I have just purchased a vacant property that is a definite renovation rescue and I have done my spreadsheet that shows I will make money on this deal – trouble is I can’t find insurance for a vacant house for the next 2or 3 months – most insurance companies won’t insure vacant properties for more than 60 days. How do I go about this other than lying – I will have to sleep at this property for the insurance company to take me seriously. How on earth do you others cope with the insurance problem. I used to advise people when I sold real estate to take insurance on the day the contract was signed. Well I have found that no insurance company wants to know you unless it is owner/occuped or tenanted. If it is vacant they almost go into meltdown. Helpppppppppp!!!!
Hi Fann,
We’re with Elders insurance. During our last reno I contacted them to say the work would take about 12 – 14 weeks but that I would attend site most days. Although they also have a 60 day limit the underwriters gave us a special exemption. It probably helps that we also have several other properties insured through them and have never made a claim.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
I am assuming you have already tried contacting a few insurance brokers
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
First home buyers, investors, refinace, loan consolidation, equity loans, free service we come to you!Hi there
we had a similar problem when we lost properties in the Canberra bushfire – we needed to still have public liability insurance whilst the site was being cleared and before we could either sell our block or rebuild.
What ended up happening was we attached the insurance for our affected properties with the insurance for our principal home. Just wondering if you might be able to approach your insurer for your home with a similar query – if they are interested in keeping your business – they may come to the party
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