Hi, everyone: I got a rental house in archerfield, brisbane. It was affected by 2011 flooding. The insurance called Vero is Ok to pay money to fix damage. But my premium was increased substantially in the next 2 years. IT is about $102 for a 3 bed high set house now. Is it normal? Anyone has some better insurance company which charge reasonable fee and still cover flood damage. thanks
Hi, Qlds007: the premium is about $102 per month now. It used to be around $38 per month.
Henry thats not a bad price, would be keen on hearing if you can find a better price, try RACQ they now have full flood cover, i've found them ok. Insurance is becoming a huge cost for property investors, a cost which needs constant checking, Insurance co's seem to be able to charge what they like. The only voice we have is to dump the rip off ones and support the one's that want your business.
Hi Henry
Are you saying the premium is $102 per year?
If so I wouldn't think about ever changing.
I would need more details to be able to give you a premium.
Cheers
Yours in Financing
Richard Taylor | Australia's leading private lender
What is the rebuild amount and the weekly rent coverage ?
Do you have Tenant default cover also ?
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi there
I'd focus more on the inclusions and the insurers track record of paying out rather than the monthly cost. Cost is always a factor but shouldn't be the primary motivator when choosing an insurer, especially if it's on a flood prone area.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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