Hi All,
I have a few apartments on the city fringe that will be available for rental in the next few weeks. Both these properties have a body corp that looks after the Structural Insurance.
Is it worth getting any other insurance? Im guessing that Public indemnity in vital. But what else should I consider…? Is landlords insurance really worthwhile in your opinions…? And what abouty insurance for internal damage, like fire etc…
Break'n'Even
"I have a BMW. But only because BMW stands for Bob Marley and The Wailers, and not because I need an expensive car."
BOB MARLEYYou absolutely MUST have;
1. Public Liabilty Insurance – $20 mill.
2. Contents Insurance to cover fixtures and fittings; ask your insurer or broker about value. Go for more if unsure – it's a slight increase in premiums.
3. Landlord's Insurance to cover you against those dodgy tenants.You can get all-in-one packages these days, some lenders provide it, or do a google on Landlord's Insurance. The premiums expense is tax deductible.
Check the Body Corp particulars for the building insurance; they normally cover all of the building and public liability for the common areas only.
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