Hello,
How many of you have insurance and how many different ones ? I just bought an investment property and I don’t know if I should have building insurance AND liability insurance AND landlord insurance.
I suppose all theses additions will bring down my first thought”I have a + c/flow property”.
My investment is around Brisbane. Please tell me which insurance companies are the best and which good ones you’re using and having good results (when something bad happens).
Cheers.Hi Chincho,
Insurance is very important, ask yourself if you have a $200k car (could be a porsche, Mercedes, or what ever you like.) Would you insure it?
Honestly, you should get building insurance for you property, (though check if its a unit or apartment), but definietly get liability insurance. Landlord insurance is optional, but does give you a piece of mind, though its not exactly necessary but many people do get it.
By the way insurance is tax deductible too,
Cheers,
sisI’ve got landlords insurance with alianz (was colonial) and that covers everything (I’m pretty sure[?]) such as public liability, building and tenant damage etc. Must check to confirm now that you’ve bought the topic up.
YES insurance is very important! Building and public liability is a must, but landlords insurance is up to you.
I have insurance for our IP with CGU, covers building, landlord and public liability.
Our own PPOR is covered (building and contents) with GIO which was the best rate we could find, but they don’t offer landlord insurance. If you don’t want landlord insurance anyway, have a quote done over the phone, and you’ll find they’re very competitive.
I have heard that Terry SHeers is also good, but I believe a little bit more exxy than CGU.hi all
Chincho
i’ll be harder than the others, only an idiot wouldn’t have insurance on a property. Liability insurance which comes with the property insurance is essential. If soemone enters your property and hurts themself, they could sue you and send you broke. I wouldn’t even invest in property if i couldn’t get insurance. another point is the property is Mortgaged the banks will insist that you have insurance.
in regards to Landl;ord insurance i recommend for about $3 or $4 pw it is a worthwhile investment.regards westan
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]
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