Hi everyone, Im new in this forum. and sorry, my 1st post is long
last yr we bought a unit to live in. It was a brand new one, there 3 unit in 1 piece of land. by settlement, we knew that the building insurance was wit company called CHU and the buider bought that for 3 unit, so my solicitor divide the cost by 3 and we paid abt 300.
We bought the unit because we needed a place to settle and we didnt have enough knowledge on property or anything back then,
so we didnt know all the complication come with unit, like body corp and owner's corporation.
now the CHU policy expire and the solicotors said that we can buy with another insurer, dont have to be CHU, but wen i rang RACV for a quote, they asked if we have a body corp in place. I …have no idea, we dont pay any extra fee the last 1 yr.. but today we receive a letter from a body corp called for annual meeting .So what do you suggest i do abt the building insurance, and do i have to attend the body copr meeting at all??
sorry , just all confused here.
thank you for any feedback
There are 2 levels of insured interests – one for body corporate, which covers the building, common areas, landscaping, garages etc, then there is insurance for office bearers, public liability etc, the second interest is that of the owners ie you and the other two owners – you must insure your 'contents' within your walls that is the kitchen, carpets, paint, light fittings, bath fixtures as well as your furniture & possessions.
It is not compulsory to attend the body corporate meeting however if there are only 3 units and this is the first meeting it is important to have your say on what is to be done by the BC, the appointment of a strata manager, the creation of budgets, how funds are to be expended, the extent of maintenance to be undertaken, the appointment/reappointment of contractors, effecting insurances etc.
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