Landlord Insurance Premiums

[Rockstar]

Was just pondering the scenarios on Insurance I need to organise tomorrow. Do you go for lower premiums with higher excess or vice-versa?

Just had this quote from AAMI for Building + Landlord protection
Home around 18yrs old in middle class area.

Premium a) $599/yr - excess $700 mid range option

Premium b) $380/yr - excess $1200 cheapest option

 

[s_t]

How often do you imagine you will have to make a claim? For a $219 increase in premium, you save $500 every time you claim. So if you claim once every 2.3yrs (or more often) then go for the more expensive one. Personally I go the cheaper option - cause I never seem to need to use it.

 

[Player]

For the peace of mind, I would go the mid range option. The extra dollars for less excess is the cost of doing business and is tax deductable for you.

Like s t, I also rarely need to claim, however nice to know it's there; that's why it's called insurance

 

[Rockstar]

Thanks folks,

Quick question. If the tenant does damage they pay yeah? Say a broken window or knocks over a fence etc?

Like you, I have never made any insurance claims and tend not to read my policies for bedtime stories.

I am leaning toward the cheaper option.

Ian

 

[oracle]

Was just pondering the scenarios on Insurance I need to organise tomorrow. Do you go for lower premiums with higher excess or vice-versa?

Just had this quote from AAMI for Building + Landlord protection
Home around 18yrs old in middle class area.

Premium a) $599/yr - excess $700 mid range option

Premium b) $380/yr - excess $1200 cheapest option

Hi,

Make sure you shop around. I found AAMI not to be the cheapest for Building + Landlord insurance.

I use NRMA, haven't had to make a claim yet so not sure how good they are. But their premiums and excess are cheaper compared to AAMI.

Cheers,
Oracle.

 

[Alabex]

Try Terri Scheer insurance brokers... they specialise in cover for landlords and i think you will find they are quite competitive and make sure you have cover for what you really need!