Hi Guys,
I'm just wondering does anyone knows if this type of insurance normally covers damage to the outside of the property like windows, front yard fence, garage door, etc…?
The property has just been leased out and the tennant claims that someone intentionally broke the front gate entrance and wants it repaired. They also pointed out that someone turned off the main gas supply outside a few weeks ago making the hot water system go off so I suspect surrounding neighbours may be to blame.
Also, what type of insurance should one take out as a property investor in a Townhouse with common property?
Any advice welcome
Thanks in Advance,
KenzelBody corporate insurance covers common property so if the front yard fence and the garage door didn't belong to one particular owner then body corporate would be responsible. You need to contact your body corporate manager with the specifics who should be able to answer you.
If you are in a body corporate you need to pay for most of the contents insurance. You should also get landlord insurance.
Thanks Hienug!
It looks like landlord insurance is a must. Any you recommend?
Had a look at ING and it looks quite promising – even covers theft of content and legal cost against the tennant
Kenzel
All my landlord policies (except one) are with Elders. I tried the banks but their policies are a lot different than Elders. It was very hard to compare apples with apples. I had a couple of tenants who shot through without warning. Landlord insurance covered me for many weeks rent until I could get another tenant.
Anyone landlord who doesn't have this insurance is crazy. One tenant started off okay but went off the rails after a few months. Landlord insurance covered me for the losses that he incurred.
I used to own two townhouses in a strata situation (100 + townhouses). I think my insurance was through alliance (via NAB). Sorry I cant recall all the particulars, although I do recall when taking it out having a discussion about strata situations and believe my policies convered from the paint in (as that is all you own) with the building being under the body corporates insucrance, (always check there policy to see if it is current market values). One thing I do recall was my policy had a bit that gave you the option of taking the value if the building was destroyed, rather than rebuilding. If you dont have that, and lets say it burns down, yes your contents are insured but it is up to the body corporate to rebuild so what do you do in the meantime? A broker would surely be able to advise you of this clause.
Cheers
Tammy
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