We are about to comence our 1st renovation late this month. The bank requires insurance on the building prior to settlement. We have contacted our usual insurer who has advised us that they will only insure the building if we are living in it; and insure it for a period of 12 months. We will not be living in this property and the renovation will take about 1 month, then be back on the market……………
Does anyone have any contacts for insurers of this type of project?
James and Michelle
Will your renovation work cost over 20,000? Do you do it yourself or get a contractor?
If it’s over 20,000 I understand that you simply need and Home Warrantee Insurance. I don’t see what else you can possible insured.
If you are doing all work it was to be home builder insurance. It you hire a contractor – he has to provide you with one. I would also request from a contractor a copy of his Public Liability Insurance – it has to be at least 5,000,000 – it will keep a bank happy.
You regular insurer can not provide this type of insurance and they just didn’t know about. We getting our insurance with HIA Insurance – they got pretty good rates and are well organised.
The easiest way is to give them a ring and ask that type of insurance you need. It takes about 5 days to approve the application.
Cheers,
The bank wants you to get normal home insurance, not home warranty. Your normal insurance agency will provide this for you, such as GIO, AAMI,NRMA,Allianz and so forth. You tell the insurance company that you are buying the property and plan to live in it but will be carrying out renevations before you move in. The bank will not give you the money if you don’t insure the property.
Thanks for your tip there Handy man….i will go along those lines
James
NRMA is my preference Pay by the Month…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
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