Home economics

– You do not need this insurance

Several experts warn against home buyer insurance.

- You do not need this insurance

CONSUMER COUNCIL: Be aware that you probably already have insurance that can be used in legal aid insurance, “says Torgeir Øines, Deputy Director of Consumer Affairs.. Photo: CF-Wesenberg / kolonihaven.com

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Home buyer insurance is taken in conjunction with housing purchases.

The insurance is an offer to buyers who believe they need help in a possible legal process. The insurance is considered to be the counterpart of owner change insurance.

Strong increase

In Norway, only Help Insurance offers the product. About 15 per cent of all home buyers, who received a broker’s offer about the insurance, signed an agreement last year.

During the year, Help expects that the proportion will increase to 20 percent.

– Sales have risen sharply every year, last year we increased by over 70 percent and so far this year, growth is over 50 percent, CEO Johan Dolven states in Help Insurance to click. no.

Overfill Risk

DnB NOR Real estate that distributes most of the buying and selling of housing in Norway believes the risk of over insurance is high.

– We have considered Help Insurance, but have chosen not to offer home buyer insurance to our customers. The reason is that we consider it a long way to be a legal aid insurance. This is found in most housing and home insurance. The possibility of double insurance is high, explains Aud-Helen Rasmussen, Head of Information in DnB NOR.

Playing on feelings

General Manager of the Money Doctor and NHH lecturer Agnes Bergo also believes that a home buyer insurance is undesirable.

– Insurance is difficult. The sellers play emotions when they sell the products. Obviously, it is cruel if you get into a conflict. However, it may not be that the insurance would give a conflict-free payment either. Most do not need it, Bergo explains.

The Consumer Council advises customers to evaluate the assurance based on how likely it is that you are going to settle for a seller.

– Be aware that you probably already have insurance that can be used in the legal assistance insurance under “Home and Home Insurance”, Torgeir Øines, Director of Consumer Affairs, points out in the Consumer Council.

Strengthens

The insurance is paid as a lump sum and is valid for five years.

For a condominium apartment it costs 3500 kroner. For self-catering apartments NOK 5000 and for single-family homes and cabins, the price is set at NOK 7500. The idea is that buyers should be stronger in a conflict of housing purchases.

Okay to have

Anders Leisner, lawyer in the Huseiers Landsforbund, also emphasizes that consumers have legal aid insurance on the regular housing or villa insurance.

– This is becoming a diet / benefit question. But the buy insurance is much better if the accident is first out, he says.

Help advertises that they win in 9 out of 10 legal processes. Very many cases are rejected at the first inquiry to the seller’s owner change insurance. But things that are initially rejected as baseless end with complete victory for the buyer, Dolven informs in Help.

Only 5 percent

Help Insurance goes to the courts with only about 5 percent of the cases.

For the other 95 percent, they either get a settlement or buy a missing legal basis, “Øines says in the Consumer Council.

It seems, however, that the company contributes to settlement, but Help does not say how much of the buyer’s business is not able to reach.

– But again; if the buyer expects it to be a trial and wants to be insured against deductible and the other party’s legal costs, the home buyer insurance may be appropriate.

– So the crystal clear advice to home buyers from the Consumer Council sounds?

– Imagine yourself.

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