rental insurence

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From: Jo Sutherland


Hi,
we are just starting out in the investing game and we were keen to go with DHA but have read lots of views in this forum and so are thinking of going it alone.
Can someone give me the run down on how rental insurance works.? What are the best companies to go thru for it?.
As it is our first IP would we be better to go with a new place or existing?

Also are these investment companies that hold seminars really all that they are talked up to be?.As this would be another option we are looking at.
your comments would be greatly appreciated.
Thanks, JO
 
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Reply: 1
From: Tibor Bode


Hi Jo,

Rental insurance for around $200 will cover you in case the tenant disappears without paying the rent, does malicious damage to the property, theft by tenant,loss of rent
some minor legal cost, denial of access up to 1 year and might be some other stuff.
I have found that Terri Shier brokers in Qld
can provide very good cover when you get the cover via a RE agent or Managing agent. They do no seem to take direct business.
But it also includes $30000 contents cover,
which would cost around $200, what you can save.
I hope it helps

Tibor
 
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Reply: 2
From: Mark Noonan


Hi,

I have landlords insurance through CGU.

It covers:

Rental default, you nominate a figure.
Contents insurance, you nominate a figure.
Public liability insurance.
Tenant property damage.

I haven't had to claim anything, so don't know what it's like to get recompense from them. But $200pa is good peace of mind.

Cheers,
Mark
 
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Reply: 3
From: Andrew S


Hi Jo,

The CGU "Landlord Property 1" policy at just over $200 per year gives good peace of mind and a pretty good level of protection. REI Insurance brokers are the Melbourne agents for this.

Mr Jolly
 
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