All Topics / General Property / Body corporate or/and insurance?

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  • Profile photo of gatsbygatsby
    Member
    @gatsby
    Join Date: 2003
    Post Count: 708

    Hi all,
    I own a unit and it is my understanding that the body corporate costs cover insurance? I also have landlord insurance but is this enough? Do I need to take out ‘home’ insurance as well? Your replies would be most welcome.
    Cheers,
    Gatsby.

    Profile photo of Tim_3Tim_3
    Member
    @tim_3
    Join Date: 2004
    Post Count: 35

    Gatsby,

    your body corporate are repsonsible for taking out building insurance, but you could consider contents insurance as well.

    It is worth getting a hold of a few policies and reading exactly what you are and are not covered for with both building, contents and landlord.

    I have recently done this with insurance on units under body corporate, you can pay a lot for very little cover in my opinion.

    I have found Terri Scheer insurance coverage reasonable.

    Mind you most insurance for property investing seems to be across CGU, Allianz or QBE, with a multitude of brokers.

    Tim

    Profile photo of gatsbygatsby
    Member
    @gatsby
    Join Date: 2003
    Post Count: 708

    Hi Tim,
    Thanks for your reply and advice. I’m of the same thinking as it’s only a one bedroom flat. I was interested in it from a legality/responsibility issue as a landlord as well. You mentioned a few major insurers. On another thread I’ve posted a question asking what is the best option regarding income protection. If you have any thoughts on this feel free to reply. Again, thanks mate.
    Cheers,
    Gatsby.

    Profile photo of nolimitnolimit
    Participant
    @nolimit
    Join Date: 2003
    Post Count: 9

    Gatsby
    Landlord insurance also covers you for public liability, (usually 10 million)& for contents of your property. Body corporate insurance covers you for the common areas. Having said this, i would still check with your insurance provider to make sure, never leave anything to chance.
    Cheers

    Take the Best & leave the rest

    Profile photo of Tim_3Tim_3
    Member
    @tim_3
    Join Date: 2004
    Post Count: 35

    Hi Gatsby,

    no familiar with income protection sorry (except for one policy with AMP) as my super is very good for that sort of cover.

    Again differentiate between term and life insurance (I wouldn’t personally go for term insurance).

    Agree with previous comment about the need for public liability though.

    Tim

Viewing 5 posts - 1 through 5 (of 5 total)

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