Hi All
Over the past two years I have acquired four investment properties in Queensland and in constant search to expand my wee empire.
I am in the midst of renewing my landlord insurance for all four properties and was wondering whether anyone had any advice/tips on the varying policies, as well as any knowledge regarding insurance companies that offer both a competitive rate and efficient service.
Are there any insurance companies that offer discounted rates for multiple properties?
Thanks in advance for your advice and comments.
Nope, no advice, you are doing the right thing having landlords insurance!!
A coupls of my wife’s friends have had IP without landlords insurance and it has bitten them on the b-m big time.
While we have yet to see an occasion that sees us claim landlords insurance in a significant way (a couple of windows replaced etc.) it would probably seem significant if we didn’t have it!!
I have seen far too many examples of the consequences lack of insurance (especially after the Canberra fires) to not have insurance.
As to the best policy for you, it depends on your situation, see a broker, they should find you the best product for your situation.
Steve Kerr
Opportunity knocks softly, listen carefully!
Thanks for your advice. I’ll do a search for Qld brokers and see what I come up with.
I also went through the Canberra fires and saw many property owners and renters alike suffer from not having either insurance or updated insurance schedules that reflected recent inclusions, renovations and/or household purchases.
Your mention to the Canberra fires is a valuable reminder to sort out the admin side of things thoroughly (eg insurance) and act upon ways to protect our families, our renters and our properties (eg fire prevention strategies) as much as humanly possible should mother nature display such devastation again.
Thanks again.
HI FKPrice, I’m a PM in Qld and own a couple of my own IPs and have LLP insurance. I use a company called MGA Insurance Brokers (Toowong in Brisbane). I find them reasonably priced (approx $215pa) and they do offer discounts for multiple properties (not sure of the discount though).
Always check what policies cover, ie., accidental, malicious damage (excess amounts); excess on loss of rent cover and what is required to claim, ie., at what point would you need an assessor before you can claim and start repair work. All necessary questions as it is only when you claim you find out they don’t cover this or that.
Other companies that are purely for LLPI is a broker called Terri Scheer also in Brisbane at Mt Gravatt.
Hope this helps[thumbsupanim]
Yasna & Simon
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