I recently purchased a property at auction, which settles at the end of September. It will be a PPOR but tenants have a lease there until March 2015 (I'm negotiating to see if I can have them vacate by October). I'm confused about the types of insurances I should be taking out. I currently only have health insurance so I feel a bit overexposed.
I have a couple of questions about property related insurance:
And of the below (non property related) insurances, which are important in your opinion? (I'm single, no dependents):
I'm trying to determine a) what insurance policies I need to take out (and when), and b) what is the most economical way of setting it up (e.g. I don't want 8 separate policies)
I have a couple of questions about property related insurance:
- The property is a unit (1 of 5, single level). Do I need building insurance or is that covered by the body corporate (or do I need to ask the body corporate myself)?
- Do I need contents insurance?
- Besides covering rent losses or tenant damage, are there any other arguments for landlord insurance? (as mentioned I'll be moving in between October this year or March next year depending on outcome of tenant negotiation, so I'm debating the necessity for this).
- What insurance specifically is my lending institution likely to request/require that I have in place?
And of the below (non property related) insurances, which are important in your opinion? (I'm single, no dependents):
- Income protection
- TPD
- Other?
I'm trying to determine a) what insurance policies I need to take out (and when), and b) what is the most economical way of setting it up (e.g. I don't want 8 separate policies)