Honan landlord insurance

[htopg]

I am getting a landlord insurance + building insurance (250k) from Honan.
Below are the breakdown cost, does it look ok?

Premium $556.50
U'writer Levy $0.00
Fire Levy $90.62
GST $72.36
Stamp Duty $64.06
Broker Fee $76.46

For those who have got landlord insurance + building insurance, do you pay broker fee or fire levy?
I don't feel comfortable that broker fee is paid by me.

 

[skater]

I am getting a landlord insurance + building insurance (250k) from Honan.
Below are the breakdown cost, does it look ok?

Premium $556.50
U'writer Levy $0.00
Fire Levy $90.62
GST $72.36
Stamp Duty $64.06
Broker Fee $76.46

For those who have got landlord insurance + building insurance, do you pay broker fee or fire levy?
I don't feel comfortable that broker fee is paid by me.

Did you go straight to Honan, or through a broker?

 

[ali]

Honan is a broker for Chubb insurance.

 

[arungounder]

Insurance Brokers

HI Skater,
I have a few property's and all my LandLord and Building Insurance are with companies I approched directly (CGU,NRMA and StGeorge). Is it worthwhile seeing a broker for a better price.

Thanks

 

[Colin Rice]

HI Skater,
I have a few property's and all my LandLord and Building Insurance are with companies I approched directly (CGU,NRMA and StGeorge). Is it worthwhile seeing a broker for a better price.

Thanks

Yes, definitely. Try three.

 

[Michael_X]

Any recommendations for good brokers?

 

[Colin Rice]

Any recommendations for good brokers?

I use one in Perth that I can recommend. Shouldn't make any difference that you are in different cities.

 

[brettc]

I don't feel comfortable that broker fee is paid by me.

I would imagine that the policy you are using here is exclusive to Honan's, and not available directly with Chubb. This is no different to our RentCover policies which are underwritten by QBE but not available directly from QBE. This is because we have developed the policies over more than 20 years and negotiated to get the best cover we can at a fair price, and do an enormous amount of work for our money.

There are also often ongoing benefits of brokers including assisting in claim situations etc.

Going to a general broker may provide you with some other options but it doesn't mean you will necessarily get a better policy or for that matter premium, brokers can only work with the products that are available to them, so it's a case of whether they offer you an option that meets your needs.

On the other hand going direct to one of the major Insurer's to "save" the broker fee, again will not necessarily mean you actually save anything, you will simply get whatever policy conditions they offer at the premium they ask, and unfortunately the direct policies are often those with the biggest failings.

A broker fee is simply a cost for a professional service the same as you would expect to pay to a property manager for doing their job managing a property, you pay for their service.