ACT Landlord insurance?

Discussion in 'Property Management' started by Starlet, 29th Nov, 2018.

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  1. Starlet

    Starlet Member

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    Hi all,

    We're going to sign our loan docs soon and we're required to buy insurance for the off the plan property we're purchasing. As a new investor I'm not sure what type of insurance I should buy? I tried quotes and they are called Landlord Building insurance. Is it the correct one to buy? What features do I need? Do I need contents insurance as well?

    Thanks in advance!
     
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    Landlord insurance will generally include a certain amount of contents cover to help things like curtains etc. Tenants will have their own contents coverage for their belongings.

    The best 3 are EBM, terri scheer and PIP
     
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  3. brettc

    brettc Well-Known Member

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    This will depend on the type of property it is, but if you are getting it online the questions will hopefully lead you down the right path to suit your property. For example for RentCover products you can use this link (which will also give you a discount for the first 12 months). Alternatively feel free to cal 1800 661 662 and have a chat with one of the customer service staff.
     
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  4. Starlet

    Starlet Member

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    Thanks everyone. I was trying to progress with a few quotes but they all stopped me from goimg further with building insurance once I confirmed that it's townhouse. Why can't I get a building ins for a strata titled property?
     
  5. D.T.

    D.T. Specialist Property Manager Business Member

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    The strata mgmt typically does the building insurance
     
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  6. brettc

    brettc Well-Known Member

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    With a strata titled property you don't "own" the building, the structure needs to be insured by the Body Corporate. They are also responsible for ongoing maintenance etc. As a general rule you are only required to insure your "contents" (carpets, curtains, blinds etc.), as well as the liability risks (for inside your townhouse) and tenant-related risks.
     
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  7. Starlet

    Starlet Member

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    Thank you so much everyone! Now I understand how it works. :)