Hi
Does anyone know any good insurance companies for ip ?
I need to ensure 2 properties in SA. These are my first 2 +cf properties so i would like to get it right from the start and use an insurance company i can grow with and will give discounts for the more i have.
Also what is the general consensus here, do most people go for home and contents insurance only or do they have rental protection as well.
with rental protection, what things do they pay out for? will they pay out if it is not tenanted for a period of time or only if it has been damaged and not tennanted.
cheers
SB
I used Westpac recently for some of my properties. It cost me around $400 per property and I think they gave me a multiple property discount of around 10%. This covers building and malicious damage etc by tenant. There is also cover for loss of rent if the property is unrentable for a certain period.
I don’t think you would need contents insurance as this is covers the tenants personal items and should be their responsibility.
Someone in another post gave this address for an online comparison of various companies:
http://www.insurancewatch.com.au/home.htmIt is worth a look.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I have recently used AAMI, and I get a good discount because of good rating and multiple policies, but I also suggest you shop around.
My Policy covers tenants and damage and rental loss, some might include tenant relocation (after all it might not be a tenants fault if a house burns down and they find themselves without a home)
Also one I am seriously considering is Terri Sherer, not sure on all the spellings, but do a google search for OZ. They do give a discount for multiple properties and are well known with real estate agents, most propably because the real estates get a kickback or commission for their part in sending prospectives….
Anyway, best advice, shop around and do your homework as prices and inclusions vary considerably.
Cheers
Elves
Hi , here is a link which you can get a on line quote very quickly which you can compare it against the ones you have already, i found them to be in the ball park [^]
http://www.dragondirect.com.au/directcover/landlords/default.aspI thought i was wrong once, but i was mistaken !
We use Suncorp for houses and contents. Give very good prices compared to what CBA offered me – about 20% cheaper.
You will still need contents cover as tenants only cover their posessions I would say, so if you have anything in the house like whitegoods etc may pay to cover it.
We always get about $10K worth of contents insurance – and definitely some public liability insurance.
Tenants policies do not cover your carpets, light fittings, internal walls/doors, curtains etc., so if you don’t do it yourself you could be in for a rude shock if something happened.[
!]Cheers
Mel
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