hi,
can anyone pls intro me to some of your property insurance companies? which ones are good and affordable?
pls give me some to choose from.thanks
I haven’t dealt with them, but several people have recommended CGU. They also offer Landlords insurance.
Peter
why do they recommend that? any reasons and good points?
ok i just went to the CGU site and it asked me a load of questions.
I bought my 1st investment property for $83,000 , the 3bd houses in that area is around $85000 – 90,000.
The rental is $120 per week. Soon to be raised to $130 per week.So how much should i insure the building for?
And the loss of rent?What do u guys usually do? are there any rules which you usually follow?
HI, Fullout.
You need to insure the cost to replace the building, plus the cost of clearing the site. The cost to re-build will be a lot higher than the price you paid, so get an idea from a local builder.Spark,
u mean we need to become a member to get the insurance from them? Does CGU require membership?
And how much do we need to pay per year for the membership so we can save $59?
Hi,
Minimogul asked for this transfer,
This is her post:
Insurance…I was quoted $200 per year or $1200 per year.
$1200 for full replacement insurance and $200 per year for dollar for dollar insurance. I’ll take my chances with the lower amount i think, because it is only a really cheap house for rental. I guess after a year, or five, if it ever doubles in value, i could reassess?Your wish is my command!
Cheers
Sooshie [
]There are no problems, only solutions
I remember checking out Suncorp site which has a ‘how to estimate’ section. Put in info about square metres etc.
hi,
can anyone pls intro me to some of your property insurance companies? which ones are good and affordable?
pls give me some to choose from.thanks
thank you sooshie oh guru of post-moving!
mini
Hi
I just insure the property for twice the amount that I paid for it
Cheers
David U
I just got a quote from CGU for my insurance for my positive cashflow property. My property was purchased at $83,000, with rent per week $120.
After September i will increase rent to $130.Here is the insurance quote:
Cover Sum Insured BasicPremium
1Building 150,000 204.93
1Contents 7000 22.30
1Loss of Rent 6240 7.11
1Rent Default
&Theft by Tenant 90.00
2Liability 5,000000 27.00Total Basic Premium $351.35
Fire Service Levy $61.63
GST $41.30
Stamp Duty $45.43
Total Amount Payable $499.70MONTHLY REPAYMENT $41.64
So how does it look? This is the first time i buy insurance for property. Pls give me your comment, on what is necessary and what is unecessary.
Are there anything in it that i shouldnt cover? Or anything that i should cover for more???THANK U
Hi all,
What about letting the purchaser pay for their insurance for X amount, putting the bank (finance) and wrapper as interested parties and then getting a certificate saying it’s paid[?]
The reason for doing it this way, is the purchaser’s have a business so they get a discount on the insurance. They have agreed value of 100K on property of 73K.
What do you think? Dangerous or acceptable?Cheers
Sooshie []There are no problems, only solutions
Hi fallout,
My point was that going direct to the insurer does not neccesarily guarantee the best price! Read on…My insurance quote did not include buildings (that is paid by strata corporation).
My quote was:
contents ($5,000) $25.64
public liability ($10,000,000) $27.48
loss of rent ($7,800) $9.00
rental default & tennant theft $79.37
TOTAL $141.49Australian Central Credit Union included gst, stamp duty & fire service levy in the basic premium and did not charge extra for them as Adelaide Bankand others I rang did, hence the $59 difference.
There is no membership to pay of course and you must have an account with Australian Central which isn’t so bad in terms of charges/fees etc anyhow.
I actually took their quote to Adelaide Bank who agreed to match it which I preferred because I already have accounts there.Its just nuts that there can be such a variance through different agents like the banks and credit unions when they are selling the same product.
(I accidentally deleted my reply so sorry if this doesn’t make sense tonew readers)[]SPARKLy,
do these banks u mention have branches in Melbourne? I think i emailed Australian Central and they said they dun have a branch here, but they can insure for VIctoria locations.. i just thought it was a bit of a hassel if they are so far away..
Hi All,
Long time – no post!!
Hot back to it though [}]…
and what an awesome topic to come back to… Insurance!! []
This is a truely magic opportunity to build a wealth of knowledge here, on one post, covering ONLY insurance. So here is a suggestion to put out to everyone; lets ALL post only info relating to insurance Herein?!![]
So even if you’re only browsing this post, please take the time to share your situation re: Insurance.
Forum topics always seem to wander so if we can keep our answers concise, we could end up with a huge insurance info list!.[]
That said, my situ is this:
2 x Strata Title 2 Bed, Brick and Tile Villa Units with Carports. (Of 4 on double block)
Company: CGU
Policy Type: Strata Insurance – 12 months.
Buildings and common contents sum Ins.$333,000 (all 4) $351.93
Public Liability($5,000,000) $127.04
Stamp Duty $30.97
GST $47.89
Total $557.83 or 2 @ $139.46/unit = $278.92.Think about it 7,500 members = a lot of information!
Cheers,
Kind Regards
Michael…*******************
“There will never be another now — I will make the most of today.
There will never be another me — I will make the most of myself.” — Robert H. Schuller
*******************Can anyone else share the insurance details for their situation?
I have 2 x IP’s insured with CGU $180K each.
In year 2001 the insurance cost was $26.00 each.
In 2002 this increased to $42.00 each. Upon inquiry I was told that the special offer from St George Bank had expired. The way to get back on it was to cancel with CGU and apply again through St George Bank.
In year 2002 the insurance cost was $32.17 each.
Get your Landlord quotes through St George BankGood Idea Michael
Perhaps Sooshie can set up an a dedicated Insurance Section (like the Useful Links) for everyone to post their infoI use RACV for Building Ins. get a discount because have been a member and had car ins. with them for 25+ years.
I use REI for Landlord Ins. REI reduce the premium to $250 per property from $265 once you have 2 or more properties. Had bad experience with BOM/WBC Bank. Refinanced Strata Unit and Bank insisted having Landlord Insurance cover with them. Was $40 cheaper []but when I compared the Bank’s policy with REI policy there were lots of gaps/loopholes not covered with the Bank’s policy [}] which I didn’t find out about until I finally got the policy doc. from the Bank 4 months later. [!]
Have had quotes from CGU a couple of years ago and they were always more expensive.Cheers
NessieHi Everyone,
We used to use Zurich because they gave us a discount (15 or 20% can’t remember exactly.). However now that they have been bought over by QBE their prices have increased!
We called NRMA and saved $1,250 !??!?
Saved nearly $400 on the car and $500 for my PPOR!!!! and now I am a member too.I also use CGU but think they are a bit too expensive.
Give NRMA a go and post back to let us know how you went.
APIM
*************
Australian Property SoftwareAPIM: http://www.apim.com.au
APDM: http://www.apim.com.au/apdm.htm
*************
APIM,
does NRMA have landlord insurance too?
i went to their site and they only have building insurance and home contents.Do u usually get just Landlord Insurance for investment properties? or a combination of a few?
]
]
]
]
!]
The topic ‘property insurance’ is closed to new replies.
