Commercial insurance

[pulse]

Soon I have to pay my insurance premium on a shop and two flats. I find that outgoings will often eat into any positive cashflow. I wondered if people could share their insurance premiums. When I bought this place the insurance was quoted as $600 pa which must have been very under-insured.

I'll start:

Property: 2 flats and a shop, Regional NSW
Insured Value: $350K
insurance premium (plus fire levy/brokerage/duty) $2345pa
Public Liability: $5 Million
Extras: $30K for loss of rent/income

This seems pretty steep to me.

Thanks for sharing everyone
Cheers
Pulse

 

[Ricardo29]

generally ballpark property rate at somewhere around .20%.
would equate to $760 odd..plus say $700 odd liab...base=1500, +150+165(sduty, near enough, changes per state) = 1800'ish. add say $100 broker fee...about $1900-2000'ish.

you mention regional, so higher rating, fire area etc.
might therefore rate at 0.30%..$1150'ish add $700'ish liab = 1800 +180 + 198+ b'fee...up around 2300. sounds about right.

 

[pulse]

Thanks Ricardo, feel a bit happier now....

cheers
Pulse