Hi All,
Just about to settle on our first real renovation project and wondering if there is anyone who offers insurance for contents whilst the property is unoccupied and the renovation is taking place?
We have building insurance in place and the the renovation will be 6-10 weeks. Rang our usual insurer who said they won’t cover contents whilst it’s unoccupied.
Any advice much appreciated!
Kaz
Hi Kaz
I'm an insurance broker (although my expertise is more geared to commercial than domestic insurance) but most of the household policies I'm aware of automatically allow up to 60 days unoccupancy – after that they generally pose higher excesses for certain perils such as burglary, malicious damage etc. It sounds like your insurer is being a bit harsh. Most policies also have a clause about what they will and won't allow during renovations or altertions to the building.
The trouble you will be faced with is that not many insurers, I know of, will take on a new policy where the premises are unoccupied and being renovated. Firstly I would get hold of a copy of your PDS from your current insurance company and read what it says in the small print. Trust me, staff at insurance companies often don't know what's in their own policy wordings. Read the sections relating to unoccupancy and renovations. You could also try negotiating a higher excess with your current insurer of say, $1000 – $2000. Otherwise I'd suggest putting your contents in storage while the renos are going ahead.
Hope this helps
Debor look for contractors all risk insurance before you start work.
Thanks for the advice, Deb, we're just trying to insure for any tools/equipment or new things (e.g. a new air con, ceiling fans etc) that we have on site during the reno.
Scott-no-mates – is contractors all risk insurance available to individuals or only companies/organisations?
Kaz
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