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Two units on one block, no body corporate fee, how to buy building insurance?

Discussion in 'Property Management' started by CraigD, 2nd Sep, 2015.

  1. CraigD

    CraigD Member

    Joined:
    23rd Jun, 2015
    Posts:
    8
    Location:
    VIC
    Hi guys,

    I have an IP, which is one of two units on a big block. Apparently my unit is on strata title and there is a owners corporation. Since these two units technically do not share anything, I don't pay anything to the owners corporation and there is no insurance under it.

    Recently I tried to get a quote for building & content insurance, but in this particular case, no insurance company offers building insurance for my unit as it's a unit on a strata title. Content insurance is available.

    Does anyone know how I can get the building insured as a landlord?

    Appreciate your help!
     
  2. srirang

    srirang Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    123
    Location:
    Melbourne
    We've got a similar IP. 3 townhouses on a big block.

    The landlord and content insurance is through AAMI and the common area and liability insurance is through Zurich.
     
  3. KateAshmor

    KateAshmor Victorian conveyancing lawyer Business Member

    Joined:
    25th Jun, 2015
    Posts:
    74
    Location:
    Melbourne
    It's optional for two-unit Owners Corporations to either share insurance costs or take out separate policies. An insurance broker can assist with finding you a good deal. Colin at Melbourne Insurance Brokers has always been great to deal with.
     
  4. Hosko

    Hosko Active Member

    Joined:
    21st Jun, 2015
    Posts:
    31
    Location:
    Victoria
    Are there any shared walls or is it a standalone unit? If it is standalone, you may be able to do it on its own and take a separate "common area liability" which of inexpensive.
     
  5. WestOz

    WestOz Well-Known Member

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    19th Jun, 2015
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    Location:
    WestOz
  6. BuyersAgent

    BuyersAgent Well-Known Member Business Member

    Joined:
    19th Jun, 2015
    Posts:
    435
    Location:
    Oz
    broker should sort this in a jiffy