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An insurance clause is pretty standard for detached homes. If you're only dealing in strata properties, then all the bank needs to know is if the strata is fully insured because your contents insurance does not cover defects in the pipes or wiring.
Poly-B piping, knob and tube wiring, and oil tanks are all things that give insurance companies pause. It's best to get an inspection a few days ahead of subject removal so you can show your insurance broker the possible issues in the home.
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