[Marie P]

Ermmmmmmmmm we didnt get Insurance till we moved in !

Marie x

[Kim39]

Same here. We have a section and all it is, is a section so no need for insurance, and our solicitor said nothing to us either. Why insure it as Lupin says "what can happen to it"


Kim

[Caroline and Dave]

We have not insured our land and our builders have an indemnity insurance that covers any problems during the build. Our covenant states that our house must be adequatly insured once built.

Dave and Caroline

[Hibiscus]

Didn't insure the land, only thing I paid was rates. The house is due to be completed soon and was so busy concentrating selling here and preparing to move I totally forgot about insurance - thanks for the very timely reminder!

[Familyofmonkeys]

What we have been told to insure against is stuff like damage to the services connected to land e.g. water, electricity and phone. The connections could be damaged and cost money to repair. Also, any damage to land caused by earthquake, fire, wind or flooding (not in flood risk zone) that means land is no longer suitable for building on e.g faultline appears across middle of land/severe wind or tornado blows large debris onto land that needs clearing, etc! Also, liability for us...anything not covered by ACC and legal cover for things like squatters.
All the above are normally part of house and contents insurance anyway, just we have no house yet. Normally your cover has a 'land value' part and a 'rebuild house value' part.

Anyone else?

[sizzlingbadger]

If it's a lifestyle block try FMG. We've been looking to transfer to them, they do an LSB insurance package.

[Familyofmonkeys]

If it's a lifestyle block try FMG. We've been looking to transfer to them, they do an LSB insurance package.

Thanks...will have a look :)

[nellyt]

BNZ just told us we should take out liability insurance on our section (which is currently just grass & trees).

[PeteS]

We took insurance out with AMI on our rural 24 acres.

So, you drive along the track on your tractor. You run into a power pole. It falls over starting a fire which spreads to the DoC and Commercial Forest land that surrounds you. 600 Hectares of forest gets taken out and you started it. You would be liable for the cost of the forest lost and the replanting, and the firefighting cost. Insurance would be a good idea at this point.

[Familyofmonkeys]

We took insurance out with AMI on our rural 24 acres.

So, you drive along the track on your tractor. You run into a power pole. It falls over starting a fire which spreads to the DoC and Commercial Forest land that surrounds you. 600 Hectares of forest gets taken out and you started it. You would be liable for the cost of the forest lost and the replanting, and the firefighting cost. Insurance would be a good idea at this point.

Good example :laugh
but yea...agree insurance is worth having.... thanks for reminder...need to check OH sorted ours out!