What do I insure this for?

[TMNT]

without it being illegal or outright dodgy, what/how do I insure this?

Bought property at land value of $150k,
its termite infested, previous owner has basically stripped off and put holes in every wall to see where it was infested,

remove + rebuild would cost say $200k

however, im going to spend my $50k, and fix it all up, fixed up could be worth $270k

I know there is a duty to disclose, however, what am Isupposed to do?

what happens if the house burns down now in its current state, or it burns down at the most basic stage ie all walls removed and its basically a frame and nothing else????

I dont want to be denied a claim but I think its a bit unfair that I have to let them know of every thing I do to the property

 

[wylie]

I would doubt an insurer will insure it in that state.

We bought an IP ten years ago. We were honest on the insurance application, saying it needed painting, etc. It was perfectly liveable and had been rented for 15 years to the same couple.

We were knocked back by one insurer but accepted by another.

Immediately after settlement, we ripped up carpet, sanded floors, put in new kitchen and bathroom but for years afterward whenever we insured anything we had to explain it under the "have you ever been refused insurance" question.

We wrote up an explanation and sent it each time we dealt with an insurer. It was a right royal PITA.

 

[TMNT]

Question; builder is about to start work on this property but has requeste. I be insured in the case of vandalism because the area is a bit dodgy and it'. Very exposed

How do people insure a property thats being fixed up or almost torn down ajd rebuilt?

I assume it would be the same sort of insurance for when you are building new townhouses since the principles are. The same

 

[Scott No Mates]

CAR - contractors all risk insurance.