Insurance on investment property (building and tenant)

[beekay]

Hi folks,

I'm just researching insurance for my IP and was wondering what would be the best way to approach it. I'm after building and tenant insurance basically.

I have received quotes for AAMI and RACV, but haven't gone any further than that. I've found their quotes to be quite expensive at around the $700 mark (was wondering if I had purchased the Nissan Skyline equivalent of Investment properties!?!).

My mortgage broker suggested I see an insurance broker.
Should I call other places for quotes (suggestions!!!)

Thanks folks!

 

[Player]

Hi beekay,

CGU is probably the most comprehensive as far as landlords cover goes. Was unaware the AAMI offered such and RACV are OK (have a arranged a couple thru them). Most of my IP portfolio is with CGU except one commercial prop is with QBE.

Best you see a broker, although it doesn't hurt to ring CGU first and get a quote.

 

[weg]

Had to get some quotes for myself today and found the cheapest to be Millennium General Insurance.

After Googling the brokerage firm and the insurance branch I found they shared the same directors

Has anyone dealt with this insurance company before. It seems this and other property insurance is their specialist area.

 

[firstmillion]

I have three insurances from QBE and they are quite competitive. I think it pays to have insurances from one company as you can get a better deal. recently got a quote from QBE for 200K bulding insurance and they quoted me $281. Will take landlord insurance from Terri Scheer.