All Topics / The Treasure Chest / property insurance

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  • Profile photo of scratchmescratchme
    Member
    @scratchme
    Join Date: 2002
    Post Count: 56
    May 31, 2003 - 11:37 am

    Hi Fullout,

    Landlord insurance or malicious damage insurance?

    Not sure what you mean but I know they will insure IPs as well as PPORs.

    I am not sure whether they have malicious damage. I am prety sure CGU do. The best is to call them up and ask.

    Not sure what you mean “by combination of a few”

    APIM

    *************
    Australian Property Software

    APIM: http://www.apim.com.au

    APDM: http://www.apim.com.au/apdm.htm

    *************

    Profile photo of DramDram
    Member
    @dram
    Join Date: 2003
    Post Count: 82
    June 14, 2003 - 1:11 pm

    Hi All. Good topic.

    Insurance….what do I need?

    I have building insurance, which is covered through the body corp. But what about Landlords insurance? What is it all about?

    Thanks

    Profile photo of fulloutfullout
    Member
    @fullout
    Join Date: 2003
    Post Count: 233
    June 15, 2003 - 7:15 am

    hi,
    Landlord ins covers things like Rent Default and Theft by Tenant, and Loss of Rent (usualy up to 1 year coverage). Building Ins covers Public Liability, and Building Replacement Cost etc..

    Profile photo of GordonGekkoGordonGekko
    Member
    @gordongekko
    Join Date: 2003
    Post Count: 5
    June 15, 2003 - 10:13 am

    I used to use CGU for my IP insurance but their prices kept going up and up and recently I rnag around for quotes and am now with AAMI. They also do Landlord’s insurance.

    Regards,
    GG

    “Greed is good”
    Gordon Gekko (Wall Street)

    Profile photo of fulloutfullout
    Member
    @fullout
    Join Date: 2003
    Post Count: 233
    June 16, 2003 - 1:48 am

    Gecko,
    Can u pls give me AAMI’s number? thanks

    Profile photo of YarraYarra
    Participant
    @yarra
    Join Date: 2001
    Post Count: 20
    June 16, 2003 - 10:41 am

    Just a tip
    Before you take out any insurance check the inclusions (and the exclusions) not all insurance is the same. It is a good idea to compare what you are paying for.
    I use an insurance broker, tell him what I need and he then hunts for the best deal which may change each year
    I’ve just had a thought. if anyone is about to take out insurance & they are going to see a broker if they mention that they may could bring LOTS of business their way (through this forum) the broker may be able to do a deal with one of the insurance companies.
    My B&B in Daylesford is covered by such a group policy but they wouldn’t let me insure other IP’s as they were under a different category

    Profile photo of WinteroseWinterose
    Participant
    @winterose
    Join Date: 2003
    Post Count: 31
    June 16, 2003 - 2:15 pm

    Hi,
    I organised my insurance through broker and they recommended CGU – I have landlords insurance but I insure for replacement value if the place burns to the ground how much will it cost to rebuild $10,000/sqr say 17 sqrs. However Ihave since found out that brokers do not recommend certain companies eg AAMI which provided me with considerably cheaper car ins compared to the broker.
    Cheers
    Cookie

    Profile photo of hwd007hwd007
    Member
    @hwd007
    Join Date: 2002
    Post Count: 247
    June 16, 2003 - 3:41 pm

    AON Insurance is another one. aon.com.au

    Profile photo of fulloutfullout
    Member
    @fullout
    Join Date: 2003
    Post Count: 233
    June 17, 2003 - 4:11 am

    i called AAMI and it is quite a lot cheaper, IF i have a car ins with them as well. BUt AAMI doesnt have monthly repayment, only yearly. If no car ins with them, its about $500+, if with car ins rating 1, then its $350+ only.

    Any of u guys paying landlord ins yearly?

    Profile photo of NessieNessie
    Member
    @nessie
    Join Date: 2001
    Post Count: 73
    June 17, 2003 - 6:06 am

    Hi Fallout

    I pay Landlord Insurance premiums yearly. See details in early note about the amounts.
    I haven’t heard of any Ins. Co. accepting monthly or quarterly payments.

    Cheers
    Nessie

    Profile photo of sparklysparkly
    Member
    @sparkly
    Join Date: 2003
    Post Count: 3
    June 17, 2003 - 11:35 pm

    Hi fallout and others, long time-too busy to visit!
    With regard to dealing with banks or insurance companies interstate because there is not a branch in your state, I personally have no problems with it because most business is conducted over the phone or with paperwork anyhow. The only drawback I guess is no face to face opportunity if you need it. In SA, most claims etc are direct to Sydney or Melb anyway and with 1300 phone numbers and fax it isn’t even costly or time consuming.
    Cheers – Sparks

    Profile photo of DaveCDaveC
    Member
    @davec
    Join Date: 2003
    Post Count: 79
    June 18, 2003 - 9:53 am

    Hi there

    My house is currently insured through AAMI, BUT and it’s a big but, in reading the fine print and then phoning theses guys they won’t insure for malicious damage by anybody regardless of whether it’s the tenant or a visitor to the property.

    Tip: Always read the fine print BEFORE you sign anything (sound familiar???)

    Take care
    Dave [:)]

    Profile photo of OPMOPM
    Member
    @opm
    Join Date: 2003
    Post Count: 110
    June 18, 2003 - 12:22 pm

    I’ve just rang for some quotes among the main landlord insurance policies including AON, CGU, Terri Scheer, QBE, St George Bank and Westpac; and i’ve decided to go with Westpac.

    They are the cheapest and offer the best cover for $179.04 p.a or $14.92 pcm per property.
    Most of the others range from $220 – $300 pa.

    This policy covers the main stuff you need including malicious damage, rent default, loss of rent, theft of fittings & fixtures and legal liability. These things are all covered even if caused by the tenant and/or their visitors.

    Be careful with AON as they will void a policy if the tenant is registered with TICA.

    Profile photo of fulloutfullout
    Member
    @fullout
    Join Date: 2003
    Post Count: 233
    June 19, 2003 - 3:18 am

    I been asking around, and seems like Adelaide bank has got the cheapest rate $35pmth. Slightly cheaper than CGU $38.
    Bank Of Melbourne had seperate Landlord and Building Ins, and it costed $50+ per month to get both of them.

Viewing 14 posts - 21 through 34 (of 34 total)
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