Hi,
I’ve recently purchased a property which is holiday let and which is administered by a body corporate. I’m a bit unsure whether I need to get separate landlord’s insurance, or whether I’m covered by the body corporate’s insurace. (It covers building and loss of rent if I understand it correctly) I have tried a few of the on-line quotes available from various insurance companies, but as soon as I mention body corporate they all say “Sorry, can’t help you!”
Any tips welcome!
Cheers
ArneArne
Hi there toparn. I have a unit that is also covered by body corporate. I also have landlord’s insurance. The landlord’s insurance covers things like damage from tenants and internal stuff, body corporate does NOT cover this (at least mine anyway). I suggest you get some.
Cheers
“Looking forward to the day when I can tell the boss where to go”
Hi torparn
As Mydral has said the body corporate is responsible for insuring commmon property and should include ‘building insurance’ in their coverage. They should also include satisfactory public liability insurance (especially as the complex is holiday rental).
You need to have landlords insurance to cover your belongings in the unit and also lost rental – also ensure you are covered for public liability for ‘incidents and accidents’ inside your unit.
Derek
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Hey,
To put it even more simply the body corp insures the building structure and anything on the exterior of the buildings and your job as owner is to insure the internal parts of the property, e.g. carpets, kitchen cupboards, other fittings etc.
I personally do not bother with rental income insurance as this is quite costly and the risk should be negated by having good tenants and a decent property manager.
This means all you need is contents and public liability insurance. The liability insurance is usually part of any policy so for a typical 2br unit you might have $20,000 worth of contents that need insuring which can be had for the paltry sum of $130pa.Hope this helps,
Ben [buz2]
Hi there,
Do a search on this site under “Landlord’s Insurance”. There’s been a few threads in the past where companies have been recommended that do the landlords insurance. You shouldn’t have a problem getting it even wiht online quotes.
I’m sure the previous threads will help, give it a whirl.
PK
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