landlord insurance

[silas]

Yes it is in a low socio ecconomic region and we had just renovated them. Eveidently after marriage breakup and loss of custody was depressed and drunk not a good combination.

However in the end (because of insurance) we will be better off. Whole outside painted one side almost totally new.


Silas

 

[Rixter]

After ringing around for many quotes for Building, Contents and Landlord insurance, I've signed up with Suncorp.

Reasons:

1) Cheapest. Compared to NRMA (next cheapest) by around 8%
2) Larger max rental coverage than NRMA (up to $4000 vs $3000) - a better match for our property.
3) Can do flood damage with additional inspection / quote(the IP is in Bulimba very close to the river). NRMA will only offer in SA/WA
4) Larger liability cover ($20million vs $10million)

Next cheapest again (AAMI) is $140 more, EBM more again and the biggest loser was CGU which was over $300 more expensive.

Cheers, Barracuda

Barra,

What was their annual premiums and what else did it exactly cover?

 

[Barracuda]

Barra,

What was their annual premiums and what else did it exactly cover?

Was avoiding specific details, but if you promise not to tell...

Insured building value $295K, $30K contents. Rent $700/week

Suncorp: ~$540 with options for motor burnout & storm damage
NRMA: ~$580
AAMI: ~$687
EBM: ~$692
CGU: ~$899

Once we have the QS go through and have a tenant in, we'll adjust accordingly.

For the lower level differences, the PDS's are online for comparisons.

Cheers, Barracuda

 

[not so lucky]

Thanks Barra
I currently have Suncorp insurance. It covers building, contents and loss of rent arising from nominated accidental damage (see the PDS), but mine doesn't cover loss of rent for malicious damage and I don't think they do that.
Is that your understanding or do you have additional cover. I would prefer to stay with Suncorp if they will cover it but might need additioanl cover if they don't.

cheers
Lucky

 

[alexlee]

I use Terri Scheer as well as AON/CGU. Haven't claimed on Terri Scheer yet though CGU was pretty fast in responding (tenant absconded with some superficial damage including burn marks on the carpet, etc.

I used to have a policy with Elders (don't know if they still do property insurance) and had to make a claim for loss of rent. They were crap: kept asking for more and more documents. Changed to CGU at the next renewal.
Alex

 

[silas]

CGU certainly cover loss of rent during the repair of malicious damage. Or at least our policy did. It stops as soon as the work is completed.

Silas