Need to confirm you can obtain insurance on a property before making an offer?
It’s common for your mortgage provider or bank to want confirmation that you can secure insurance on any house you are looking to purchase (before they approve your loan).
This is known as a confirmation of cover, or a ‘Letter of Intent’. In simple words, it’s a document that confirms an insurer is able to provide cover on a house. This is usually what you would require if you are yet to purchase the home, but instead you want to make an offer or head to auction. This is different to a “Certificate of Insurance” which you would provide upon purchase of the home and, therefore, the insurance policy.
In summary, in looking to make sure you can get cover on a home, you would obtain a “Letter of Intent” prior to any purchase and a “Certificate of Insurance” upon purchase of the property.
With initio, obtaining a letter of intent is fast and straightforward. After completing a few straightforward steps, you can email a copy to yourself as soon as you’ve filled out the form.
Where can you request a Letter of Intent?
We can provide a confirmation of cover either through a referral or by requesting a Letter of Intent.
1. Get a quote
Visit our 30 second quote calculator here.
2. Complete an application
If you’re happy with the quote, you can continue by scrolling to the bottom and selecting a preferred payment interval (either monthly, or annually). But don’t worry, you won’t have to make a payment if you are only looking for a “letter of intent”.
You’ll then need to fill out our three online application pages. These include information about the property, your details, and completing the disclosure and claims history page.
Fill in these pages as if you will be the successful bidder/purchaser. This means putting your name as the property owner, etc.
3. Submit a referral, or request a Letter of Intent
If we need to review your application, the next option will submit your info for a review. In some cases, a review will require us coming back to you wanting some more information or detail, we aim to do so within one business day.
If no review is needed, you’ll go through to a summary page where there is an option below the make payment section to send a ‘Letter of Intent’ to your email. Select this option and enter your email address.
A confirmation document will be automatically sent to your email, and that’s it! You can then easily forward this to your bank or mortgage provider to finalise the process.
If you need a Letter of Intent, start by getting a quote: