different type of insurance

[WebBoard]

From: G V


Hi,

I would like some help as to know the different type of insurance means

1. Content insurance (own house strata title)
2. Content insurance (investment property strata title)
3. Home and content insurance - how it is different to above insurance (for a strata title house)
4. Landlord protection insurance - Is this insurance for tenant not paying rent, damage to property etc

is building + content insurance = home and content insurance for a strata title house.

Thanks

 

[WebBoard]

Reply: 1
From: Sergey Golovin


Message for TW,

We need an insurance people to come and talk to us next Freestyler meeting please. Hopefully they can explain the basics.

Serge.

 

[WebBoard]

Reply: 1.1
From: The Wife


Ok, Sergey, I'm on it, thanks for telling me.

TW
~Life is a daring adventure, or nothing at all~

 

[paulzag]

Reply: 2
From: Paul Zagoridis


Hi G V

My strategy on insurance is flawed - but here it is anyway.

My residence:
Building and Contents if a house
Contents if a well insured strata scheme (risky because you are relying on the scheme to rebuild - if mortgaged you must come up with the payments)

House Investment Property:
Landlords + Building covers my insurable interest, tenants are told to insure their contents.

Strata IP:
Landlords (with malicious damage), no building. I make sure I'm on the exectutive committee for the first year and watch the insurance cover always. I don't think this is too smart but it is within my risk tolerance. The strata building insurance should replace the property.

If the IP is highly geared make sure your insurances are up to speed. You don't want to make mortgage payments while the IP is uninhabitable.


On 9/18/01 7:59:00 PM, G V wrote:
>Hi,
>
>I would like some help as to
>know the different type of
>insurance means
>
>1. Content insurance (own
>house strata title)
>2. Content insurance
>(investment property strata
>title)
>3. Home and content insurance
>- how it is different to above
>insurance (for a strata title
>house)
>4. Landlord protection
>insurance - Is this insurance
>for tenant not paying rent,
>damage to property etc
>
>is building + content
>insurance = home and content
>insurance for a strata title
>house.
>
>Thanks



Dreamspinner
Oz Film Biz is at
http://www.healey.com.au/~paulz

 

[WebBoard]

Reply: 2.1
From: Donna Larcos


I must say that insurance is getting a bit
of a minefield. On my IPs (all units) I have
Landlords Insurance and limited contents
insurance to cover carpet, paint,
lightfittings, dryers etc. I have never had a
straight answer from anyone about
kitchen cabinets. Some tell me that this is
classed as "built in" and therefore part of
Body Corporate's insurance. On the other
hand, some have told me that they only
insure "standard kitchens" so if you have
upgraded it and put in thousands of
dollars worth of fixed appliances you may
find yourself underinsured.

I am about to make my first claim on my
Landlord's insurance - my tenant has
done a runner in the middle of his lease
and taken the dryer with him. At least he
left me some curtains. My last runner left
me a bar fridge so all is not lost! For the
money, I think this is very worthwhile and,
since he has absconeded during the
lease, I am covered for rent default of
$3,000 which gives me about 8 weeks to
find another tenant - very comforting in the
current market.

On this purchase I also had to take out a
Strata Insurance policy as a condition of
the loan. This apparently covers me if the
building burns to the ground and the Body
Corporate has underinsured. It also
allows me to take my money to a new
investment instead of waiting around for
them to rebuild which could take years.

DL

 

[Rolf Latham]

Reply: 2.1.1
From: Rolf Latham


Hi Dl

Sounds like a good insurance package.

Could you please post details of who this is with ?

Ta


Rolf

 

[WebBoard]

Reply: 2.1.1.1
From: Donna Larcos


Which one? Landlords or Strata?

The Landlords is with CGU (about $350
p.a. for small unit) and the Strata
Insurance was with NAB - it costs me
about $7 a month.

Donna

 

[WebBoard]

Reply: 2.1.1.1.1
From: G V


Hi Donna,

thanks for the info. i have one more question.
Is strata insurance a part of loan package? i tried search on strata insurance on Westpac and nab bank. i did not get one.

thanks

 

[WebBoard]

Reply: 2.1.2
From: Brett Clarke


Generally the kitchen cupboards are part of the body corporate insurance if they are the original ones (therefore part of the strata building plan). If the kitchen (or other built-ins) have been replaced they become part of the landlords contents that need to be insured separately. This can be done as a separate contents policy but generally better as part of a landlords policy to cover tenant risks as well as defined risks (fire etc.) and is generally available for under $250 per year. There is a lot of Q & A's at www.rentcover.com.au/rcpfaq.html

I hope this helps.


On 9/20/01 7:52:00 PM, Donna L wrote:
>I must say that insurance is
>getting a bit
>of a minefield. On my IPs (all
>units) I have
>Landlords Insurance and
>limited contents
>insurance to cover carpet,
>paint,
>lightfittings, dryers etc. I
>have never had a
>straight answer from anyone
>about
>kitchen cabinets. Some tell me
>that this is
>classed as "built in" and
>therefore part of
>Body Corporate's insurance. On
>the other
>hand, some have told me that
>they only
>insure "standard kitchens" so
>if you have
>upgraded it and put in
>thousands of
>dollars worth of fixed
>appliances you may
>find yourself underinsured.
>
>I am about to make my first
>claim on my
>Landlord's insurance - my
>tenant has
>done a runner in the middle of
>his lease
>and taken the dryer with him.
>At least he
>left me some curtains. My last
>runner left
>me a bar fridge so all is not
>lost! For the
>money, I think this is very
>worthwhile and,
>since he has absconeded during
>the
>lease, I am covered for rent
>default of
>$3,000 which gives me about 8
>weeks to
>find another tenant - very
>comforting in the
>current market.
>
>On this purchase I also had to
>take out a
>Strata Insurance policy as a
>condition of
>the loan. This apparently
>covers me if the
>building burns to the ground
>and the Body
>Corporate has underinsured. It
>also
>allows me to take my money to
>a new
>investment instead of waiting
>around for
>them to rebuild which could
>take years.
>
>DL