Earthquake Purchasing

[AlanaP]

We put an offer on a property prior to the chch earthquake last week and are due to confirm tomorrow, we really want to confirm however we're finding it hard to get insurance and not sure we should confirm just in case we don't get insurance prior to settlement which is 2months away.
Any advice? Anyone know an insurance company that is insururing in chch?
We've been to the vendors insurer but they are not taking on any new policies. We can't extend confirmation due to a back up offer being in place.
Any help would be greatly appreciated

[DazRaz]

I got insurance for a house I bought in December. As I understand it, some companies are not taking new policies and some are not taking new clients. I would contact the companies you have other policies with. My house was insured with the company I insure our cars with.

Post the 6.3 quake it will probably take several months of things being quieter before insurance companies will want to take on new contracts. Initially, the message was they weren't taking policies because of the possibility of fraud so perhaps another month they will.

You will need a structural engineer's report before you will be able to get insurance / mortgage.

Let us know how you get on.

[Keithw]

Do not go unconditional until you know you have insurance etc.
Simply ask for an extension of time for the unconditional date, due to the quake.
It is unlikely that anyone else will come along & go unconditional before you in the current circumstances so they are likely to agree, otherwise they walk away from a sale.
Under NO Circumstances should you go unconditional until you are certain you can get all the things you need,(insurance, builders report etc) otherwise you could end up having to settle on a property that ends up being condemned.
You sound emotionally attached to this place, but dont let your emotions override safety in this instance

[donna]

Yeah great advice Keithw - all the boxes need to be ticked in your situation AlanaP otherwise the outcome maybe very unpleasant.

Dare I say it....the offer you put in may in fact be too high now too and you may need to reassess the finance too where the outcome may be you need to put in a revised offer or pull the plug on it altogether.

Cheers,

Donna

[Davo36]

AlanaP, have you rung every insurance company in the phone book? What about trying a broker? This is what they do.