Hi all,
My apologies if this has been posted before but I had a quick look around and couldn’t find the answer I was after.
Can anyone tell me what kind of insurance I would need to look at while subdividing a vacant block and when the policy would need to start ie. once offer has been accepted, upon settlement etc etc
this is going to be my first investment project so any further insights or advice regarding this matter would be greatly appreciated.
thanks in advance
Cheers
ChrisHaven't done any development myself but these are the most likely insurances you may require
Are you having people work on your land ?
Yes then you need Public Liability insurance as if they get injured you could be liable.http://www.strathearn.com.au/OurServices/PropertyDevelopment/tabid/133/Default.aspx
You may need to insure the construction on it
http://www.buildersbroker.com.au/
http://www.insurancecompared.com.au/explained/other/construction-ins.php
You will also need to insure the workmanship of the construction
see
http://www.realestate.com.au/renovate/building/articles/builders-warrenty-insurance.htm
Hope this helps you in your quest some other forumites may come up with other suggestions.Cheers Duckster, I will check out those links. Thanks. I probably didn’t make it clear in my post but I’m only looking at purchasing the block, subdividing it and then selling off the smaller blocks, not doing any construction as such other than having all the required services connected. Big Cheers again to you. Ta.
I'd probably try and find out if you can get any sort of public liability insurance on it. Just in case any one walks on the site trips over and tries to sue or something stupid. The builder will take out insurances if you do go that extra bit. I've done a block with existing house not vacant block. Let me know how you go with this I'm sure I'll need to know soon
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeI wish they’d just call a spade a spade and call it ‘Public Stupidity Insurance”!
Yeah but then they would have to triple the premium as every idiot would stumble on down!
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email Me
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