Wish everyone a very Happy and safe New Year .
I have just been able to put a block of units in QLD under contract. It’s a block of 5 individually titled and rented units. I have been advised and have taken up Strata Insurance with Wesfarmers Insurance for the entire block which comes with Building and Common Areas, Public Liability, Fidelity insurance etc.
My question is: Do I still need to take the Public Liability insurance as a Landlord for each individual unit? I am not too concerned about the Malicious damage, Loss of Rent etc. However I am more concerned about the Public Liability issue as the Strata Insurer has confirmed that the Public liability of the Strata insurance only covers only the Body Corporate. In this case both the Landlord and the Body Corporate is me only and thus I am confused.
Will there be any scenarios in which I will not be covered in case I only stick with the Strata Insurance?
Any help, advise will be appreciated and helpful...
I have just been able to put a block of units in QLD under contract. It’s a block of 5 individually titled and rented units. I have been advised and have taken up Strata Insurance with Wesfarmers Insurance for the entire block which comes with Building and Common Areas, Public Liability, Fidelity insurance etc.
My question is: Do I still need to take the Public Liability insurance as a Landlord for each individual unit? I am not too concerned about the Malicious damage, Loss of Rent etc. However I am more concerned about the Public Liability issue as the Strata Insurer has confirmed that the Public liability of the Strata insurance only covers only the Body Corporate. In this case both the Landlord and the Body Corporate is me only and thus I am confused.
Will there be any scenarios in which I will not be covered in case I only stick with the Strata Insurance?
Any help, advise will be appreciated and helpful...