Hi all,
I have a single IP which is an ex-DHA freestanding home. I pay $150 per quarter (which goes towards the communal playground) as well as for building and landlord insurance (single policy with NRMA).
I'm looking at purchasing a second IP, which would be a unit or apartment in a complex. With the strata payments, what does that cover? Is it standard across NSW (where I live) or does it differ building to building.
My understanding is that I would still get standalone landlord insurance (to cover tenant damage, loss of rent, etc), but would I still need some form of building insurance? Does the strata cover me for the building burning down? Is this a straight forward yes or no, or does it depend on a building by building case.
Secondly, does the strata cover anything to do with water? Would I still need to pay for the water connection and usage separately? With my existing one, I pay the connection and usage, then pass the bill to the agent to collect the usage.
I have a single IP which is an ex-DHA freestanding home. I pay $150 per quarter (which goes towards the communal playground) as well as for building and landlord insurance (single policy with NRMA).
I'm looking at purchasing a second IP, which would be a unit or apartment in a complex. With the strata payments, what does that cover? Is it standard across NSW (where I live) or does it differ building to building.
My understanding is that I would still get standalone landlord insurance (to cover tenant damage, loss of rent, etc), but would I still need some form of building insurance? Does the strata cover me for the building burning down? Is this a straight forward yes or no, or does it depend on a building by building case.
Secondly, does the strata cover anything to do with water? Would I still need to pay for the water connection and usage separately? With my existing one, I pay the connection and usage, then pass the bill to the agent to collect the usage.