Forum Replies Created
NRMA seems to be really good . I have been looking in Townsville for a while , what suburb do you have your Ip?
soloinvestor wrote:DO NOT go with CGU insurance!!I am just trying make my first ever landlords claim with them for a property in Townsville and it is ridiculous.
Tenant vacated the property leaving $10k worth of damage /issues (filthy dirty – $1,000 cleaning fee, rubbish removal, broken fan blades, broken glass shower screen, 2 holes in the plasterboard, gutter pulled off, roof tiles damaged from kids walking on roof, holes in lino, security doors x 2 completely cracked thru, back door split, tenant took keys so had to replace locks, letterbox broken off stand, wheelie bin taken, full repaint needed inside as every wall is damaged, plus they owe $2,000 in rent).
I have just been advised that the ONLY thing from my claim they will cover is the broken shower screen!!! That's it! Nothing else!
My "Accidental Damage" policy with them is very specific and covers none of the above. They will cover the shower screen under a specific glass policy section…but nothing else.
The tenants broke the door stoppers (which were all new when tenancy commenced) and that was why the door knobs went thru the walls – so insurance says that is lack of maintenence! Floor coverings are specifically excluded (can't find anywhere in my policy documents where it says this!!); the bent fan blade is not "Malicious Damage" and is not covererd under accidental damage – same with the cracked doors, chipped bathtub,
They do not cover any cleaning or rubbish removal (I need to get a car removed from the back yard, and a broken trampoline, a pallet of bricks and a heap of broken furniture) as that is a "reletting fee".
And about the RENT – guess what – at CGU insurance – loss of rent covers basically nothing – it does not cover rent default, that is a specific extra (if I had known that when I took out the policy I would have got rent default but they didn't tell me), doesn't cover the property being unable to be tenanted for the 4 weeks that they have been messing me around "assessing" the damage.
AVOID AVOID AVOID
Anyone had an insurance company that did actually pay a claim? I need to change!
Thanks Richard,
I wished I'd known about the lenders who lend the 80%. For interest who are they?(for my next investment/refinancing etc)
Hi
We have just bought a property on Macleay Island. The banks will only lend 70% on the island where they usually lend up to 80% on mainland property. Property is going up on the islands even the locals are buying up so it looks ok. We have intentions of keeping the property for quite some time so hopefully it will be fine. I am hoping it will end up something like Magnetic Island off Townsville or Scotland Island off sydney where some of the properties fetch over the mil $ mark.Angie7
How Does that work??
Thankyou, as it goes on this really doesn’t sound to be a good investment. Where to go now?
There is already some single mens quarters in the town, not sure if any others are going up, but the property is already rented out at $400 to a company ,The real estate agent has told us if we put in 2 more aircons in the remaining 2 bedrooms (3 bd House) we could ask $430 pw
