NSW Insurance for PPOR?

Discussion in 'Property Management' started by Jmillar, 1st Dec, 2019.

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  1. Jmillar

    Jmillar Well-Known Member

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    Hi all,

    I've just gone unconditional on a 2 bedroom unit in Sydney that I'll live in. I've had to sort out insurance for plenty of IPs but this is my first PPOR so just wondering what sort of insurance, if any, I need/should have? Given it's a unit, I obviously won't need building insurance.

    Also, should I be taking out any insurance now that I've exchanged on it, or wait until settlement?

    Thanks!

    Admins - I wasn't sure where to post this question, so feel free to move it if there's a more appropriate section.
     
  2. Islay

    Islay Well-Known Member

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    contents insurance. Covers personal assets and public liability
     
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  3. Propertunity

    Propertunity Well-Known Member

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    In NSW there is no requirement to insure until settlement. (as opposed to say, QLD where you must do so on unconditional exchange)
    You’ll need contents cover since the BC takes out building cover.
     
    Hosko and Michael Mitchell like this.
  4. Angel

    Angel Well-Known Member

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    I would check precisely what kind of strata you have. Sometimes the Strata owns and insures the entire building, but for other types of "strata", the owner is responsible for things like the roof which can cause external and internal damage in a storm, also broken glass in windows and doors etc. This can cause damage to adjoining units as well as to your own unit.
     
  5. Jmillar

    Jmillar Well-Known Member

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    Is there a requirement to insure at all in NSW?
     
  6. Angel

    Angel Well-Known Member

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    If you have a mortgage, it will be a condition from the lender that you have building replacement insurance and public liability insurance. I'm not sure about a small amount of contents insurance to cover contents that belong with the building, such as carpets and blinds.
     
  7. Propertunity

    Propertunity Well-Known Member

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    The lender will want to see building insurance policy in place before they advance funds for settlement. This will be held by the BC anyway.
    You won't be forced to take out contents insurance.
     
  8. momentum26

    momentum26 Well-Known Member

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    Any recommendation which insurance is worth considering for building insurance for a property in VIC - no body corporate involved.
     

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