Which insurances should i get??

When you say you have mortgage insurance – this may not be correct. If you are referring to the mortgage insurance that you pay when you get the loan, then this only covers the bank if you default and there is a shortfall. You will still be liable and will be pursued by the insurance company to cough up the rest.

If you have mortgage protection insurance, then this will cover you for the repayments of the loans if you cannot due to illness etc. But these tend to be expensive and you would be better off with income protection, possibly.

It may still be a good idea as you can be covered for things like damage to the property or loss of rent if the tenants skip out etc.

Hi again Helena

Stay away from NRMA and AAMI – both I have had bad experinces with for my owners trying to claim on them. Suncorp was good. Terri Scheer is one of the best, but I am pretty sure that you need an agent to get into them… CGU I think also does it.

And yes, even if you do have an agent GET LANDLORD INSURANCE!!! Make sure it covers you for….
 – Contents insurance (curtains, carpets fixtures and fittings)
 – Public Liability
 – Malicious Damage
 – Accidental Damage
 – Arrears

Read the fine print too, there are some out there that will cover you for lots, but you have to hand over the WHOLE bond when claiming (much more than any normal excess). Also double check the bonds and I have had one company not want to cover the owner as the rent went up 2 weeks ago and the tenant hadn't topped up their bond (paid extra on the bond when rent increases) – but they have a month to pay it and no legal requirement through the RTA to do so, but was a condition on the landlord insurance… Read it all