Building Insrnce

Viewing 7 posts - 1 through 7 (of 7 total)

111111
Participant
@111111
Join Date: 2003
Post Count: 29
July 7, 2003 - 2:59 am
I got quotations for my IP ($200k suminsured) in QLD. The annual premiums varies.
NRMA : 220$
AAMI : 380$
CGU : 500$
QBE : 457$
I read all the policy documents. They are all very similar.
Does anyone know why the premiums are so different.?
I am attempted by the NRMA quoite
wilandel
Member
@wilandel
Join Date: 2003
Post Count: 761
July 7, 2003 - 3:27 am
Hi 111111,
Big differences aren’t they??
Perhaps try an insurance broker. They may be able to tell you better if there are differences in these policies. It’s so hard for the average person to understand the FINE PRINT!!!
Stuart from Pro Solution (mortgage broker) gives on-line quotations for insurance at http://www.prosolution.com. I have not used him for insurance, so I can’t comment, but he puts in a lot of time on this forum for others.
PS…..(I get nothing for this)!!
Good luck,
Del
birdman
Participant
@birdman
Join Date: 2002
Post Count: 38
July 7, 2003 - 4:23 am
Suburb/Postcode is also a big factor as I have similar priced properties in various suburbs with the same insurer and they vary a bit in the price. Maybe some of the insurance companies are “exposed” in this suburb.
Tasman Property
Participant
@tasman-property
Join Date: 2003
Post Count: 126
July 8, 2003 - 8:14 am
Hi everyone,
I was frustrated with my building insurance (through a mortgage broker) because when it came to be renewed there was a $100 broker fee attached to each property (x4) and I had not received any service (I know this is prob. not the case with all ins. brokers). The premiums quoted were similar to yours listed above.
I didnt really know what to do, then discovered that my landlords insurance people also do building cover and the cost was about 1/3 to 1/2 of the premium quotes I already had (and it could be arranged through my property manager easily as they already handled the landlords cover (and don’t laugh those who may have seen my other post re this![])
Anyway, it is through EBM Insurance Brokers in Melbourne – the RentCover Plus people, if you want to check it out (they have a website, I am not affiliated at all etc…). My only niggling thought is that you get what you pay for, so if anyone has had bad experience with these guys or can point out why its so cheap please let me know!
Stuart Wemyss
Member
@stuart-wemyss
Join Date: 2003
Post Count: 598
July 8, 2003 - 8:33 am
Policy cover varies greatly amongst insures and therefore it is not always meaningful to compare premiums. In addition, some insurers have higher claim approval stats than others (no use having insurance if they don’t pay when you put in a claim).
Perhaps consider using a licensed insurance broker. As Del alluded too – there is a number on our website to ring and discuss insurances.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.au
birdman
Participant
@birdman
Join Date: 2002
Post Count: 38
July 9, 2003 - 1:28 pm
Hey Tas Investor,
I also use EBM’s Rent Cover Plus, looks pretty good to me when I compared them with other insurance covers.
I too would be interested in any negatives people have had with them.
hwd007
Member
@hwd007
Join Date: 2002
Post Count: 247
July 9, 2003 - 4:10 pm
Yep I use AON for Landlords Insurance, similar premium to EBMs Rent Cover plus about $240. That said Westpac now offer a cheaper version about $180 pa.