I'm trying to organise building insurance for my vendor finance clients. I've spoken to GIO and CGU and they do not want to help me out.
What is the best way to organise it? Under landlord insurance or just normal residential insurance?
If its just normal residential insurance, I'm not living there so I can't really put my name down as the insurer. I was also told that I couldn't put my name down under the mortgage section as technically its not under a second mortgage (?)
If I apply via landlord's insurance, is there going to be a problem seeing that its not under a residential lease?
Alternatively, Are there any insurance brokers out there that can help me?
Thanks heaps
VanessaHi Vanessa
I suggest you speak with a reputable insurance broker. They will be able to recommend the best insurance for your situation and also for the best price.
Kind regards
LisaDoes anyone know of an insurance broker that can help me? How does everyone else arrange their insurance or am I asking too much of a sticky question seeing no one else has replied so far.
Which state is the property located in?
Its located in Victoria
Hi Vanessa
Overton Insurance Brokers have a special Building Insurance Policy they have put together for all Vendor Finance transactions, eg, wraps and lease/options. The policy is underwritten by Australian Unity and we have bee using it for a few years now.
I'd suggest you have a chat with Stella Tolios at Overton, on 03 9803 9222. Good luck.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Thanks Paul, I appreciate your help!
I found a lot of people were very cagey about it when I talked to them about how they normally went about it .
Vanessa
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