Landlord/Building Insurance

[seano87]

Hi All,

I'm currently living in the property that I plan to rent out with the help of a property manager in the coming weeks.
I have a building and contents insurance policy with Youi.

I've looked into getting landlord insurance with Terri Scheer. From what I understand though, this will only cover me for loss of rent money and damage to my contents (blinds, carpet, furniture etc.).

As for the building itself, I imagine I'll still need to keep my Building Insurance policy with Youi, and just inform them that I'm no longer living in the property?
Correct me if I'm wrong

Also, what sort of premium are others paying for Landlord Insurance, and Building Insurance.

Any help would be appreciated.

Thanks

Sean

 

[tobe]

Hi Sean,

I think landlod insurance isnt an add on to home insurance, its a type of home insurance. So you either need to go with youii or terry scheer.

I could be wrong, but I havent ever had seperate policies.

 

[DaveM]

Currently going through my first claim with Terri Scheer. So far it looks they are policying their way out of the bulk of a 12k claim with little actually being covered.

I will be posting up my end results in a bit, but based on the process so far, use EBM.

 

[jatt]

Hi Sean

I have insured my 5 properties in brisbane with NRMA for building only and Terri Scheer for landlord. I think it works quiet well. Only used the claims process once with both NRMA and Terri Scheer and was very happy. Having multiple properties does make the insurance slightly cheaper and its possible to negotiate some better rates premiums will depend on a lot of factors but generally for cheaper houses under $350K i have found that both policies together is under $1,000. I have done some checks when getting quotes to see if price is cheaper if you get a single policy, however because terri scheer have a much better landlord policy I prefer to keep them separate.

 

[seano87]

Hi Sean

I have insured my 5 properties in brisbane with NRMA for building only and Terri Scheer for landlord. I think it works quiet well. Only used the claims process once with both NRMA and Terri Scheer and was very happy. Having multiple properties does make the insurance slightly cheaper and its possible to negotiate some better rates premiums will depend on a lot of factors but generally for cheaper houses under $350K i have found that both policies together is under $1,000. I have done some checks when getting quotes to see if price is cheaper if you get a single policy, however because terri scheer have a much better landlord policy I prefer to keep them separate.

Thanks for the helpful info!