Newbie with first IP looking to find best home and insurance policy. IP is a 4 bedder weatherboard in good condition in the country returning $160 pw. Just wondering what to insure it for and what inclusions to include or leave out, like theft, damage by tennants, glass breakage etc. Would love to hear from other property gurus who can give opinions on the must haves and the dont bothers of house and contents insurance. Thanks.
Have a look at Landlords insurance with insurance companies. Usually covers loss of rent due to damage, loss of entire house from fire. Check if cyclone, hurricane, flood and malicious tenant damage are included. As an example some insurance companies do not cover floods.
You need to find out what it costs to demolish the burnt out house and then completely rebuild. This is what you want to cover the building for.
I haven't bothered with contents insurance but the contents you might consider are Carpets and Curtains.Hi ilovekate –
I read somewhere that if you under insure your property – say for 50% of what the insurance company assess its value at then they treat it as though you were insuring the other 50% ie. personally accepting the risk of loss for the other 50% of the value and will only pay out 50% of what you insured it for.
So if you insure a property that would cost $200K to replace for only $100K then the insurance company will pay out $50K Confusing!!!!….. Hopefully I got it right – I"m pretty sure i have so you might want to look into it?Okay the 1st thing is your are after two different things investment properties should really have 2 types of insurance, building and landlords. Landlords will cover you for things such as tenant damage, rent, contents and that sort of thing. the building covers you for structural type aspects. There are a number of companies out there who offer Landlords insurance from the big 4 banks down to speciality companies such as mine.
hope this helps
You must be logged in to reply to this topic. If you don't have an account, you can register here.
