Hi,
I am looking for building insurance for my mum's purchase of a small commercial (shop), it is not strata title. Purchase price $450,000, I am thinking of getting building insurance cover of $300,000 such as in case of fire.
What should I look out for e.g. what events to cover etc.
Are there any good insurers for this purpose that you could recommend. Any insurers that I should avoid (PM me).
One consideration is one that pays if a claim is ever made, and a wide range of things covered
Also, should we get landlord insurance for renting the shop out
Thanks in advance
Contact an insurance broker rather than a retail insurance agency ie don't go straight to the NRMA as they do not have access to the same range of products suitable for commercial premises.
The insurance broker can discuss your requirements and will then advise you what you should have eg business package
I think you should consult some good insurance company.
Title insurance is always a good idea. Before a Title Insurance Company will issue a policy, it will research the property to make sure there are no outstanding claims against it (tax liens, previous owners claims, trusts). Without this, you take a chance of someone making an expensive claim and then you would have to pay them off.
Like all owners of buildings owned by insurance must be provided the cost of reconstruction or total market value. There are numerous accessories available for commercial buildings insurance policy that generally available as standard to provide housing policy, which is the cover of the most significant subsidence.
loanmod wrote:I think you should consult some good insurance company.this is always the best advice you can give!
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