Newbie looking for insurance advice!

[Hahn]

Hey guys,

I am 22 and have just purchased my first property and was looking to get some advice about insurance.

The details as as follows;
I will be living in the house for the first 6 months to do some renos and the like

After this time I will be renting the house out through a PM

Do I need to get a separate policy for the first 6 months and then switch for when it is rented out? Would a insurance broker be best for this situation? Does anyone have any recommendations?

Any help would be much appreciated

 

[Paul@PFI]

Search for a general insurer for the building. Also a basic contents policy. Often cheaper to get a combined policy. The insured value of contenets should consider thios items that are yours not tenants. (eg floor coverings, HWS, air con, etc) Depending what items you may want a fusion option (eg air con)

Then when you move out consider a Landlord policy on top. It will cover much much more relating to tenant losses and damage. eg : If you destroy it you will be compensated a years rental income etc. Good info on the Terri Sheer website but there are others.

 

[Hahn]

Thanks Paul! Really appreciate the advice, I have been looking through insurers today and now have a pretty good idea about it all

Has anyone had any really good experiences with any insurers and would like to share a recommendation?

 

[Jaggannath]

For building insurance? Do some online quotes, or there are insurance brokers who can help. I always prepare an Excel spreadsheet to compare the insurance T&Cs and the quote, but I'm an engineer so it's a sickness I have to deal with haha!

For landlord, Terri Scheer and EBM seem to have cornered the market, though there are others out there. Perhaps investigate whether the people you have your loan with also offer packages, and compare.

 

[Of The Vultures]

Has anyone had any really good experiences with any insurers and would like to share a recommendation?

Terri Scheer and EBM seem to have cornered the market

Don't you believe me Hahn?

You can get building insurance through either of those two insurers and then tack on the landlord component once you turn it into an IP.

 

[Hahn]

Don't you believe me Hahn?

Ahh how did I know you would find me here

I have been doing all the comparisons and thought I had nailed down my insurer, oh well a couple more inquiries won't hurt

 

[Of The Vultures]

Haha well it wasn't hard... I mean you used such an obscure nickname

 

[MichaelGilbert]

I've found Terri Scheer and EBM to be the best. Maybe a little more expensive but typically cover you for more is what I've found.

 

[Hahn]

Yeah I think in night have to change that, it's not exactly subtle.

Thanks for your reply Michael, I'm just waiting on a quote from ebm now, lucky settlement got pushed back a few more days