well, I'm 24 I am going to buy, what insurance do I need and what do they specifically cover?
Is there a like one insurance covers all?
Comments would be appreciated.
Floyd Taylor
Hello Floyd
You didn't say whether you were buying a property to live in or to rent out.
Either way you need building and content insurance and public liability. If you are renting it out you should also take out landlords insurance. CGU does have a policy that covers all the above in one policy but it's also possible to get them separately so shop around for features and price.Cheers
ElkaGood surname by the way.
You could also consider life, IP and trauma. These are individual policies and not related to your property.
Richard Taylor | Australia's leading private lender
haha very funny… what insurance do I need specifically related to investment property?
Gee I thought I answered that.
Building and content, public liability and I recommend landlords insurance though it's not compulsory.
Actually if you don't have a mortgage none of it is compulsory but it would be a foolish person who didn't insure their property against a disaster or themselves against public liability.You should organise the building and content insurance from the time you sign the sales contract.
Sorry I neglected to read the title properly the first time.
Congratulations on your first IP.Elka
Floyd,
You should be able to get your building insurance from your loan provider most have some sort of facility these days. You'll also need a specific Landlords Policy. Landlords Policies vary in price depending on state to state. You need to really look at each one as they all cover very different things and have different rules on what they will pay and what excess they charge. I only know of one that has a very large coverage and very small excess and the payout is based on a tribunal order so no fighting with a insurance company. Some you can only get if your IP is managed by a property manager.Hope this helps
elkam wrote:Gee I thought I answered that.
Elka
sorry elka didnt notice your first post
thank you heaps for this info
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