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When Will Home Buyers Protection Insurance Not Pay Out?

Understanding exactly what you’re covered for is very important for anyone looking to purchase an insurance policy, but we feel that it’s equally important to understand what you are not covered for. Home Buyers Protection Insurance, although very comprehensive and beneficial to home buyers, does have events where the policy will not pay our in the event of. Many people ask, home buyers protection insurance, is it worth it? And we want to give people the best information possible to find the answers they are looking for.

We’ve provided a breakdown of all ‘uninsured events’ to show anyone looking to purchase the insurance the various circumstances that they would not be covered.

As with most insurances, our policy will not cover fees, expenses, or costs paid and incurred prior to the policy start date.
The insurance policy will only pay out if you withdraw from buying the house or property because of events that are not specifically covered by the home buyer’s insurance. For our comprehensive list of what is covered, you can look here.
A common question we are asked is whether the policy will pay out if you have already had a survey performed on the property. The answer to this is no, you aren’t even eligible for the policy if your survey has already taken place. The reason for this is that a survey may highlight cause for a claim being made.
The policy will not cover events that you were aware of prior to taking out the policy that you knew could lead to a claim being made.
The protection insurance will not pay out if you deliberately halt or cause the property purchase to fall through because of negative or destructive behaviour from you, the homebuyer.
If you are trying to claim for costs that could otherwise be covered by either your employer, or another policy you have in place, the insurance would not pay out.
If you can receive a refund on the costs incurred by your house falling through, the policy would not pay out. It covers lost costs, not costs that you have otherwise had reimbursed.
If you are being made redundant from a self-employed position, or you are voluntarily being made redundant from a permanent position, the policy will not pay out.

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