Hi everyone… I haven't been on this forum for over a year or so but now that we have 3 IP's which means lots of expenses i just wanted to get some peoples comments regarding our landlords insurance…. now i did a search and looked up other posts on this topic and found it interesting that alot of people have L.I premiums that are ALOT less than mine… so im thinking maybe we are doing something wrong????? Anyways this is our deal….
IP 1 – 4×2 (Bellmere, Qld) – Insurance is with Real Insurance – premium is $947 per year ($11,255 contents / $283k building)
IP 2 – 4×2 (Pacific Pines, Qld) – Insurance is with Real Isurance – premium is $1023 per year ($11,639 contents / $266k building)
IP 3 – 3×1 (Karratha, WA) – Insurance is through a broker – premium is ridiculous and is approx $3k a year up there…
But my main concern is the Qld properties…. are we getting ripped off??? I did a few online quotes with other companies – Suncorp, NRMA, etc for the same as what i currently have to see the difference in price and it was EVEN MORE! But i see other people are paying the likes of $500 per year for 5 properties and so forth??
Am I over insuring? Is my sum insureds to much? Is there something i don't need? Im really confused? I know its all tax deductions but with Real its a big problem with trying to get our real estate to pay out of rent funds so we end up having to put it on our credit cards :o(
Your thoughts and comments would be SOOOOOOOOOOOO APPRECIATED!!
(Any recommendations of other companies would be great too!!! and our premiums are coming up for renewal again :o( – THANKS!!
Hi Belzgirl
I've got a couple of IPs with Real and can't complain – however I haven't had to make a sizeable claim yet.
I had to make a couple of claims with Youi and they were a little bit painful – but it all worked out in the end.
I've head AAMI is pretty good – and are quite prompt to pay out when needed.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Belzgirl
Welcome back to the forum.
Certainly with the number of natural disasters we have had here in Qld premium rates have increased considerably.
Unfortunately with Insurance you do get what you pay for and therefore i always prefer to use a General insurance Broker.
If you a name let us know and be happy to give you our contact.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi there,
Just share a positive experience with one of the landlord insurance companies. Terrisheer is good. No excess fee for loss of rent. Smaller excess fee for others such as damages, etc. SGIC based in Adelaide, linked to NRMA was a nightmare. High excess fees and slow processes.
Good luck
Ellen 2013
Thank you everyone – i have spend the last 2 nights up til 1am researching different companies etc and still haven't decided and its giving me a headache! :o/ I have been recommended "Honan" which i have emailed – and then EBM and Terri Scheer are the others everyone seemed to talk about… Im wondering whether i should just lower my sum insured as if my Qld houses burnt down i would get them rebuilt with the likes of Plantation Homes/Coral Homes etc which are only about $150-$180k plus allow for a few extras so maybe $283k is too much?
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