Body Corp. – Does it include building Insurance ?

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Still in School
Member
@still-in-school
Join Date: 2003
Post Count: 1,844
May 17, 2004 - 11:18 pm
Hi Kay,
lol… trust me i have insurance, for nearly every different aspect… lol… thats one thing im always complaining about, just my main concern was, i really wanted to know what the corp. body exactly covers, and what it doesn’t cover…
honestly, i dont want to sound like a money holder… but i dont want to pay for anything extra or twice… if its already cover by the corp. body…
Cheers,
sis
ps… its 15 now
People 4get that by saving just $3 a day & investing it sensibly
over a working life, you’ll end up with around $1 million
gatsby
Member
@gatsby
Join Date: 2003
Post Count: 708
May 18, 2004 - 2:50 am
Thanks all for your replies, etc. Derek actually hit my question on the head. Yes it is ‘rental vacancy’ that I’m concerned about. I think the Investors club had some sort of policy where they would cover a % of lost rent during a vacancy period, however ASIC banned it. I apologize if my question wasn’t as specific to my query. I have all the other insurances, etc. Kay, thanks again for your reply as you not only give good advice, but very detailed as well.
Cheers,
Gatsby.
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
May 18, 2004 - 11:38 am
Hi MA,
Such between tenancy cover was uniquely available, as Gatsby indicated, for Investors Club members for Club purchased property.
The rental coverage program, called No Tenant No Problem, had previously been approved by APRA (Australian Prudential Regulatory Authority) and was entirely optional. Fees were proportional to the expected rent and were also affected by the tenancy status of the property at purchase time.
A change in jurisdiction saw the program fall under ASIC’s Managed Investment Act and was challenged on this basis.
Despite there never being one complaint about the program the court ruled in favour of ASIC and the program ceased for individual investors as their 12 month fee period expired.
In response to member enquiries we are currently in discussions with the relevant authorities to reinstitute a similar program as soon as possible.
Derek
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Property Investment Support Available. Ongoing and never stopping. PM welcome.