A double home insurance can be the solution for those who are afraid of paying on two mortgage loans.
Are you afraid to be seated with a home you can not sell while you have bought a new one? Or do you want to insure yourself against financial disability as a result of housing shortages? There are three types of insurance to draw for such needs. Ownership insurance is known to most, but in the past there have been insurance policies aimed at the buyer and against those who are seated with two homes.
house purchases insurance
In the past, there has been only seller who has been able to insure (ownership change insurance) against the consequences of a dispute with a home sales. However, the counterparty to the owner-ship insurance has now come, namely the home buyer insurance.
The insurance company Help is the only one who has this offer. Through this insurance you will be able to cover their costs by complaint and a possible legal dispute.
– We take over the entire appeal process and cover all expenses, even the counterparty’s legal costs, “says CEO of Help, Johan Dolven, explaining that they have own employees lawyers who specialize in housing sales and purchases..
The insurance has no deductible but must be subscribed BEFORE the purchase contract is entered into.
However, even if you have signed such a contract, you are not given full financial coverage for all complaints. According to Dolven, their own people will clarify whether the shortcomings are so large that they are a complaint.
A part of what a home buyer insurance covers will already be covered in the legal aid part of a home insurance. The difference is first and foremost that the home buyer insurance does not have an upper limit on legal expenses and that it covers the other party’s costs if you lose the case.
“If the buyer thus believes that it may be appropriate to take legal proceedings further into the court system and, furthermore, wants to insure himself to pay deductible and the counterparty’s legal costs, the home buyer insurance may be appropriate. “, the Consumer Council writes on its web pages in a reply to an insider.
In a slow housing market there may be a risk of being seated with two homes during a transitional period. However, the cost this implies is insured against.
People buy a security and they insure themselves for a large part of the cost of not selling the property, “says Jørgen Jensen, General Manager, Norwegian Broker.. They convey a so-called double housing insurance to selected real estate agents. Currently there are only two companies: Eie og Foss & Co, but Jensen says there will be more.
The insurance means that you get covered parts of the cost it involves sitting with two homes. It is covered up to NOK 15,000 per. month of following costs: Joint expenses, municipal fees, heating and net interest expenses (after tax deduction). Deductions are not covered.
The insurance costs 3900 kroner for apartments and 8750 for detached houses. It must be signed BEFORE the residence is put up for sale, but it does not begin to apply until AFTER THREE MONTHS. The property must therefore remain sold in a quarter before payment begins. In addition, bids within 95 per cent of value can be accepted. If you do not, the cover will be dropped. It must also be proved that in this three-month period you have had a double expense by sitting with two homes.
Warns against lending insurance on housing.
The need for such insurance will vary with how attractive the accommodation is. To the magazine Dine Money, Deputy Director of the Consumer Council, Vidar Holm, says that double-family insurance is first and foremost useful in a slow housing market and where one can not afford to operate two mortgage loans at the same time.
According to statistics from Norges Eiendomsmeglerforbund, sales time for housing in August was 41 days on a national basis, while for Oslo it was 29 days. Slowest went in Tromsø with 97 days. According to the statistics, 35 per cent of the houses were located in Finn. no out more than in three months.
Here you get the cheapest loan
Ownership insurance is a known insurance type for most sellers. This is the seller’s insurance and covers most of the seller’s liability to the buyer.
First and foremost, in view of significant hidden defects, such an insurance might be useful.
The coverage of the different companies will vary. Some cover almost all types of shortcomings, while others have more or less limitations.
The owner shift insurance is not a sesame session for the person who sells housing. Because it is not such that you can take out such insurance and forget all the requirements and duties you have under the Disposal Act. Because even if the company takes the case and makes sure that you apparently escape, it may still end up being retrieved by the company..