Hi everyone,
I have done a quick search and couldn’t find any recent post about this topic so thought I would throw it out there.
I have just bought my first investment property and it has come time to insure it. I was wondering if people would be able to share their experiences with different insurers be it good or bad? Or any other general tips for picking the right insurance.
Cheers
Kendall
Or can anyone recommend a good insurance Broker in QLD?
As boring as it sounds – read the PDS of the different insurance companies and compare. Know what you are and are not covered for.
Some points to consider:
– Accidental vs malicious damage.
– Loss of rent – how many weeks will be covered and how long till payment kicks in?
– Excess for multiple claims – one excess or excess for each claim?
– Cover for flooding – needed or not needed and what type of flooding is covered. If not needed are you paying extra to get the flooding cover?
– Contents – what is including as contents with your building or LL insurance policy?
– Self managing? – Make sure insurance policy still covers you.
– Fixed term vs month by month lease – understand how the insurer views these
– What expenses are covered should you go to tribunalThese are the points that spring to mind at the moment. I’m sure there are more though but should provide a good starting point.
Kinnon Bell | Kinetic Funding
http://www.kineticfunding.com.au
Email Me | Phone MeMortgage & Personal Loan Broker based in Cairns and Melbourne but servicing clients Australia wide.
Is it a unit or a house?
Do you want building, LL insurance or both?Hi Kinetic and Catalyst,
Thanks for the replies!
As boring as it sounds – read the PDS of the different insurance companies and compare. Know what you are and are not covered for.
Some points to consider:
– Accidental vs malicious damage.
– Loss of rent – how many weeks will be covered and how long till payment kicks in?
– Excess for multiple claims – one excess or excess for each claim?
– Cover for flooding – needed or not needed and what type of flooding is covered. If not needed are you paying extra to get the flooding cover?
– Contents – what is including as contents with your building or LL insurance policy?
– Self managing? – Make sure insurance policy still covers you.
– Fixed term vs month by month lease – understand how the insurer views these
– What expenses are covered should you go to tribunalThese are the points that spring to mind at the moment. I’m sure there are more though but should provide a good starting point.
Thanks Kinetic I have been reading through tough going but I’m getting there haha
Is it a unit or a house?
Do you want building, LL insurance or both?It is a house. And I would say I will be safe and get both building and LL insurance.
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This reply was modified 10 years ago by
bigdell.
Hi Kinetic and Catalyst,
Thanks for the replies!
Thanks Kinetic I have been reading through tough going but I’m getting there haha
It is a house. And I would say I will be safe and get both building and LL insurance.
No worries :)
Ha, yes, not the most riveting reading going around! At least they don’t use so much legalese these days which makes the reading a bit more easy going.
Yes, get both.
One thing I have no direct experience with but have read which makes sense is to have both building and LL insurance with the same company. If you were to make a claim they can’t say “we don’t cover that, that’s what LL insurance is for” then go to make a LL insurance claim and they say “no, we don’t cover that, that’s what building insurance is for”. Helps with the claim merry-go-round.
Kinnon Bell | Kinetic Funding
http://www.kineticfunding.com.au
Email Me | Phone MeMortgage & Personal Loan Broker based in Cairns and Melbourne but servicing clients Australia wide.
One thing I have no direct experience with but have read which makes sense is to have both building and LL insurance with the same company. If you were to make a claim they can’t say “we don’t cover that, that’s what LL insurance is for” then go to make a LL insurance claim and they say “no, we don’t cover that, that’s what building insurance is for”. Helps with the claim merry-go-round.
Thanks again that does make sense that way there is no argument who pays!
What exactly is LL Insurance like when you look at a big insurer’s website (AAMI, SUNCORP, COMBANK) its all under a LL heading. My assumption is that LL Building covers the house/building and what you are calling LL insurance is regarding LL Contents insurance?
Cheers
Sorry, I was being lazy when I was typing – ‘LL Insurance’ is Landlord Insurance so that covers the rental aspect such as rent default and any financial loss connected with it being a rental property. Some cover ‘contents’ but that is generally carpet, blinds, fittings and fixtures, that kind of thing and not the tenant’s property such as their TV or fridge.
Building is for the actual structure so should the place burn down (depending on how the fire started….) the building policy would cover that.
EBM are specialist insurers for landlords which a lot of people I know go with.
Kinnon Bell | Kinetic Funding
http://www.kineticfunding.com.au
Email Me | Phone MeMortgage & Personal Loan Broker based in Cairns and Melbourne but servicing clients Australia wide.
Also, add to the list of coverage with landlord insurance is the liability cover. What is and isn’t covered and for how much.
Kinnon Bell | Kinetic Funding
http://www.kineticfunding.com.au
Email Me | Phone MeMortgage & Personal Loan Broker based in Cairns and Melbourne but servicing clients Australia wide.
+1 EBM. :)
Good replies Kinnon Bell.PHP | Mortgage Station Pty Ltd
http://www.mortgagestation.com.au
Email Me | Phone MeGive us a call or send us an email for a free residex report.
Thanks heaps everyone! I have got onto a broker and will see what the outcome is.
Thanks again! Can always rely on this forum to help out!
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This reply was modified 10 years ago by
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