Insurance for Wrap Property in NSW

Discussion in 'Property Investment - Other' started by Shushar, 23rd May, 2009.

  1. Shushar

    Shushar Member

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    Can anyone please recommend where to go or who to contact for insurance on a wrap property?
    Thanking you in anticipation.
     
  2. Propertunity

    Propertunity Real Estate Buyers Agent

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    Are you the wrapper or the wrapee ?
     
  3. Shushar

    Shushar Member

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    Location:
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    Hi,
    I own the property & have "wrapped" it (I'm not sure if that makes me the wrapper or the wrappee... :rolleyes:
    Thanks
     
  4. oc1

    oc1 Developer

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    Call CGU and insure the property with them. Make sure you have CONTENTS cover as well. This will cover things like carpets and other fixtures and fittings not included with just insuring the building. Disclose that you have sold the property on a vendor terms contract from the beginning and it would help if you take photos of the property as well if you ever need to make a claim in the future.

    There's one other company that insures wrapped properties, however, the premiums cost 30% more and the excess is 5 times the amount CGU charge for a malicious damage claim.
     
  5. Shushar

    Shushar Member

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    Location:
    Bullaburra, NSW
    Thank you - I appreciate the heads up!
    :)
     
  6. Propertunity

    Propertunity Real Estate Buyers Agent

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    You are the wrapper. Good advice from oc1.