Building Insurance for 3 villa development

Discussion in 'Development' started by Rooky, 14th Nov, 2015.

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  1. Rooky

    Rooky Well-Known Member

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    Hi,

    I have done 3 villa development on 728 sqm and R40 zoned land. So basically only common property is driveway. I own entire development and planning to keep them long term. Construction has finished just now and i am in process of registering strata plan with landgate to separate 3 lots.

    1.what kind of building insurance i should get now i.e. normal or strata insurance ?
    2.if normal insurance, then who is responsible for driveway insurance ?
    3. Can i get separate insurance for each villa and separate insurance just for driveway ?

    Rooky
     
    Rooky, 14th Nov, 2015
    #1
  2. Rooky

    Rooky Well-Known Member

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    Forgot to mention that its built strata subdivision.
     
    Rooky, 14th Nov, 2015
    #2
  3. Ace in the Hole

    Ace in the Hole Well-Known Member

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    With mine I just get one Body Corp insurance policy to cover all, buildings and common areas. You should be able to insure before Body Corp is officially set up, then advise them the name later.
    Then I get another single policy for landlords and contents for the units.
     
    Ace in the Hole, 14th Nov, 2015
    #3
  4. Rooky

    Rooky Well-Known Member

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    Why do you need contents insurance if you are giving them on rent ?
     
    Rooky, 18th Nov, 2015
    #4
  5. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    From recollection EBM was able to cover it all for me including landlords insurance on my block of 3 with common driveway.
     
    Westminster, 18th Nov, 2015
    #5
  6. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    There are certain items which aren't in building insurance - things like curtains, dishwashers
     
    Westminster, 18th Nov, 2015
    #6
  7. Rooky

    Rooky Well-Known Member

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    Thanks westminster and AITH.
     
    Rooky, 18th Nov, 2015
    #7
  8. mrdobalina

    mrdobalina Well-Known Member

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    there's more to life than working
    I don't think you need a body corporate for 4 units or less (in WA).
     
    mrdobalina, 18th Nov, 2015
    #8
  9. LifesGood

    LifesGood Well-Known Member

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    Whether or not you need a body corporate, getting one insurance policy for all will be much cheaper than insuring each property individually.
     
    LifesGood, 18th Nov, 2015
    #9
  10. D.T.

    D.T. Specialist Property Manager Business Member

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    Most LL insurance covers a certain portion of contents insurance to cover things like carpets, curtains, etc
     
    D.T., 18th Nov, 2015
    #10