Insurance
- Thread starter Aikido
- Start date
I am not recommending any insurer over others, but any one of those mentioned in this post should be able to insure you.
In Qld, the property is at the purchasers risk from 5pm of the day after the contract is signed. Once you have signed a contract you have an "insurable interest" in the property (so you can get insurance).
But remember, you do have a 5 day cooling off period.
The cost of the insurance depends on a multitude of factors, to name a few:
- estimated replacement cost of the building
- location of the building
- material from which the building is built
- does the building have electric motors attached to it?
- what level of excess do you want?
- do you want cover for accidental damage?
- do you have any other policies with that insurance company?
Also, your need for insurance does not end with settlement!
MB
In Qld, the property is at the purchasers risk from 5pm of the day after the contract is signed. Once you have signed a contract you have an "insurable interest" in the property (so you can get insurance).
But remember, you do have a 5 day cooling off period.
The cost of the insurance depends on a multitude of factors, to name a few:
- estimated replacement cost of the building
- location of the building
- material from which the building is built
- does the building have electric motors attached to it?
- what level of excess do you want?
- do you want cover for accidental damage?
- do you have any other policies with that insurance company?
Also, your need for insurance does not end with settlement!
MB
Yes, if you are buying an exisiting property (including building) then you need to insure that building in precisely the same way as you insure your other properties.
You may be able to get cover from the date of the contract until settlement - but if you did that you would only have to go out and get another policy when that one expires.
NB. All I am talking about here is insuring the building.
I'm not talking about landlords insurance (someone else can tell you about that because I know squat).
MB
Hi Aikedo
Terri Scheer will insure you for a flat rate of $236 (for one property $11 less if you have muliples) in QLD. This will give you
$20,000,000 Personal Liability
$35,000 Contents
6 weeks if the tenants abscond
8 weeks for tenant default
26 weeks failure to leave by tenant
building and contents sum insured
or ring CGU for a quote if you want personal liability and contents to be more or less. These two are pretty much the most competitive on the market.
Add on Pitts st, Building contents post though, the above is predominately landlord insurance focused.
Hope this helps
Corsa
Terri Scheer will insure you for a flat rate of $236 (for one property $11 less if you have muliples) in QLD. This will give you
$20,000,000 Personal Liability
$35,000 Contents
6 weeks if the tenants abscond
8 weeks for tenant default
26 weeks failure to leave by tenant
building and contents sum insured
or ring CGU for a quote if you want personal liability and contents to be more or less. These two are pretty much the most competitive on the market.
Add on Pitts st, Building contents post though, the above is predominately landlord insurance focused.
Hope this helps
Corsa
Hi Aikido
I am not with Terri Scheer personally. Although I find the premiums very competitive, I have only had experience with Ray White Insurance (underwritten by CGU) and CBA who have both paid out as required when needed.
I will need to pass the question to someone else who has personal experience with Terri Scheer.
I find CGU very competitive overall.
Hope this helps
Corsa
I am not with Terri Scheer personally. Although I find the premiums very competitive, I have only had experience with Ray White Insurance (underwritten by CGU) and CBA who have both paid out as required when needed.
I will need to pass the question to someone else who has personal experience with Terri Scheer.
I find CGU very competitive overall.
Hope this helps
Corsa
Hi Aikido
I am not with Terri Scheer personally. Although I find the premiums very competitive, I have only had experience with Ray White Insurance (underwritten by CGU) and CBA who have both paid out as required when needed.
I will need to pass the question to someone else who has personal experience with Terri Scheer.
I find CGU very competitive overall.
Hope this helps
Corsa
I am not with Terri Scheer personally. Although I find the premiums very competitive, I have only had experience with Ray White Insurance (underwritten by CGU) and CBA who have both paid out as required when needed.
I will need to pass the question to someone else who has personal experience with Terri Scheer.
I find CGU very competitive overall.
Hope this helps
Corsa
