Hi guys,
My wife and I recently signed a contract for our first IP in QLD which is part of a group of townhouses. I'm trying to make sure I have all the right insurances and have a couple of questions.
As far as I know the body corporate has the building insurance and public liability on common areas covered, and its my responsibility for the content(ie curtains/carpets) and public liability within my area. Reading through the PDS for a Landlord Insurance provider like Terry Scheer it seems they also cover content/public liability so I wouldn't need a separate policy?
So that just leaves me with the Mortgagee Protection Insurance that NAB requested in my home loan docs to protect their interest in the property as they arent on the body corporate building insurance. I hadn't heard of this before and my bit of Google'ing didn't return many results. The only one I could find to do an online quote (CHU Underwriting Agencies) wouldn't allow me to finish the quote as the body corporate insurance is not through them also.
Does anyone have any recommendations of who to use for the Mortgagee Protection? And is that everything covered for insurance? (not including the likes of income, life insurance) I will ask my solicitor but was hoping to get pointed in the right direction first.
Cheers.
My wife and I recently signed a contract for our first IP in QLD which is part of a group of townhouses. I'm trying to make sure I have all the right insurances and have a couple of questions.
As far as I know the body corporate has the building insurance and public liability on common areas covered, and its my responsibility for the content(ie curtains/carpets) and public liability within my area. Reading through the PDS for a Landlord Insurance provider like Terry Scheer it seems they also cover content/public liability so I wouldn't need a separate policy?
So that just leaves me with the Mortgagee Protection Insurance that NAB requested in my home loan docs to protect their interest in the property as they arent on the body corporate building insurance. I hadn't heard of this before and my bit of Google'ing didn't return many results. The only one I could find to do an online quote (CHU Underwriting Agencies) wouldn't allow me to finish the quote as the body corporate insurance is not through them also.
Does anyone have any recommendations of who to use for the Mortgagee Protection? And is that everything covered for insurance? (not including the likes of income, life insurance) I will ask my solicitor but was hoping to get pointed in the right direction first.
Cheers.
