Hi all,
Quick question, I own and live in a townhouse and pay body corporate fees and I also have separate house insurance on the place to cover for the usual fire, earthquake, etc etc.
My question is, am i wasting my money with the insurance as someone told me that my body corporate should cover basic house insurance?
You may be thinking, well get the policy and see what it covers, I could but I'm no legal or insurance professional and so wouldn't know what to look for and don't want to get it wrong. Who could I go to without paying enormous fees to get an answer on this?
Thanks
Adam
Body Corporate insurance covers all common areas and external facades of the unit or flat. It also covers public liability in the common areas and driveways.
However, once someone crosses the hearth into your place .. if he falls over, trips, gouges an eye on a stairwell … slips on wet tiles and breaks his back .. burns down the kitchen while having a really tremendous party, the insurance there is what you base your house and contents insurance on. You may be thinking of the insurance as a waste of money, but its like car insurace .. you can pretend you dont need it until something really does happen.
Its a pittance to be spending for the piece of mind that if something really does happen you dont have your back up against the wall .. financially speaking.
great thanks for the very quick response xdrew! I certainly wouldn't cancel it and don't mind paying it, but wasn't sure if I was doubling up paying two insurance premiums that are covering the same thing, but they obviously aren't, so thanks for that…
Adam
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