Hi
Just looking into Emerald and doing some costings etc. For those who have IPs in Emerald, who do you use for your landlord insurance?
Suncorp wont provide insurance based on the postcode (due to flood risk I guess), and NRMA gave a quote of over $3000 pa – obviously this would vary based on size of house, construction material etc but I only did a 3 bed /1 bath single story house.So, are all insurance companies going to be quoting huge amounts to insure in Emerald?
Thanks.
amandaj wrote:HiJust looking into Emerald and doing some costings etc. For those who have IPs in Emerald, who do you use for your landlord insurance?
Suncorp wont provide insurance based on the postcode (due to flood risk I guess), and NRMA gave a quote of over $3000 pa – obviously this would vary based on size of house, construction material etc but I only did a 3 bed /1 bath single story house.So, are all insurance companies going to be quoting huge amounts to insure in Emerald?
Thanks.
did the address flood? Suncorp insure our clients properties there
Portfolio PI wrote:amandaj wrote:HiJust looking into Emerald and doing some costings etc. For those who have IPs in Emerald, who do you use for your landlord insurance?
Suncorp wont provide insurance based on the postcode (due to flood risk I guess), and NRMA gave a quote of over $3000 pa – obviously this would vary based on size of house, construction material etc but I only did a 3 bed /1 bath single story house.So, are all insurance companies going to be quoting huge amounts to insure in Emerald?
Thanks.
did the address flood? Suncorp insure our clients properties there
I only used the online Suncorp calculator so I guess they insure on a case-by-case basis? No, the property didn't flood, the water was very close though!
We use Suncorp in emerald, only jsut recently insured there and they do cover flood. I think Westpac was the only other one who will insure in Emerald.
camjanice wrote:We use Suncorp in emerald, only jsut recently insured there and they do cover flood. I think Westpac was the only other one who will insure in Emerald.Thanks. Were they reasonable in cost – I know 'reasonable' is very subjective!
We used Suncorp Investor Home and Contents cover, home value of $320,000, cost on insurance was $831.00 which we thought was reasonable.
I have IP in Emerald and insure with Suncorp, very reasonable on price
Thanks camjanice & wakebrownb – good to hear.
Are you happy with your IPs?Yes, very happy with mine, new property completed in December with great corporate tenant, 12% gross yield in furnished house.
Yes, very happy with mine, 10% gross yield, and looking for the next one….
Hi Amanda
I use regional insurance brokers who use vero policy (sister company of suncorp). You wil find you will get the same cover with vero as you will with suncorp, but half the price. You will expect to pay higher insurance if you are in flood area( higher risk equals higher fee)
Make sure you read through the policy terms to make sure it suits your risk level. Also another way of keeping your premium cost down pay a higher excess fee if you make a claim. I am currently paying $950 pa for cover on a $469 k house & $720 pw rent default and this is out of flood zone.
Hop this helps
Leftycamjanice wrote:Yes, very happy with mine, new property completed in December with great corporate tenant, 12% gross yield in furnished house.That's good!
wakebrownb wrote:Yes, very happy with mine, 10% gross yield, and looking for the next one….Also good!
Lefty wrote:Hi Amanda I use regional insurance brokers who use vero policy (sister company of suncorp). You wil find you will get the same cover with vero as you will with suncorp, but half the price. You will expect to pay higher insurance if you are in flood area( higher risk equals higher fee) Make sure you read through the policy terms to make sure it suits your risk level. Also another way of keeping your premium cost down pay a higher excess fee if you make a claim. I am currently paying $950 pa for cover on a $469 k house & $720 pw rent default and this is out of flood zone. Hop this helps LeftyThanks Lefty, great info!
amandaj wrote:camjanice wrote:Yes, very happy with mine, new property completed in December with great corporate tenant, 12% gross yield in furnished house.That's good!
Yep! Rents are really starting to climb in Emerald! I have two now in Emerald. Just purchased a new build and very happy with my investment decision to go again in Emerald.
I think the market is starting to shift and gather momentum. I’ve seen good CG on my first property in a relatively short period of time and great increase in the CF!
Hi Everyone
I have been following all the talk about Emerald whist setting up my SMSF with great excitement. I have everything nearly sorted with the SMSF and have decided to go with Westpac for the loan as they are the most experienced with SMSF loans. Now it is raining again in Qld I have lost my nerve a little re the flooding in Emerald but I see lots of you are not concerned and secured your home ins and landlord ins ….
I am looking for some experience from any of you who had IP's in Emerald during the 2010 floods and what can you say about how it all went for you…good , bad or ugly?
I have been researching the regions and SMSF now for 2 years and about to step up to purchase in the next 2-3 months …delay due to rollover hold ups.
Your experiences much appreciatedLefty wrote:Hi Amanda I use regional insurance brokers who use vero policy (sister company of suncorp). You wil find you will get the same cover with vero as you will with suncorp, but half the price. You will expect to pay higher insurance if you are in flood area( higher risk equals higher fee) Make sure you read through the policy terms to make sure it suits your risk level. Also another way of keeping your premium cost down pay a higher excess fee if you make a claim. I am currently paying $950 pa for cover on a $469 k house & $720 pw rent default and this is out of flood zone. Hop this helps LeftyHi Lefty, I called Vero and they are asking me who has recommended me or at least which banking institution / credit union you are dealing with. I'm having difficulties with insurance as the settlement is scheduled on the 10th of April and Emerald code was just put in embargo zone. Not sure what's going to happen if I cant provide insurance for the lender…..
Hi mkendra,
I used regional insurance brokers in Emerald who use vero policy. I have alos found BOQ sell the Vero policy on there behare. BOQ seam to do a mean deal. Let me know if i Vcan supply direct conatct with BOQ which would love to help.
Lefty
Hi taxdiva,
I had purchased in the Nogoa Rise estate in 2009 which was well & truely dry. The Vines estate & I beleive Mayfair. A new estate called Blue Gums estate only had 2 house go under in the 2008 & then in 2010 the whole estate (30+ homes) went under. I would not build or by in Mayfair as you will see when you drive down the main road (black soil) which is very unevern & paths have buckled. It may pay to call a couple of local agents who have lived there for a while. Mark Muldrew from Ray White Emerlad would be a great starting point as he is a top guy.
Let me know if require any further info
Lefty
Thanks Lefty, I've taken up Alianz. About $900 landlord insurance for $300.000 (New house $473K) inc motor burn out and rent loss.
I purchased in MyFair Ridge which is dry on the flood maps published by the government for the region.
Mario
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