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IP strata insurance

Discussion in 'General Property Chat' started by Ryno, 7th Apr, 2016.

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  1. Ryno

    Ryno Active Member

    Joined:
    29th Sep, 2015
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    44
    Location:
    Sydney
    Ok so looking at a IP in a strata complex. Detached house.

    Just seeking advise on which insurance to take out?
    Obviously landlord but what is covered by the body corporate and what is.

    I use Terri Sheer with my IP but when getting an online quote it wouldnt provide me with one as it asked if i was in a strata complex.

    Any just some advisw would be great.

    Cheers

    Ryan
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,238
    Location:
    NSW
    You need LL insurance (rent / malicious damage by tenant) and some minor contents insurance (window dressings, floor coverings etc). The BC covers the building.

    If you get a strata report it will detail all the insurance coverage that the BC has and pays premiums for each year.
     
  3. D.T.

    D.T. Adelaide Property Manager Business Member

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    13th Jun, 2015
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    Location:
    Adelaide, SA
    EBM Rentcover is good for this - its LL only and includes no building component (because the body corp should be insuring the building component)
     
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  4. dabbler

    dabbler Well-Known Member

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    Yeah, as other say, just LL insurance, but look into who is insuring the building and what the policy actually is and the amounts etc .