Home insurance - this is the only way to go without their own roof over their heads upon the occurrence of unfortunate events. And if the housing being constructed? Do I need in this case to insure the expenditures and, if formal insurance, you need to know about this?
Insurance non-existent in reality, for example, nesdannoy, ownership has its pluses and minuses, respectively.
Living space in an unfinished house is cheaper than a state commission has already adopted. The lower floors built, the ceteris paribus less money paid by the buyer. Accordingly, cost, buying apartments in the initial stage of construction - the most profitable investment of money in real estate. Unfortunately, to date, the overwhelming number of buyers can afford to consider only the option of buying an apartment.
But in this case there are no guarantees that the construction will be completed on time and the acquirer will legally valid title to the purchased home. And then the insurance fulfills its primary role - protecting the funds invested in construction. The amount of the premium, depending on the rate of the insurance company, the number of insured risks and the individual characteristics of the insured person vary in the amount of 1,5-5% of the amount of monetary investment.
Another important point. Insurance will allow for free to check reliability of the developer. The fact that a solid insurance company, there is not one year, will undertake to insure a questionable object, and before the conclusion of the insurance contract will check all the necessary documentation and, of course, the financial viability of the developer. Therefore it is better not to go to an insurance company that was created when the borrower is usually in haste, and the existing, usually on the developer means.
Also, remember that in most cases, banks, when issuing a mortgage Require the aforementioned insurance, or insurance, if insurance risks executed separately. So it will still have to insure.
The main risk for insurance - is the risk of losing significant funds in an insured event. The fact that the growth in property prices and rising inflation will make it impossible to get the insurance amount for investments in alternative accommodation. Therefore, in case of loss of unfinished housing, for buying another have to report their own means, with a significant amount.
We can not forget about the many conditions prescribed in the insurance contract, removing all or part of the responsibility of the insurance company. As a result, the amount of insurance compensation may be reduced to a minimum. And of course another well-known point - the cost of insurance itself. Depending on the cost of housing on the annual premium of Moscow and the Moscow region on average from $ 2000 to $ 13000.
What risks are mainly taken to insure? For co-investors, private co-investors is bankrupt the developer, the ability to double sales, breaking the terms of construction work and delays in commissioning of facility construction, destruction or damage to buildings due to accident, fire, explosion and other disasters, various types of fraud, including forgery documents, etc. In addition, there is a so-called title insurance, insurance of property rights. Some banks require the borrower to insure the health and life, as his own, and those whose funds are used for repayment of the loan and interest thereon.
The standard package of documents required for insurance shall include, as a rule, the following:
Decision-Moscow government (local administration) to construct an object -Lease of land for construction, -Contract investment (investment contract) between the local administration and the investor-developer, -Contract between the investor (the insured) and the debtor for payment of investment And contractual chain from the debtor to the investor-builder (if they are separate legal entities) And payment documents for payment of investment.
Often, the insurer may deny insurance, not only because of the unreliability of revealed builder or otherwise identified as a result of the audit. There are cases when one insurance company calls several holders of one object. In this case, the risk of the insured increases sharply, because in the case of the insured event, he will have to pay simultaneously for all contracts.
With regard to the insurance database, each formulates it for yourself. The contract may prescribe the total cost of future housing, but you can insure only real investment in the case of phased payments. In the case of the mortgage insurance is compulsory risk of defaults on the loan, and in this case may be different scheme.
How much insurance is needed? When using the credit money - is required, in accordance with the requirement of a bank or other lending institution. The rest - at the request of the buyer. The choice always remains with those who pay. On the one hand we can say that insurance is an unfinished housing - is a fiction. After all, in fact, insured air, even if some houses are already built, the actual apartment will appear only after putting the house of the state commission, and the rights to it only after the state registration.
On the other hand, lack of insurance can lead to enormous, sometimes irreparable financial losses. And so for someone important - it is not actually visible object, and executed in accordance with the laws of documentation on it. In the end, it was thanks to one of the documentation prices are not built housing is much lower than prices in the already-built house. As in any case everyone should decide for himself, to insure the future of housing or not.
Insurance non-existent in reality, for example, nesdannoy, ownership has its pluses and minuses, respectively.
Living space in an unfinished house is cheaper than a state commission has already adopted. The lower floors built, the ceteris paribus less money paid by the buyer. Accordingly, cost, buying apartments in the initial stage of construction - the most profitable investment of money in real estate. Unfortunately, to date, the overwhelming number of buyers can afford to consider only the option of buying an apartment.
But in this case there are no guarantees that the construction will be completed on time and the acquirer will legally valid title to the purchased home. And then the insurance fulfills its primary role - protecting the funds invested in construction. The amount of the premium, depending on the rate of the insurance company, the number of insured risks and the individual characteristics of the insured person vary in the amount of 1,5-5% of the amount of monetary investment.
Another important point. Insurance will allow for free to check reliability of the developer. The fact that a solid insurance company, there is not one year, will undertake to insure a questionable object, and before the conclusion of the insurance contract will check all the necessary documentation and, of course, the financial viability of the developer. Therefore it is better not to go to an insurance company that was created when the borrower is usually in haste, and the existing, usually on the developer means.
Also, remember that in most cases, banks, when issuing a mortgage Require the aforementioned insurance, or insurance, if insurance risks executed separately. So it will still have to insure.
The main risk for insurance - is the risk of losing significant funds in an insured event. The fact that the growth in property prices and rising inflation will make it impossible to get the insurance amount for investments in alternative accommodation. Therefore, in case of loss of unfinished housing, for buying another have to report their own means, with a significant amount.
We can not forget about the many conditions prescribed in the insurance contract, removing all or part of the responsibility of the insurance company. As a result, the amount of insurance compensation may be reduced to a minimum. And of course another well-known point - the cost of insurance itself. Depending on the cost of housing on the annual premium of Moscow and the Moscow region on average from $ 2000 to $ 13000.
What risks are mainly taken to insure? For co-investors, private co-investors is bankrupt the developer, the ability to double sales, breaking the terms of construction work and delays in commissioning of facility construction, destruction or damage to buildings due to accident, fire, explosion and other disasters, various types of fraud, including forgery documents, etc. In addition, there is a so-called title insurance, insurance of property rights. Some banks require the borrower to insure the health and life, as his own, and those whose funds are used for repayment of the loan and interest thereon.
The standard package of documents required for insurance shall include, as a rule, the following:
Decision-Moscow government (local administration) to construct an object -Lease of land for construction, -Contract investment (investment contract) between the local administration and the investor-developer, -Contract between the investor (the insured) and the debtor for payment of investment And contractual chain from the debtor to the investor-builder (if they are separate legal entities) And payment documents for payment of investment.
Often, the insurer may deny insurance, not only because of the unreliability of revealed builder or otherwise identified as a result of the audit. There are cases when one insurance company calls several holders of one object. In this case, the risk of the insured increases sharply, because in the case of the insured event, he will have to pay simultaneously for all contracts.
With regard to the insurance database, each formulates it for yourself. The contract may prescribe the total cost of future housing, but you can insure only real investment in the case of phased payments. In the case of the mortgage insurance is compulsory risk of defaults on the loan, and in this case may be different scheme.
How much insurance is needed? When using the credit money - is required, in accordance with the requirement of a bank or other lending institution. The rest - at the request of the buyer. The choice always remains with those who pay. On the one hand we can say that insurance is an unfinished housing - is a fiction. After all, in fact, insured air, even if some houses are already built, the actual apartment will appear only after putting the house of the state commission, and the rights to it only after the state registration.
On the other hand, lack of insurance can lead to enormous, sometimes irreparable financial losses. And so for someone important - it is not actually visible object, and executed in accordance with the laws of documentation on it. In the end, it was thanks to one of the documentation prices are not built housing is much lower than prices in the already-built house. As in any case everyone should decide for himself, to insure the future of housing or not.
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