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.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
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.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.
CheersTake the Best & leave the rest
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
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