Insurance on Unit

[grebyn]

From: Greg Mowat


I have a question on Insurance for units. Before I go ringing brokers for quotes advise I'd just like to know what I'm talking about and looking for.

The property has two functions either Holiday rental or standard longterm rental (I'm leaning toward longterm just for stability)
What sort of insurance should I be looking for. When I've bought houses before I've just got building insurance on landlords insurance.

What differences for units. Is building insurance covered as part of Body corp?

Any help would be great?

Thanks Greg

 

[Jester]

Reply: 1
From: John P


Hi Greg, with most Landlord Insurance Policies, you should be getting covered for things like:

**Malicious Damage
**Accidental Damage to fixtures and fittings
**Public Liability anywhere between 5&10 Mil
**Loss of rent due to premises being untenantable

Building Insurance should be handled separately as you said under the body corp.

Regards

John Poulos
RESI Home Loans Rep.
0412 588986