Holy S***!! my IP burned down!!

[morty]

Hi guys

Got a call from the council yesterday to tell me my IP in regional Vic had been burned down by vandals that night. I was pretty shocked as i live in SA but was wondering if anyone knows anything about my rights/responsibilities etc?

Basically it was an old house that would be knocked down for units anyway in a few yrs but what happened was the tenants moved out without my knowledge 2 wks ago. So the place was empty and someone has kicked in a door and lit a fire in the lounge, the place is now a demo job.

I'm just worried about the process now as i have heard how notorious ins companies are at not paying up. It was fully insured but don't know how the ins company will view the place being empty, even if it was only for 2 wks.

Just wondering whether i should contact a solicitor for advice or whether it all should be fine and i shouldn't worry.

Does anyone have any advice??

Cheers
Morty

 

[depreciator]

First thing to do would be to read the insurance contract.

 

[Rob Williams]

PM Nathan. He'll buy it!

 

[Player]

Hi ya Morty,

sorry to hear of your situation. I'll start by saying that you may not want to share so openly on a forum what your intended plans were for this property. Just my opinion.

Now to the situation. Read your policy and product disclosure carefully. If you have landlords cover (and this would imply a property manager was looking after your rental property), and you were not notified that the tenants did a runner, then I would presume you should be covered.

If the tenants set fire to the property, you should be covered under malicious damage. These should(s) of course will relate back to the wording of your policy and the insurer's interpretation of what your rights versus obligations are to a vacant status..........sometimes this may be regardless of whether you were aware or otherwise.

Re-read the policy and it wouldn't hurt to have your solicitor run through the wording also.

Good luck. The disaster may be an opportunity

 

[Sunfish]

Insurance companies don't like properties being vacant but two weeks would sound fair. Did they do a runner while there was still a lease in place? If so you should be right.

All the best, I understand it must be quite a shock but I think it will all work out OK.

 

[morty]

Thanks for the replies everyone.

I have read and re-read the policy and if it has been burned down by a third party without my permission to be on the premises i am covered so i think i'll be ok.

I told the police about the plans (as i have had a DA in place for about a yr) as i didn't want to hold anything back and the inspector said it was good that i was upfront as he had "heard on the grapevine that that was the case".

As for the tenants they said they tried to contact me to find out when the lease was up but i'm pretty sure they didn't try hard enough as i always answer my mobile. There was never any mention of moving out. One of the deads***s in all seriousness even asked if they could still get there bond back!!

The assessor secured the site last night and i am waiting to hear back from the ins company.

Will keep you posted
Morty

 

[Player]

I told the police about the plans (as i have had a DA in place for about a yr) as i didn't want to hold anything back and the inspector said it was good that i was upfront as he had "heard on the grapevine that that was the case".

Understood, was unaware of the DA. In that case, best to be transparent as you have been

Morty

Good luck ........you've saved on demolition. Perhaps the proceeds will pay/fund at least one of the dwellings you were proposing to develop.

 

[Aaron Sice]

geezus! sorry to hear dude.

 

[Shaneelastic]

Hi,

Can i ask what town it was in?

 

[gooram]

With all due condolances... this sounds like a great result... I wish my termite riddled, leaking IP would burn down

 

[ianvestor]

I wish my termite riddled, leaking IP would burn down

What's the address, and where do you keep the lawnmower fuel?

 

[Whozat]

Wonder if anyone else on the forum has been through a claim of a similar magnitude.

Keep us informed about how it all turns out Morty.

 

[craigb]

good job, I hope the insurance pays you, lol........

 

[HandyAndy888]

PM Nathan. He'll buy it!

Funny, I was thinking the same thing when I read that title...

 

[Fudge]

With all due condolances... this sounds like a great result... I wish my termite riddled, leaking IP would burn down

I actually wish that 1 of mine burns down with the tenants in it.......Oops....can I say that?

I know I am now going to get some hatemail from tenants out there.......

F

 

[meconium]

Sorry to hear about this.

 

[traveller]

If you have landlords cover (and this would imply a property manager was looking after your rental property)

Hi Player,
I will like to know how these two are interconnected?

I mean i have landlord insurance and they are self managed as well...

 

[HandyAndy888]

I wish all of mine burned down, saves me doing the renos...

 

[Player]

Hi Player,
I will like to know how these two are interconnected?

I mean i have landlord insurance and they are self managed as well...

Perhaps I did not word that properly. I was under the impression most policies require not only a lease but also that the property management is undertaken by professional property management. Kind of like a double default.

Do you mind sharing which company covers landlords issues whilst you self manage? And, does it cover malicious damage as well as rent default?

 

[wylie]

I know this question is not to me, but to help others, we self-manage and have insured with Westpac, AMP (currently) and without checking back through my files, when we had our only insurance claim I think it was QBE. In that instance, we could not have had an easier time, with a more helpful assessor and quick, easy payout.

I have been with CommInsure but not sure whether that was our own house or our IPs, but worth checking.

The only issue I had was that we had to have a lease, and it was not to roll over into a month to month lease but I imagine that would apply to those properties with a property manager too.