House has been attacked by druggos etc, no windows, no doors etc, you know the drill, we have started cleaning it up, anyone need sone syringes??
What we want to know is if there is anyone out there that will insure it in its current form and keep the insurance updated as we repair / renovate it.
Just thinking we might pay out for new windows and along they come to do it all again.
Does that mean it isnt currently insured? Or it was and they have decided no more?
I assume not insured currently. Call someone up, tell them you are renovating and need cover, at least get a cover note. That it is investment property and will be rented, so you need building and contents (for carpets curtains blinds etc.) If you havent made a claim for this, I dont see a problem.
The reason I say this, some things are not necessary to divulge. FOr instance. My daughter had a car stolen, she told when questioned that she had had this theft. The insurance company bumped up her insurance as a result. I then questioned that company, and said hang on a minute, she told the truth, but she was not insured at the time, she did not make a claim and therefore it is not relevant to your insurance quote. I stated this was in fact irrelevant as she had not made a previous claim.
The company agreed with me and reduced her insurance costs. the basis, she was not insured at the time, she therefore did not make any claim for the loss/theft. therefore she was not actually a liability.
cheers
ElvesNot currently insured, no idea when it last was, renovators delight.. pics at
http://www.qsl.net/vk3hhh/house/house.htm
Worth a try and will give them a call, hate to put windows in and have them broken.
Rags2Riches
Firstly, nice pics. At least you’ve kept you sense of humor. We had a tennant who did about $2k of damage. I had Landlords insurance, went to make a claim and was told if I read the fine print it says that if I had given the person permission to be in the property I was unable to make a claim. Good Luck
Regards
Bernard
What good is Landlords Insurance then ?
Bernard, sounds like you had contents insurance only and not landlords insurance. It’s worth taking out the latter.
We recently bought it like that Bernard so we are not too fazed as we got it like real cheap, it was supposed to go to a rates recovery auction 5 weeks ago, the owner agreed to sell it to us before the auction so we paid the rates and all legal fees and stopped the auction, we have heard that some people were going to pay around 45K for it at the auction, we got it for around 20K.
2 Bedroom with a single bedroom unit.
We Actualy settle this week, he just wants to get rid of it.
Bernard,
What insurance company was that with ?
Did you take out full cover ?Regards,
ElvisLove the commentary Rags.
What you should probably do is contact an insurance company (or a broker), and tell them you’ve just bought a house, it’s current value is $x, but you will be renovating. Ask them how often and how much it would be to up the insurance policy every month or so as you do the work, or if you should insure it for the future value today?
Cheers
MelHey Rags…..just a word of warning…it would be wise to check what all that broken internal and external wall sheeting is made of.From the look of the building from the pics,there is every chance it contains asbestos,and you should be very careful with how you handle it,and how you dispose of it.
Tools
good point tools
anything with that stuff in it needs special handling and disposal
Ah, if there is only one profession lower than politicians around election time, it would have to be the insurance companies, particularly after the listing of NRMA (that $1500 dollars we got was a bribe, not a present, but I digress)
Most IC are hopeless. Eg I was going to get a tree lopped down, which was overhanging the house, rang up for house insurance, was told no problem, we have an impact clause, sign here press hard (I exaggerate, it was over the phone, but you get the idea). Got the book, which said impact damage was only through an accident, and specifically excluded any and all tree lopping!
Most IC’d have some landlord cover, but (first read about this in geoff doiges wonderful books) DO NOT cover arson, and malicious damage by tenants. How much damage can a junkie deadshit[}
] do to a place prior to eviction? a hell of a lot. THerefore, ring up a whole stack of IC’s and specifically ask for cover that covers malicious damage and arson by tenants. Most of the call centre girls will think you have grown two heads and have NFI, and will inform you that their company does not cover that. Ring the second company and progress from there. Might be better to see a broker.Repeat to yourself six or eight times “I will have to pay more for this cover than the cheapie one”, just to give it time to sink in
The only time I would not insure in this fashion is if I was intending on doing a knockdown, and didnt care if the house was trashed.
[^] Loved the pics and the commentary rags [^]
Yes, we all had a good laugh at your expense (come on, guys and girls, we all did, didnt we?), and its great to see that you can also have a laugh at your own expense. Come to think of it, if you got it cheap, it wasnt really at your expense now, was it[]Couple of quick questions-
Where is the house located?
What do you think costs (time, $) in reno, and final value be?
Ever considered carting the crap out, doing the bathroom and kitchen, polish the boards, then living in the slum and doing it room by room?
An IP of mine is empty-Ill pay you a weeks rent birddog fee if you send me the ex tenant[]
] do to a place prior to eviction? a hell of a lot. THerefore, ring up a whole stack of IC’s and specifically ask for cover that covers malicious damage and arson by tenants. Most of the call centre girls will think you have grown two heads and have NFI, and will inform you that their company does not cover that. Ring the second company and progress from there. Might be better to see a broker.
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