Hi there. i have just bought a new inner city apartment in melbourne to live in.
I live overseas so am not sure which insurance is normally needed for an apartment?
What else is there besides Fire insurance? is there anything which i need to take up as well?Thanks for help
Hi Prodontia
I live in a free standing house so please check the following with a good insurance broker.
The structure of you apartment block, i.e. the building, is usually covered by building insurance which is purchased by the Strata Title Committee (or Manager). Your only input to this is the “say” you have as an apartment owner and therefore a Strata Committee member.
You are then left with the responsibility of getting “Contents” insurance for the “stuff” in your apartment. This “Contents” policy will normally cover you against loss of the contents of your apartment, caused by fire, theft and other “defined” occurrences.
I hope this helps.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Prodontia,
Re contents insurance, when establishing what is the right amount to insure, assume, the worst case scenario where everything is destroyed in your apartment (yes, pretty far fetched I know, but that is the point of insurance). So you might need to replace not only the carpets, kitchen, bathroom etc, plus your own things (TV, furniture, fridge, microwave, clothes etc)
James
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