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 - 4x2 (Bellmere, Qld) - Insurance is with Real Insurance - premium is $947 per year ($11,255 contents / $283k building)
IP 2 - 4x2 (Pacific Pines, Qld) - Insurance is with Real Isurance - premium is $1023 per year ($11,639 contents / $266k building)
IP 3 - 3x1 (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 (
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 ( - THANKS!!
IP 1 - 4x2 (Bellmere, Qld) - Insurance is with Real Insurance - premium is $947 per year ($11,255 contents / $283k building)
IP 2 - 4x2 (Pacific Pines, Qld) - Insurance is with Real Isurance - premium is $1023 per year ($11,639 contents / $266k building)
IP 3 - 3x1 (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 (
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 ( - THANKS!!