05-01-2013, 01:53 AM
When I asked my surveyor about "What am I paying a thousand dollars for?". I was basically told that I was paying for the "stamp" and the stamp meant that there was a liability policy of something like maybe 500k (have forgotten actual figure, but it was a lot (no pun intended)). This means if there is a mistake - even in building a house- then somehow the insurance pays to correct it, or remedy it.