Hi everyone,
It’s time to pick an insurance policy for my investment property… I’ve had a look at what’s available from various vendors, and they all have pluses and negatives associated with them. The plan from CGU is sold under various names from St George to ANZ to Aon etc, and then there’s independant plans from Commonwealth Bank’s insurance arm, from RoyalSunAlliance and so on.
I guess I’m after an insurance policy which will pay the full replacement value of the building and the contents within it that I own (carpets, blinds etc) plus will handle all claims to do with dodgy tennants, like if they damage the place up or run off without paying rent.
Would anyone be able to tell me from the myriad of policies which one you find to be of good quality and will actually pay up when things go bad? I’ve heard stories of CGU not paying up even with some seemingly legitimate claims…
Thank you very much,
MalHi…I have three IPs and have insurance with Terri Scheer, who are pretty good (although I’ve never had to make a claim as yet).
Worth a look, I would say..[
]Hi Malpatti, I just went through a few policies just like you did and had a few quotes done over the phone. I decided to go with CGU because they were cheaper and covered the same things as the others did (building and contents, rental default, malicious damage etc). I think which ever insurance you’ll choose, there are always stories about them not paying up. You’ll just have to read the policy carefully and ask questions when things are not 100% clear. I’d advice you to ring all the insurance companies for a free quote and tell them exactly what you want covered. Some companies don’t even offer cover for malicious damage rental default etc, (like the GIO) and still call it landlord insurance.
Good luck it’s a big job to pick the one that suits you best. I’d be interested to find out which one you’ll select.Hi Mal,
When you choose your insuarance check to see if it covers you when the tenant is not on a lease when the original lease has expired.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Thanks everyone, I’ll definately let you know what I decide. I’ve been going through the policy wording of five different insurance products at the moment… crikeys, there’s a lot they don’t cover!
Sincerely,
Mal
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