I'm expecting to have an offer accepted on a property later today, which will be the start of my first experience with a small property development.
The block has an existing post-war house in need of major renovations (~$100k), with potential for splitting the block and building a townhouse out the back.
What I'm trying to determine is what type of insurance I need to cover the settlement period (30 days) + however long it sits vacant, plus the renovation period (1-2 months).
The few insurance providers I've spoken to will cover an unoccupied house only if it's cosmetic renovations. But as soon as I mention the work that's needed (new roof, new bathroom & kitchen), they've turned me away.
So for those who have gone through something similar before, what type of insurance should I be asking for, and who can provide it?
Cheers
Jake
The block has an existing post-war house in need of major renovations (~$100k), with potential for splitting the block and building a townhouse out the back.
What I'm trying to determine is what type of insurance I need to cover the settlement period (30 days) + however long it sits vacant, plus the renovation period (1-2 months).
The few insurance providers I've spoken to will cover an unoccupied house only if it's cosmetic renovations. But as soon as I mention the work that's needed (new roof, new bathroom & kitchen), they've turned me away.
So for those who have gone through something similar before, what type of insurance should I be asking for, and who can provide it?
Cheers
Jake