What type of insurance during reno
- Thread starter jaja
- Start date
jaja, ...... I don't understand why the insurance company has made this stand.
I have had several properties left vacant ready for renovation and then vacant whilst renovating, sometimes up to six months. Each time I have notified the insurance company that the property will be vacant for a period of time whilst the work is done. They just make a note on their system in case anything happens while it is vacant.
We insure with NRMA, .. they don't seem to have an issue with it. Maybe take the insurance out with your company as an investor or owner occupier first and once its set up then notify them that it will be vacant whilst work is carried out.
Sometimes we can give these companies/banks too much information, ... as my mortgage broker continually tells me ... "tell/give them only what they ask and no more".
Mystery
I have had several properties left vacant ready for renovation and then vacant whilst renovating, sometimes up to six months. Each time I have notified the insurance company that the property will be vacant for a period of time whilst the work is done. They just make a note on their system in case anything happens while it is vacant.
We insure with NRMA, .. they don't seem to have an issue with it. Maybe take the insurance out with your company as an investor or owner occupier first and once its set up then notify them that it will be vacant whilst work is carried out.
Sometimes we can give these companies/banks too much information, ... as my mortgage broker continually tells me ... "tell/give them only what they ask and no more".
Mystery
Last time we did a renovation and the house was going to be "empty" for more than 60 days I called the insurer (Commbank I think at the time) and they made a note that we were renovating. Had anything happened, our excess went from $500 to $2000 or something like that, because it was unoccupied. It was still covered for everything the policy covered normally.
The funny thing was that while we were almost living there renovating it from early until late most evenings, our own house was almost "vacant". The insurance company should have been more concerned at how long we were away from our own house whilst we were almost living in the IP
.This question has just reminded me that today it is two months since the house we are renovating was vacated. Lucky the new tenants go in tomorrow.
some great advice guysLast time we did a renovation and the house was going to be "empty" for more than 60 days I called the insurer (Commbank I think at the time) and they made a note that we were renovating. Had anything happened, our excess went from $500 to $2000 or something like that, because it was unoccupied. It was still covered for everything the policy covered normally.
The funny thing was that while we were almost living there renovating it from early until late most evenings, our own house was almost "vacant". The insurance company should have been more concerned at how long we were away from our own house whilst we were almost living in the IP
This question has just reminded me that today it is two months since the house we are renovating was vacated. Lucky the new tenants go in tomorrow.
wylie, what is the ball park figure for your policy and did it contain coverage for public liability?
I've just purchased a property and intend to "move in" with home & contents insurance and notify the insurer of minor reno works e.g. under 60 days, under $50K
The time we advised the company of our renovation was seven years ago, so I don't recall the details, and the renovation we are finishing today has normal insurance cover, and advising the insurer we were renovating didn't even cross my mind. It wasn't empty for more than 60 days luckily, and if not for this thread, I wouldn't have given it a thought.
When I called the insurer seven years ago, nothing changed with the policy except the excess if something happened whilst it was "empty".
has normal insurance cover, and advising the insurer we were renovating didn't even cross my mind. It wasn't empty for more than 60 days luckily, and if not for this thread, I wouldn't have given it a thought.When I called the insurer seven years ago, nothing changed with the policy except the excess if something happened whilst it was "empty".
Thanks for reply everyone. It took a week and a dozen of insurance companies/brokers and finally CommInsure agreed to offer us house insurance after a long questioning. Basically, we plan to finish our reno in 60 days, so they didn't consider is as vacant.
The other positive is they are one of six Home and Contents insurances that have 5 star rating on canstar.com.au.
The other positive is they are one of six Home and Contents insurances that have 5 star rating on canstar.com.au.
