How much would you put on?

Discussion in 'Property Management' started by einentiva, 7th Aug, 2017.

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  1. einentiva

    einentiva Well-Known Member

    Joined:
    6th Jun, 2017
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    Location:
    Maroubra
    Hi very generic question here,

    Recently bought a 3 year old 4 bedroom brick veneer villa. It is in a strata complex.

    I am going to take out contents insurance. How much do people generally insure it for?

    $10000 $15000 more?

    Tiled living areas, dishwasher gas cooker, aircon, small grassed backyard and 1 car garage.

    Any feedback would be appreciated

    Einentiva
     
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    Adelaide and Gold Coast
    Are you living in it or renting it out?

    First step is to review the strata's policy and see which bits they do and dont cover. Ie the tiled areas are likely covered by strata as thats part of the floor.

    If its rented, its likely your LL policy would cover a certain amount of contents - to cover things like appliances, curtains, carpets etc. The tenants would then take out their own contents policy to cover things like their furniture, personal belongings, etc.

    Or if you're living in it, then you need to add up the value of your personal effects.
     
    Tom Rivera likes this.
  3. einentiva

    einentiva Well-Known Member

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    Location:
    Maroubra
    thanks for your reply DT. I am going to rent it out. I was just searching around to see what other people would put on their insured sum for investment property as premiums get a lot higher with bigger insured sums
     
  4. D.T.

    D.T. Specialist Property Manager Business Member

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    Adelaide and Gold Coast
    Okay if you're renting it out, you likely don't need contents insurance at all.

    Building insurance (if it were a house, replaced by the strata's insurance if its a unit) and landlords insurance (eg EBM Rentcover) will likely be more than sufficient.
     
    Tom Rivera and SeafordSunshine like this.
  5. Ricky Adelaide

    Ricky Adelaide Well-Known Member

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    Munno Para South Australia
    Correct Dave. In a strata you pretty much own everything inside the boundaries (like the layer or paint, carpets and cabinets etc). Once you know what the strata looks after you can better work out how much cover you need or advise your insurance broker better.
     

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