Hi everybody,
We just bought a unit and are waiting for settlement. Just not sure what kind of insurance we need to take out.
We know we need landlord insurance, but should the cover start on settlement day or earlier? Do we need house content insurance for the fittings and fixtures? Any other insurance we need to think about?Any recommendations for insurers? Any comments are welcome.
House and contents – covers the internal fittings,fixtures & fitout ie paint, kitchen, carpet, bathroom/laundry, robes etc
I'm not certain that you would require contents insurance…….after all, its the tenants contents that will need insuring
http://therainmaker.net.au
Small Stock InvestingContents insurance is for the owners contents – you may need to check with your insurer whether it is contents or buildings which covers your fixtures & finishes.
Hi there,
I work in insurance and sell a landlords policy through my company though truth be told it is not great so I would reccommend the policy I use for my own properties which is through Terri Sheer a specialist landlord insurer. This and most other landlords policies will cover for landlords fixtures and fittings such as curtains, appliances, carpets etc. As long as the amount insured within these policies is enough there is no need for extra contents cover as the other items will belong to the tenant and are their responsibility. You will only need building cover of there is no strata insurance. If there is strata insurance ask your strata company for a copy to check it is adequate if not see if you can opt out and take your own building cover (not always possible but doesn't hurt to ask). If there is no strata insurance you will definately need building cover which will cover the structure.
There are many companies who do building and contents insurance that have recently jumped on the landlords bandwagon. Generally speaking their cover is cheaper and does not cover as much such as accountant expenses if the property is audited, adequate loss of rent, cover for accidental tenant damage etc. Read the PDS documents carefully as there is a huge variation in the landlord products available.
Natalie
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