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Thread: No insurance

  1. #1
    Join Date
    Mar 2015
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    Brisbane Wellington Auckland
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    Default No insurance

    Where the value of the land is the same as the property has anyone approached the bank to waive the need to insure the house ?

  2. #2
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    Mar 2018
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    Default

    This post isn't clear to me what you are asking exactly? Or wanting clarity on?

  3. #3
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    Default

    Quote Originally Posted by erinak View Post
    This post isn't clear to me what you are asking exactly? Or wanting clarity on?
    Has anyone had success in cancelling house insurance (with the bank approval)

  4. #4
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    Default

    Quote Originally Posted by erinak View Post
    This post isn't clear to me what you are asking exactly? Or wanting clarity on?
    Has anyone had success in cancelling house insurance (with the bank approval)

  5. #5

    Default

    Banks require house insurance as a condition of the loan. Are you planning on removing the house from the land and thus be left with bare land with no improvements?

  6. #6
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    Quote Originally Posted by Sanya View Post
    Banks require house insurance as a condition of the loan. Are you planning on removing the house from the land and thus be left with bare land with no improvements?
    The bank was flexible with one property where I produced a valuation to support the property value was the same with or without the building .
    So they agreed no insurance required.
    Many of my properties the land is the bulk of the value

  7. #7

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    Quote Originally Posted by Beano View Post
    The bank was flexible with one property where I produced a valuation to support the property value was the same with or without the building .
    So they agreed no insurance required.
    Many of my properties the land is the bulk of the value

    Can I ask what bank that was?

    So the building had no value?

    My experience has been where there is improved value (i.e. house, sheds, retaining walls) the bank wants to see insurance to protect "their" interest.

  8. #8
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    Default

    Quote Originally Posted by Sanya View Post
    Can I ask what bank that was?

    So the building had no value?

    My experience has been where there is improved value (i.e. house, sheds, retaining walls) the bank wants to see insurance to protect "their" interest.
    It was the bnz .
    The valuation was done by a panel valuer
    The income with be from yard rental
    The buildings did not add value to the site
    It's really a developer site
    Last edited by Beano; 30-03-2020 at 01:13 AM.

  9. #9

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    Quote Originally Posted by Beano View Post
    It was the bnz .
    The valuation was done by a panel valuer
    The income with be from yard rental
    The buildings did not add value to the site
    It's really a developer site

    Ah. That makes sense then.


 

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