Landlord Insurance Recommendation

[Peter 14.7]

Good point - Yes mortgage is with CBA. On face value its probably cheaper for them not to pay and let me default (more likely I would have sold off the land to pay off the mortgage). Having said that, I do use alot of their other services... credit cards, banking, commsec etc so that probably helped influence their decision in the right direction..:

A commercial decision by CBA if ever there was. Good to hear a loyal customer if worth something.

I bank all my interests with CBA and get good service as well.

Peter

 

[primaus]

This whole episode has made me think about updating my PPOR insurance.. a quick calc shows that its 336sqm on a gentle slope block with double brick downstairs (split level).. 1960s build but fully revonated recently...comminsure calculator comes back saving its worth $1.1M to rebuild to a "average" quality (really?!)... its only currently insured for $600k.

Can I get the insurance company (or some other professional) to give me a accurate assessment of how much I should insure the house for?

 

[MichaelGilbert]

I've always reffered clients to
https://terrischeer.com.au/
http://www.ebminsurance.com.au/

They focus on Landlord insurance. They are probably a little bit more expensive compared to your larger general insurance companies but they have better cover if things go wrong (from my experience when dealing with claims).

 

[brettc]

I've always reffered clients to
https://terrischeer.com.au/
http://www.ebminsurance.com.au/

They focus on Landlord insurance. They are probably a little bit more expensive compared to your larger general insurance companies but they have better cover if things go wrong (from my experience when dealing with claims).

Thanks for the referral Michael, these days best to go directly to the landlord insurance product site (RentCover) at http://rentcover.com.au rather than the generic EBM site.

Thanks again.

 

[SamL]

Bringing up an old topic I know but I am looking at around $900 to insure a 3 bedroom 1960s house (valuing at 280k rebuild cost, which I have no idea if it is in the ball park) in Bendigo through Terri Sheer or EBM. Does this seem like good value, I have no idea what I should be expecting to pay?

One thing I note with Terri Sheer is it doesn't seem to include any contents at all, i.e carpets seem to be the main exclusion, is this common? I would have thought if they would cover fixed tiles and laminate that carpets would be included but it seems not. Saying that, the standard $50,000 contents seems a bit high with EBM.

Terri Sheer also requires the need to take out two separate policies, one building and one landlord which is just a bit more hassle I suppose.

Thoughts anyone?

 

[DaveM]

Carpets are building, contents with ll policy is 60k

As for price I can check my bendigo ts policy when I get home and let you know

 

[SamL]

Carpets are building, contents with ll policy is 60k

As for price I can check my bendigo ts policy when I get home and let you know

Thanks DaveM. Sorry a bit confused by your first statement "contents with ll policy is 60k", what do you mean by this?

Also it specifically says in the building policy of Terri Scheer that it excludes carpets, that's why I was confused and looking for some guidance. Page 21 of the PDS when describing 'What is Building' states:

​

Fixed floor coverings such as linoleum, floor tiles and
parquetry, (but not carpets),

Also I know it is subjective but do you believe 280k is a reasonable rebuild figure for a 3 bed house on a gentle slope in Bendigo?

Any help is greatly appreciated.

 

[JacM]

Annoyingly, carpets and window coverings are considered to be "contents".

 

[DaveM]

Sorry that was an iphone thing - should have been carpets aren't building. Its covered under contents which you take out under the LL preferred policy. LL preferred policy includes 60k of contents by default, you can increase if needed.

As for premium, my 4br on gentle slope in golden square is $704 pa building insurance.

 

[SamL]

Thanks guys. I ended up taking out the two policies through Terri Scheer. Premium for 3 bed weatherboard in Kennington insured to $260,000 for building was $603.05 with $250 excess.

Landlord policy on top was $277 I think.