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I live in an eight unit complex in Armadale, Melbourne.
We have catastrophe insurance for events like earthquake.
I have two questions: 1) How common is it for body corporates to have catastrophe insurance ?
2) Is catastrophe insurance necessary ?
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Others may know more, however, it sounds like a common term used in insurance co policies for essential cover.
In NSW your building should normally have a building policy with sufficient sum insured to cover a full knockdown and rebuild, regardless of the cause. Perhaps the same applies in Victoria?
Additional “catastrophe insurance” seems like a bit of a scam to extract more dollars from you.
@Boronia said:
Additional “catastrophe insurance” seems like a bit of a scam to extract more dollars from you.I’m not so sure. As soon as lives are lost, your responsibilities go way beyond “knock down, rebuild”. I’m thinking the Grenfell Tower in London and the Bankstown fire. One a catastrophe by any measure, the other a tragedy that could have been so much worse.
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