Insurance for Owner Occupied Apartment?

Lbargainbargain on 23/07/2016 - 18:51
Last edited 24/07/2016 - 10:01 by 1 other user

Hi there

We have been living in an apartment for last 4 years after buying it in secondary market. I certainly know that the previous owner didn't had any insurance. One of the other owners had a under floor water leak, which led to flooding of the unit and spoilt their floor boards. This happened just prior to Christmas and the cost to fix it all was $8k+. Luckily for them it was covered by strata insurance, as the leak was under floor.

I was wondering if let's say the washing machine or dishwasher was to leak causing flooding and damage - this won't be covered by strata. What sort of insurance covers this and which company do you suggest?

I am ok with not having cover for furniture or other furnishing hence never thought about it before.

• 

  Steptoe on 24/07/2016 - 16:02

  Check what your strata insurance covers first

  • 

    bargainbargain on 25/07/2016 - 20:21

    ok…i will ask the exec comm

• 

  bargainbargain on 27/07/2016 - 13:48

  For everyone's benefit - have spoken to few people in the industry.

  The contents insurance will typically cover for the sort of event outlined above. Your strata insurance has nothing to do with this event as the issue was caused by your appliance which are considered personal.

  The floor boards are fixed as such the contents insurance will cover this event under the third party legal liability which covers property damage. May not sound that logical but the concept is that floor board in the above scenario will be considered third party property.

  Disclaimer applies - please do your own DD before taking any action based on above.