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  • Profile photo of noddynolnoddynol
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    @noddynol
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    July 17, 2009 - 8:10 am

    try rams and citibank for hybrid trusts

    Profile photo of noddynolnoddynol
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    @noddynol
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    July 16, 2009 - 9:40 pm

    well insurance is all about risk so I thought about what risks I felt were "more likely" than others.

    The main risks I felt I had were not things like fire or theft, the main risks were:
    -tenant default ie skipping town or not paying rent
    -damage to property by rogue tenant

    So I took time to read the sections of the various wordings as to what is covered when this happens.  I found that some insurers charge a punative excess (which means you pay 2x excesses) and there were also conditions on the amount of weeks rent covered and so forth.

    Also, I think all major banks sell insurance so in addition to my earlier list of providers you could check with the various banks too.   You will find you can obtain quotes from most of their websites.

    Also look at ability to pay monthly at no extra charge.
    good luck.

    Profile photo of noddynolnoddynol
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    July 16, 2009 - 9:26 pm

    yep i realise there are stacks more possible deductions such as repairs & maintainance,  loan costs, travel etc etc ..had just kept a simple list for the purpose of the example..

    so in principle is the formula correct?

    Profile photo of noddynolnoddynol
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    @noddynol
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    July 16, 2009 - 1:10 pm

    i just read this book on the topic – which was very basic but still worth a read
    https://www.accounting.eknowhow.com/channaylor/html/s13_shopping/view_product.asp?id=23&nav_cat_id=7&nav_top_id=&dsb=76

    Profile photo of noddynolnoddynol
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    @noddynol
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    July 16, 2009 - 1:01 pm

    one thing too: As humans we tend to spend money needlessly on our PPOR and by renting we are not tempted to spend money on that extra garden or super-dooper kitchen (that we really dont need)

    so i have stuck to renting whilst having IP's in the background building wealth.

    i like it purely as a good discipline. 

    Profile photo of noddynolnoddynol
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    @noddynol
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    July 16, 2009 - 12:53 pm

    hi jaffasoft
    mate i work in the insurance industry and have done for my whole career. I recently did some homework comparing landlord policies for my own properties and there are some significant differences between insurers.  At the end of the day, people whinge about insurance companies but these people never open their policy booklets to understand what's covered and whats not.  Just take the time to read them..anything an insurance company will exclude is listed in the policy.  it is also important that you do not trust any information provided by anyone in a call centre. these staff just guess answers .  get on websites and actually download and read the policy wordings.

       the insurers i compared were QBE, CGU, Suncorp, Comminsure, NRMA, Aon and Westpac.  I ended up with the westpac policies which for me had the best cover and was also really good on price.  good luck with your research.

    ps the biggest difference between the policys that I noticed was in relation to excess.  "Stuff covered" was fairly indentical. it's also worth checking what is covered by your body corp insurer if you own a unit

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