Join Australia's most dynamic and respected property investment community

first IP what type of insurence

Discussion in 'Property Management' started by HannibalK1ng, 11th Apr, 2016.

Tags:
  1. HannibalK1ng

    HannibalK1ng Member

    Joined:
    4th Feb, 2016
    Posts:
    9
    Location:
    Melbourne
    Hi,

    Purchased my first IP recently and not sure what type of insurances I need.

    I am thinking property insurance, do i need some sort to cover a tenants missed payments or any public liability?

    Is there something to get that is combined?

    any help would be great.

    Thanks!
     
  2. Nick Valsamis

    Nick Valsamis Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    504
    Location:
    Sydney
    If you have a house you will need building and landlord insurance.
    If you have a strata titled property then you will need landlord insurance.

    I would suggest either EBM or Terri Scheer for that.
     
  3. brettc

    brettc Well-Known Member Business Plus Member

    Joined:
    19th Jun, 2015
    Posts:
    113
    Location:
    Gold Coast
    If a strata titled property you will need a policy that includes cover for:
    • your contents (carpets, curtains, blind, light fittings etc.) against defined risks such as fire, storm, water damage and the associated rent loss while damage is repaired.
    • cover against tenant-related risks such malicious and accidental damage, as well loss of rent due to risks such as broken leases, default of rent, tenant hardship, death of a tenant and denial of access
    • liability in case someone is injured or suffers another loss while on your property
    If it is a single dwelling such as a house you will need:
    • all of the above
    • cover for defined risks (fire, storm etc.) for your your building
    And yes, these can generally be combined in one policy depending on the company.