Hi all, just wandering do most of you with several IPs use 1 insurance company. I am looking at streamlining, at present have insurance with several companies. It sometimes gets confusing.
What I am looking for is the best deal possible and reducing expenses in this area… can anyone give me some suggestions.
Also, I know basic question however [exhappy]what type of insurance do you take out for your properties.
Thanks[biggrin]I have used a few different insurance companies, CGU, Combank, and Westpac. I think they all give multiple policy discounts, but there ain’t much difference in the charges between them all. I’ve also used an insruance broker, but don’t think it is worth it with the fees they charge.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry, I have never used insurance broker. I was hoping someone would tell me about this incredibly cheap insurance company that provided brillant service…. think I’m dreamin
Hi Marissa
before i left OZ someone mentioned to me that Elders has a very cheap insurance plan with landlords insurance included. I haven’t had the chance to email my stuff to them for a quote but over the phone it was very cheap.
regards westan
I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database
Hi Marisa,
I use the one insurance company for all my home/contents/landlord/car needs, and by having all the policies with one provider, I am offered a nice little discount. I am sure most insurers will do likewise for you too; but do shop around first for the best deals.
Cheers,
Jo
I am with CGU and find them very good
Hi Westan & Marisa,
Westan I think it was us that may have mentioned Elders Insurance to you.[biggrin]
We used them first of all for our large farmpac policy and no other insurance companies have been able to quote anything close.
We use them now for all our properties, but I think that I’m getting lazy, ‘cos I haven’t compared any other companies lately.
We also haven’t had to claim anything yet, so I can’t comment on how quick they are etc..
Elders have been great to deal with though, because we ring our local office (10 mins from our home) and REAL people actually answer the phone! A nice change…
Del
i was “bluffed” (they would say i never asked) into insuring all properties with westpac,b/c (my understanding was) they were going to offer me a discount for multiple insurances.
So,i insured 3 houses with them,THEN was told the discount only applied if it was a house AND contents package on all 3!!
Now why the hell would i insure the contents of my tenants????
But,i’ve been too busy with other stuff to track a better offer.
So,beware,& ask what do you have to do to get a discount.[angry2]Misty,
Did you not tell them that 2 of the 3 properties in question were presently / to be tenanted?
A quick lesson: never ASSUME anything especially if it involves you paying over money for goods and/or services. If they don’t ask; you make it a point to TELL them EXACTLY what you require!!!
If not satisfied, and obviously paying for tenants contents would not sit well with many I’d imagine, CANCEL the policies, after shopping around, and this time…..ASK !!!
Good luck,
Jo
Most of our policies are either with CommInsure or Rentcover, depending who has the cheapest price when adding the new house.
Sometimes even split it ie: building with CommInsure and LAndlord Insurance (including some contents for curtains, carpets etc) with Rentcover.
So far have not made any claims so don’t know how either are. But others on t his forum have siad they have claimed form Rentcover without any problems.
Marissa, you might like to do a search on insurance as I remember a previous thread about it, don’t know what it was called but coudl try Insurance and see what happens.
Regards
PKThanks all for help.
PK, will search and see what comes up.One thing I have learnt about taking out insurance is too make sure you dont have a hefty excess. To reduce costs had a policy with $300 excess, totally useless.
Although I have not taken their advice, my PM reccomends REI landlords insurance.
Regards
SonjaHi Marisa,
Quote
“One thing I have learnt about taking out insurance is too make sure you dont have a hefty excess. To reduce costs had a policy with $300 excess, totally useless.”Sorry Marisa, but what do you mean by this statement? Do you mean its not worth taking the larger excess to get the discount?
I always take my excess to the highest, say $550 to $1000, as I wouldn’t make a claim on any thing lower than that.Cheers,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Go CGU very comprehensive and also reasonable premiums and allow flexibility with payments.
Matt
Hi All,
I have only just joined, so this is my first post. I have just been sent an insurance renewal from National Aust Bank (underwriter = Allianz).
My monthly deduction was 31.75, if I renew the policy it will be 39.54/mth – a $93.48/yr increaseAND they have removed the clause that covers me for ‘loss, liability, injury or damage caused by a deliberate, intentional, malicious or criminal act by you or your tenants, the invitees of you or your tenants…’
The protection against tenants or tenants’ visitors (or party crashers) trashing the unit was one of the advantages of Landlord’s Ins.
And burglary or housebreaking now ‘… requires “violent’ entry’. So if the tenants leave a window unlocked in my furnished unit, I’m on my own.
I have a new PM who sent me a brochure from AON – they still have the malicious damage clause & seem a lot cheaper – $240/yr to $474.78 with NAB…..
Can’t see why I wouldn’t swap, thou I haven’t read the fine print yet.
thanks, Lisa
diclem,
sorry statement not clear, will clarify, what I meant was I actually had a $300 excess on my insurance policies as a way of saving on my premiums.However, I infact lost money as a result of this implied excess. I have claimed a number of times, usually minor items ($100-250), ie broken window, damage to property caused by hot water system etc.
These items were all below $300 (over the last 2 years) therefore no point claiming.At present I have an accessor looking at water damage due to broken tile, estimate $150. If excess still applied repairs would be coming out of my pocket.
Maybe I have had a lot of bad luck with IPs, however from experience prefer to pay full premium.
But surely if you had claimed all those ‘smaller’ items, your premiums would continue to rise…….
Cheers
MelHi Melbear, this will be the second claim on this IP, due to the excess. Did not really consider possible premium increase due to claims!!!
Had two claims with another insurance company (GIO) they did not increase premium.
What is the point of paying insurance cover if you can never claim. Your dammed if you do and dammed if you dont.[blink]
Hi Marisa,
I have always thought along the same lines as Mel.
The more claims you make, the more the insurance company doesn’t like it and raises your premiums.
At least, that is the way I have always thought they worked, might be a myth as I have personally never made a claim on insurance. I guess I’ve been lucky.
Then again, a lot of insurance companies tend to offer discounts in the form of a “No claim Bonus”.
Anyone here had any experience with insurance companies?
Cheers,
Sue“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Marisa/Diclem,
Having worked for a company predominantly funded by insurance companies, I understand the reasoning behind insurers raising premiums for policy holders who make repeated small claims. This is done so as a deterrant, for one of many reasons, and therefore my advice to you Marisa, is wherever possible, try and cover the small expenses yourself rather than rely on your insurer, unless you have a “no claim bonus” but even this is not a guarantee of avoiding any premium hike in the following policy period. I know and can empathize when you ask “why bother?” but maybe you should rethink this through.
Me personally, I normally prefer higher excesses, accepting that I may have to cover the “out of pocket” expense if I need to make a small claim, and prefer the SANF (sleep at night factor) of insurance cover for those really painfully “huge” expenses, such as when my IP was burnt to the ground by arsonistic tenants!!!
Cheers,
Jo
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