All Topics / Help Needed! / Type of Insurance for One Block of 6 Units?

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of dsndsn
    Member
    @dsn
    Join Date: 2011
    Post Count: 4
    January 24, 2011 - 7:33 am

    Hi All

    I am new here, so apologies if this is in the wrong forum.

    I just recently purchased 6 units in a single block under one title in Sydney for investment purposes.

    Given this is my first IP, I have to get my head around the different types of insurance and which one is applicable to my siutation.

    So far from what I understand is:

    1. Building Insurance: Insures the physical building from fire, storm, etc but excludes fixtures, fittings & contents. Do I insure 6 units seperately or one whole building? The online quotation forms from most insurers seem to only support individual units.

    2. Landlord Insurance: Covers rent defaults, damage from tenants and may include fixtures & fittings. Again, seperate for each unit or one complete entity?

    3. Body Corporate/Strata Insurance: I still have no idea what it covers. Do I need it?

    Thanks
    Don

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618
    January 24, 2011 - 10:57 am

    One policy to cover the whole.  You may need some contents as well eg curtains, blinds etc.

    You need to talk to someone – an insurance broker or agent.

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    January 24, 2011 - 11:50 am

    likewise I’d suggest you contact an independent broker who can have direct access to underwriters like arrow etc.

    Try brookvale insurance brokers, austbrokers, oamps etc

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.