I have just purchased a unit in a block of 8 in Brisbane and on the fax from the agent it has a note "don't forget to arrange insurance". I have never bought a unit before, only free standing houses, and my current insurer does not cover units. Am I supposed to get insurance on the home or on the contents? I thought this is what the body corp insurance covers? I'm a little confused, where to from here?
Hi there
Yes you are correct the insurance will be covered under the Builidng Insurance policy taken out by the Body Corporate.
Some lenders may insist that you take out a separate poliy however this is rare these days.
On the Disclosure Statement the Vendor has to provide you with information from the BC and the insurance details will be on there.
Richard Taylor | Australia's leading private lender
You may still need to get insurance to cover your fitout ie kitchen, floor coverings, paint, robes, curtains etc – check with your strata manager to confirm the extent of coverage.
Qlds007 wrote:Hi thereYes you are correct the insurance will be covered under the Builidng Insurance policy taken out by the Body Corporate.
Some lenders may insist that you take out a separate poliy however this is rare these days.
On the Disclosure Statement the Vendor has to provide you with information from the BC and the insurance details will be on there.
Richard, thanks for the help
i've been an insurance agent w/ nationwide for about a year. i'm feeling a little tied down w/ the whole 9 to 5 workweek. i've been offerred a job as a unit secretary at a well known hospital in my area, making about the same as i do now, but only working three 12hr shifts (monday, tuesday and wednesday) the job sounds wonderful, but i don't know if i should leave the security of my insurance job and totally wing it on a new career path (i have no prior medical history) any advice?
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