Hi,
We're about to close on a house purchase. We want to do 10-12 weeks work on the house before moving in. Knock down a couple of internal walls, fit a new kitchen, do some replastering and redecorating. PTSB says we need full house insurance to close the purchase.
But insurance companies insist that they will only quote for construction insurance if we will not be moving into the house within the 1st 60 days after close to do construction work. Catch 22.
Was thinking that maybe we could purchase full insurance now to close the deal, but then refund it once the deal is done and then take out construction insurance instead, but pretty sure we'd be outside the cooling off period so would not be refundable.
We're obviously not the first people to encounter this issue. Would anyone have any thoughts on how to resolve this?
Thanks,
Risteardo.
We're about to close on a house purchase. We want to do 10-12 weeks work on the house before moving in. Knock down a couple of internal walls, fit a new kitchen, do some replastering and redecorating. PTSB says we need full house insurance to close the purchase.
But insurance companies insist that they will only quote for construction insurance if we will not be moving into the house within the 1st 60 days after close to do construction work. Catch 22.
Was thinking that maybe we could purchase full insurance now to close the deal, but then refund it once the deal is done and then take out construction insurance instead, but pretty sure we'd be outside the cooling off period so would not be refundable.
We're obviously not the first people to encounter this issue. Would anyone have any thoughts on how to resolve this?
Thanks,
Risteardo.