Insurance for a vacant property

Discussion in 'Legal Issues' started by beachgurl, 29th Nov, 2017.

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  1. beachgurl

    beachgurl Well-Known Member

    Joined:
    18th Jun, 2015
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    1,320
    Location:
    Sydney
    I currently have a house on the market for sale and my insurance premium is due. That insurer has stated that as there is no intention to re-let the property, the policy I have currently is not suitable as they do not have a building only policy.
    Can anyone recommend an insurance company that will insure a vacant property? Hopefully it won't be on the market for much longer so fingers crossed the insurance would only be needed for 2 months or so.
     
    beachgurl, 29th Nov, 2017
    #1
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Many policies have a xx day rule for vacancy.
     
    Paul@PAS, 29th Nov, 2017
    #2
    Hosko likes this.
  3. NedKelly

    NedKelly Well-Known Member

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    3rd Aug, 2015
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    Location:
    Gold Coast
    Hi beachgurl. Did you ever manage to find insurance for this? I find myself in the same situation and would prefer not to be uninsured.
     
    NedKelly, 15th Jul, 2019
    #3
  4. Mavis

    Mavis Well-Known Member

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    25th May, 2016
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    Location:
    Illawarra, NSW
    Most insurers should provide insurance for property that is unoccupied for up to 60 days and if it is more, they note it in their system and there is additional excess or premiums for it. We had our policy GIO when we were getting renovations done and no one was living in it for >60 days. That said, we did have some form of contents insurance albeit very minimal.
     
    Mavis, 16th Jul, 2019
    #4