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Building insurance similar to body corp? is this correct?

Discussion in 'General Property Chat' started by Seal, 25th May, 2016.

  1. Seal

    Seal Well-Known Member

    Joined:
    10th Jul, 2015
    Posts:
    163
    Location:
    NSW
    i have a townhouse and pay $1900 pa body corp.

    i was leaning towards going to buy a house as next IP. QLD 20kms out. I just did a quick quote on Terri Sheer and the buidling insurance came up as $1076.

    in part i was steering away from townhouses (b/c can get increase supply quickly), and also body corp. But the body corp seems similar to building insurance. Is this right?
     
  2. Marg4000

    Marg4000 Well-Known Member

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    18th Jun, 2015
    Posts:
    924
    Location:
    Qld
    You need to get a copy of any insurance policy taken out by the body corporate and read what is covered. This way you can make a true comparison. Terms and conditions and what is actually covered can vary widely.
    Marg
     
  3. dabbler

    dabbler Well-Known Member

    Joined:
    18th Jun, 2015
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    Location:
    Sid en e - olympic city
    No, not at all similar, but the Body corporate fees will include building insurance, the fees pay for many things and also will include funds to be put away for ongoing expected maintenance among other things, like common area lighting etc etc