All Topics / Help Needed! / Building Insurance

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  • Profile photo of jebrojebro
    Member
    @jebro
    Join Date: 2004
    Post Count: 98
    November 8, 2005 - 3:58 am

    . Hi,
    I’m wondering if anyone has come up against the same hurdle as I just have with regards to getting building insurance. All our previous purchases have been straight buy and hold, so insurance wasn’t a problem. This time we have found a great property in WA to do up and also sub-divide the block. Because we mentioned the R word ie renovation and the fact that we won’t actually be living in it we have been declined building insurance cover by several insurance companies. So what do all the other renovators do our there? I can’t believe that all other renovators live in their properties while doing them up. Have the rules just changed? Maybe I should avoid the term renovation and just say cosmetic rejuvenation. Maybe I should be packing up the swag and the billy can, so that I can truthfuly say I will be living there. Would be very interested to hear anyone else’s experiences. We have been advised to look at builder’s insurance which seems a bit over the top for what we actually plan to do ie no structural changes.

    Thanks a lot

    Jebro

    J L Smith

    Profile photo of PurpleKissPurpleKiss
    Participant
    @purplekiss
    Join Date: 2003
    Post Count: 580
    November 8, 2005 - 8:07 am

    Have you tried SGIO? Alos, I found when I was ringing around that most just didn’t cover theft if we weren’t living in it so we jsut left very minimal stuff at the property.

    Alos find our what constitutes a renovation ie: if you spend over $12,000 you’re supposed to register as an owner builder and take out the relevant insurance, get council permission etc etc. SO it may be that if you’re spending under that, then it’s not consider a renovation in the first place.

    You can then decide whether you mention the word based on the info they give you.

    PK

    Profile photo of jebrojebro
    Member
    @jebro
    Join Date: 2004
    Post Count: 98
    November 8, 2005 - 8:12 am

    Hi PK,

    Thanks. We are still phoning around and will give SGIO a go. Will let you know if we have success

    Cheers

    Jebro

    J L Smith

    Profile photo of PurpleKissPurpleKiss
    Participant
    @purplekiss
    Join Date: 2003
    Post Count: 580
    November 8, 2005 - 8:14 am

    Jebro, I jsut edited my first reply to add a bit more info.

    Profile photo of jebrojebro
    Member
    @jebro
    Join Date: 2004
    Post Count: 98
    November 9, 2005 - 6:41 am

    Thanks again PK

    I was unaware of the spending limit as to what you can call a renovation. Very useful, so thanks. Yes SGIO are much more amenable and now I know which ball park I am in, will try a couple of others as well.

    Cheers

    J L Smith

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