Buying house insurance

Hi, I need a bit of help buying house insurance here.
I have a villa unit in a block of 4. I assumed that this would be under a strata title?
When I get quotes on the internet, it seems that I can only take out contents insurance. So I guessed the body coporation will take care of the building insurance, right?
And would this insurance cover fire? Or any natural disaster? If not, then what insurance I should buy to cover these?
Any help will be greatly appreciated.


Jin.
 
So I guessed the body coporation will take care of the building insurance, right?
Correct, the BC takes out the building insurance.

And would this insurance cover fire? Or any natural disaster?
Yes - but to be sure in your own mind, why not ask for a copy of the policy the BC carries?
Some policies do not cover land slip or subsidence - just check. But still you cannot take out this cover - it is the BC's responsibility.
 
Thanks alot for the quick reply. You are very helpful.
Now I don't have to worry everyday that I don't have insurance on my house.
 
Correct, the BC takes out the building insurance.

Yes - but to be sure in your own mind, why not ask for a copy of the policy the BC carries?
Some policies do not cover land slip or subsidence - just check. But still you cannot take out this cover - it is the BC's responsibility.

Prop,

In many unit developments in Victoria (this is Victorian speak for what other states call "townhouse" developments), it is often the case that only the common drive way is under owner's corp, and so the only insurance the owners corp has is public liability on the driveway.

So for example something like this:
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=73711336&s=vic&tm=1257851893
I am sure the building insurance needs to be taken out by the owner as a "normal" home building insrurance (well that's what we do anyway).

Cola, check your Owner's corporation, and see what insurance cover they have to be sure.

Cheers,

The Y-man
 
Prop,
In many unit developments in Victoria (this is Victorian speak for what other states call "townhouse" developments), it is often the case that only the common drive way is under owner's corp, and so the only insurance the owners corp has is public liability on the driveway.

Thanks Y-man. I defer to your local state knowledge. So this is true even if, as the OP said, that it is strata titled?
 
Thanks Y-man. I defer to your local state knowledge. So this is true even if, as the OP said, that it is strata titled?

Hi Prop,

Sorry for the delay.

Never really thought about this, so I've gone through my purchase contracts, and I believe you are absolutely correct - the single level towwnhouse/units with a common drive way is merely title lot x of subdivision plan xyz, whereas my apartments are Strata lot x on ....

In every case for strata titled units, the BC has building cover.


Cheers,

The Y-man
 
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