Browse Forums Home Finance 1 Jun 19, 2012 8:21 am Hi, We're first home buyers and have bought a unit that is part of a body corp (with 8 other units). The body corp has insurance on the buildings and has ruled that individuals don't need to get separate insurance. In the light of the above, do we only need to get contents insurance (as opposed to home and contents)? Is this the norm in such situations? Cheers, PJ Re: Home and Contents insurance for a unit with a body corp. 2Jun 19, 2012 9:50 am Hi pj. Yes this is quite normal. The cost of the building insurance is covered within the body corporate fees so you only need to organize contents insurance. Our Homebuilding Thread 17th Nov - 1st meeting with PJB architect 27th Feb - Signed contract 23rd Mar - Plans approved 3rd Apr - Slab laid 18th Apr - Roof On 10th May - Lock-up 26th June - Handover Re: Home and Contents insurance for a unit with a body corp. 4Jun 22, 2012 1:09 am PS4314 Hi pj. Yes this is quite normal. The cost of the building insurance is covered within the body corporate fees so you only need to organize contents insurance. Yep, correct. This is also what you provide to the lender when they ask for a copy of the building insurance. 0 19536 Hi Suku18 In NSW the statutory required insurances are: 1. HBCF ( Home Building Compensation Fund) - This is if the builder dies or goes broke. But this only covers 20%… 1 2710 i would not be signing anything on the day read your contract about when builder submits final invoice generally, have to meet builder within 7 days of receiving final… 1 4744 |