Insurance (Newbie)

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From: Tai Melb


Hi all,

I am now totally confused about insurance.
Now, I just settled my first IP and there are so many things to learn. I have few questions about insurance:

1. What items are insured by Body Corporate?
2. If I would like to buy Landlord Protection Insurance, how do I calculate the insured amount?
(eg: the cost of carpet, blinds/curtains, etc). Basically, I dont know what to insure
(microwave, dishwasher) and I dont want to overlap the Body Corporate Insurance.

3. I current got my IP insured by NAB and it costs about $430 pa for $10,000 worth of contents.
Is it too much? I think the contents worth more than that.

4. Does anyone use Landlords Property One provided by CGU insurance (Melb)? My property manager recommended this one so I dont really know about it. It costs about $250 pa for upto $50,000 worth of contents.

Sorry for asking so much questions. Now I think I have to spend more time to read their policies.

Your help is much appreciated.

Regards,

Tai

 

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Reply: 1
From: Steve G


Hello Tai!

As I understand it, the Body Corporate is responsible for insuring the structure of the building, but the fixtures and fittings in your unit (e.g. lights, curtains, stove etc)would normally be your responsibility.

Your NAB insurance does seem a bit expensive - might pay to shop around!

Steve G