From what I can gather most of the NSW wrappers take out Landlord insurance for their properties as I do. This being (as I understand it) the only product suitable to get a certificate of currency. Happy to be corrected if there is some other type of policy that suits wraps I dont know about.
If one looks at the fine print of the landlord policy, and I have this confirmed by most of the major insurers one needs a current lease as part of the conditions.
I believe that should a house burn down or a similar drastic thing happen then the insurers will look a bit harder at the claim, as pesky insurers are wont to do.
As wrappers we are not landlords so this may give the insurers a good way “out”. We already have issues with purchaser disclosure and I’m sure that no one would like to face the prospect of having to rebuild a house after a fire or similar if the insurance company declines to pay.
Steve was working on a wrap specific product over a year ago and I am wondering if this bore any fruit?
Also, has anyone made a successful claim on their insurance for a catastrophic occurence and if so, what insurance company were you with?
From my acquintance with other wrappers most of us just hope for the best. That may be cold comfort if we are unlucky one day.
Regards,
Bob
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