G-Day Team
When your unit is covered under a strata body corporate insurance do you still need to get building insurance or not. I know you still have to get land lords insurance but I am not sure about the building insurance. Also how many people out there actually take out rent default insurance…is it really work it, I heard that there can be a bit of a wait if you make a claim with the bond and all the other bits and pieces that goes with it….?
Thanks [:o)][
][]Cornel, the body corporate is responsible for the building insurance, but if you are unsure as to whether or not you should insure inside (I’m not sure if that includes the internal walls, but I think it does), ask the body corporate what EXACTLY they cover. I always get $10K contents, as that covers my carpets, light fittings, window dressings etc. etc. You also need to get some public liability insurance, which is covered in my contents policy – $10M.
Cheers
MelHi Mel,
$10M for public liability these days isnt much, check with CommInsure they are offering $20M, for a normal coverage….(i think) [?]
The way this world is going, people are sueing for the littles things, even sueing when they hurt their pinky finger.
Cheers,
sisSIS, last time I looked closely at my policy it was $10M. I know it was an increase from the $7M that used to be ‘normal’. I assume that my cover is still $10M. If they want to come after me for more than that – good luck getting blood from a stone!
Cheers
Melalso make sure your strata body is not underinsured. often people don’t realise how much building costs have increased. also add $40-50k for a ite clean up in the event of a disaster.
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how do you know if stata has enough insurance?
Postie,
The strata co’ should get a building valuation done, im not sure how often but it may be every 2 years, then you just find out over the phone or in person what the insurance figure is and decide for yourself.
Be wary on contents insurance for older properties, i was about to go ahead with contents as part of an insurance package with comm’ insure, and at the last minute was told that contents is depreciated in value over 7 or 10 years i think, and as my property has had the same carpet, window blinds, light fittings etc etc for well over 7 years i would hav got zip as the value would hav depreciated it to next to nothing!
then again that phone call was done well over a year ago, but i think thats how the conversation went…
Jason [
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