Insurance embargo in Emerald, QLD

[Padawan]

Hi all,

I'm about to take possession of my first IP in Emerald, with another to follow later this year - both new builds, and both outside the flood zones of '08 and '10, but the whole town is currently embargoed by several insurers: Suncorp, Terri Scheer, AAMI to name a few.

Can anyone recommend alternate insurers with competitive yet decent landlord and building cover that still service Emerald?

*Long time lurker's first post - with thanks to all on this forum, it is an invaluable resource for the investing community.

 

[brettc]

Hi all,

I'm about to take possession of my first IP in Emerald, with another to follow later this year - both new builds, and both outside the flood zones of '08 and '10, but the whole town is currently embargoed by several insurers: Suncorp, Terri Scheer, AAMI to name a few.

Can anyone recommend alternate insurers with competitive yet decent landlord and building cover that still service Emerald?

*Long time lurker's first post - with thanks to all on this forum, it is an invaluable resource for the investing community.

Hi Padawan, I'm not wanting to jump on here as an advert as I work for the company but as you've asked, I can at least give you an option. I'm guessing you are referring to Emerald in Victoria? At present we do not have an embargo in place for the RentCover products but that could of course change at any time if we get notified. I presume there are other policies still without embargoes but I can't speak for them. You will need to make your own decision about the policy of course but RentCover is renowned as one of the most successful and long-standing landlord policies in Australia, but you need to make sure it suits your circumstances.

 

[Padawan]

Thanks Brett, it is actually Emerald in QLD however - it sits on the Nogoa river flood plain and was badly hit by floods in 2008 and 2010 - although not where I'm buying

EBM is probably my frontrunner in terms of cost at the moment. Has anyone used/can recommend them?

 

[Jonril]

I'm using EBM, haven't made any claims, but I know several others on the forum also use EBM from memory.

If you use a google search you may find older threads discussing EBM.

 

[smy7484]

Racq & cgu.

 

[brettc]

Thanks Brett, it is actually Emerald in QLD however - it sits on the Nogoa river flood plain and was badly hit by floods in 2008 and 2010 - although not where I'm buying

EBM is probably my frontrunner in terms of cost at the moment. Has anyone used/can recommend them?

I actually assumed it was Emerald in Qld until I spoke to one of our Melbourne people and thy mentioned the rain there at the moment so they assumed it was Emerald in Victoria. Emerald in Qld is definitely okay, we are insuring there without a problem.

 

[rowena]

try ADCU - i have found these guys awesome for quotes with my motorbike insurance - cheapest in the industry and way better then insuremyride

and Also formy current rental property - but that is a unit so also covered by body corp too.

 

[dmccgroup]

Emerald

Hi Padawan
We do a lot of building in the Emerald Qld area and haven't come across any issues for clients having trouble with insurance. Do you mind me asking - Where in town or what estate is the home in?

Cheers
Jeanette
DMC Construction Group

 

[happy landlord]

Have you looked at AMP, they offer landlord insurance? Can't comment if they are one of the companies that have an embargo in Emerald.

There is a lot of insurance companies that do landlord insurance now.

 

[Padawan]

Hi Jeanette,
The properties are both in Mayfair Ridge. I ended up going with EBM for now - whilst they don't cover flood insurance at the moment, they will be introducing it for all policies early next year.
Hopefully the wet season will be mild until then...

 

[tomhall]

Hi Padawan,

Have you visited Mayfair Ridge. There have been major issues in that estate with building slabs and roads cracking up. My company has been involved in a submission to the Council regarding their new planning scheme. As part of our investitagtions we engaged a soil expert who was pretty shocked those estates had been constructed. The type of soil was just not suitable to build on and evidence can be seen in the recently constructed roads and houses suffering badly (not to mention $$$$). If your not aware of it i would look into it ASAP as it could be a major pain sooner than you think.

 

[dmccgroup]

Mayfair Estate

In answer to Tomhall - Tomhall who do you actually work for?

There were issues with what I believe is an original section of Mayfair Estate with roads and a couple of slabs, however in regards to the slabs do you know why, 100% for sure?

There could have been a number of issues. Estates are built on varying soil types across all of Australia and all countries for that matter - including mountains, cliffs, snowed areas and deserts etc. The idea is to ensure you/your builder have independant soil tests and engineering completed specific to the site you are building on with the plan you are building.