Thanks Shri
Thanks guys ....I guess I could always throw a mortgage of the property and that would solve the problem.!...then invest funds elsewhere.
By the way, have you asked the lawyer who did your conveyancing? They should have some practical experience with these issues? (Random thought..)
How about talking to someone like Frank Knight or JLL about it? They deal with buildings sales and management and must have dealt with this a lot of times before.
I got insurance on a 40 year building via AXA. The excess for water damage was higher and they added a 25% old age loading, but it wasn't difficult to get the quote.
I was looking at home contents insurance on a flat that is approaching 40 years. hong leong insurance quoted me $10,000 excess or 10% of loss (which ever is greater) for water damage/
I already tried AXA and they said it is too old for them to cover. I think the insurance laws change frequently.
Most of the big companies only insure newer buildings. Im onto a broker now as apparently a lot of the insurance companies don't sell direct now..you have to go through a broker. Maybe they are streamlining their business models and out sourcing to say costs etc.
I have spent days on the phone/internet from Australia sorting all this out and it is really unbelievable for such a simple request to insure a flat that is 40yrs old. Hopefully a broker will sort it out soon.! Good thing is that it is always rented to tenants..thats the plus.!!!