body corporate=building insurance???
- Thread starter VCDenton
- Start date
Hi VC
The Strata Schemes Management Act (1996) ensures that strata scheme responsibilities include insurance of a few different types. In general terms, an owners corporation (or BC, as they used to be known) is responsible for the following insurances:-
*The building and outbuildings
*Public liability
*Workers Compensation
*Voluntary workers
The main insurances you need to cover, as a landlord, are contents (as items such as carpets, window coverings etc are not covered by the OC building insurance) and landlords insurance (for unruly/runaway/negligent tenants)
Good luck.
The Strata Schemes Management Act (1996) ensures that strata scheme responsibilities include insurance of a few different types. In general terms, an owners corporation (or BC, as they used to be known) is responsible for the following insurances:-
*The building and outbuildings
*Public liability
*Workers Compensation
*Voluntary workers
The main insurances you need to cover, as a landlord, are contents (as items such as carpets, window coverings etc are not covered by the OC building insurance) and landlords insurance (for unruly/runaway/negligent tenants)
Good luck.
Hi VC
It really depends- most of my buyers don't worry about building/pest reports in brick unit complexes as the strata search usually is sufficient to uncover any building issues and also provide a history of when the last pest inspection was in the common areas. However, if you're looking at a townhouse or a freestanding dwelling in a strata/community scheme it may prove to be worthwhile. Best to talk to your solicitor or conveyancer here as well as considering the age of the building, the layout, the construction material and the likelihood of pest activity/wood rot etc.
It really depends- most of my buyers don't worry about building/pest reports in brick unit complexes as the strata search usually is sufficient to uncover any building issues and also provide a history of when the last pest inspection was in the common areas. However, if you're looking at a townhouse or a freestanding dwelling in a strata/community scheme it may prove to be worthwhile. Best to talk to your solicitor or conveyancer here as well as considering the age of the building, the layout, the construction material and the likelihood of pest activity/wood rot etc.
