insurance 60% inc since 2010
- Thread starter fernfurn
- Start date
Insurance companies have paid out some fairly large amounts due to natural disasters recently.
They have to get the money from somewhere?
What insurance exactly? Home and building ? Rent loss ? In general ? Yes it is happening across the board
Hi, is there a reason to insure the contents of an IP?
I found that it cost $20 per month more. A no frills home insurance was $48 per month but home & contents just under $70 per month. That was about 40% more.
The total "contents" of my Ips were under $20000 to install.
So I don't have contents insurance.
KY
I found that it cost $20 per month more. A no frills home insurance was $48 per month but home & contents just under $70 per month. That was about 40% more.
The total "contents" of my Ips were under $20000 to install.
So I don't have contents insurance.
KY
What contents in an IP does the landlord need to insure? All the contents should be the tenants... unless it's furnished.
The landlords contents are items such as carpets, curtains, blinds, light fittings etc. In fact in a strata titled property the internal paintwork is generally considered the landlords contents as it is not the responsibility of the Body Corporate. The same goes for the kitchen cupboards for example if they are not the original ones, once renovated they too are likely to be the responsibility of the landlord.
Unfortunately a great many factors can influence insurance premiums, and it's not limited to household insurance. In fact there has just been an announcement that home warranty premiums in WA have just been increased by 40% across the board, and 50% in South Australia. In those cases it is due to a decline in residential building (and therefore overall premium volume), unfavourable economic conditions in the housing sector and a significant increase in builder insolvencies.
On the other hand there could be some respite in Victoria with the abolishing of the Fire Services Levy.
Yes but now it's added to council rates instead so it's the same thing.
It's actually far from the same thing. With the levy being added to insurance policies it meant that only those with the good sense of insuring their property were footing the bill, those that went uninsured didn't contribute and yet still gained the same benefit from the fire brigade should there be a fire.
This was the reason the insurance industry pushed so hard to have it removed from being collected by insurers, it was selective and discriminatory.
Now everyone will share the cost and (hopefully) that results in a fairer levy.
Given what has happened in Qld and Vic (natural disasters) and the Government's intervention whether you are insured or not, it doesn't seem to matter as much as it would appear.
I managed to get insurance premium for one property back down to last years rate by increasing excess from $300 to $500 and adjusting my home building value down (I was over insured).
RACV website links to a handy app for doing this if you're unsure of the replacement value of your house.
http://www.racv.com.au/wps/wcm/conn...e/home+insurance/how+much+insurance+do+I+need
RACV website links to a handy app for doing this if you're unsure of the replacement value of your house.
http://www.racv.com.au/wps/wcm/conn...e/home+insurance/how+much+insurance+do+I+need
