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What is indemnity insurance when buying a house


Indemnity insurance is a protection policy sometimes purchased during housing transactions. For a one-off payment, you get a policy that covers the cost implications of a third party making a claim against any defects with the property you are about to buy.

How long do you need indemnity insurance for?

How many years run-off professional indemnity cover do I need? Often, we see clauses in contracts requiring professionals to maintain pi insurance for 6 years after completion of a contract. That being said, there is no fixed rule about how long run-off cover should be maintained.

What is covered by indemnity?

The plan will pay for charges for medical tests and prescriptions as well as from doctors and hospitals. It may not pay for some preventive care, like checkups. With Indemnity health plans, the insurer only pays for part of your doctor and hospital bills.




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