Hi all,
I'm currently looking at insurance options for a unit I'm about to lease out and I seem to have run into a problem.
The unit is in a group of 4 with just a couple of driveways in between. It's part of an owner's(body) corp according to contract but since it was purchased there was no body corp management nor any fees. I assumed everyone just bought their own building/content insurance and so did I.
Now as I am looking into landlord insurance, I found that the usual insurers don't do building insurance on body corp or cover individual units in it.
So what are my options now?
Does a body corp(group of units) must by law be managed or covered by a single building insurance policy?
or is it still ok to get building insurance individually? if so from whom?
consumer affairs.com seems to suggest body corps only require insurance for the common property and individual lot owners can get further insurance themselves.
any advice is appreciated.
Thank you.
I'm currently looking at insurance options for a unit I'm about to lease out and I seem to have run into a problem.
The unit is in a group of 4 with just a couple of driveways in between. It's part of an owner's(body) corp according to contract but since it was purchased there was no body corp management nor any fees. I assumed everyone just bought their own building/content insurance and so did I.
Now as I am looking into landlord insurance, I found that the usual insurers don't do building insurance on body corp or cover individual units in it.
So what are my options now?
Does a body corp(group of units) must by law be managed or covered by a single building insurance policy?
or is it still ok to get building insurance individually? if so from whom?
consumer affairs.com seems to suggest body corps only require insurance for the common property and individual lot owners can get further insurance themselves.
any advice is appreciated.
Thank you.