Suncorp Insurance

[Pa1nter]

I have just received renewals for a couple of my properties for LL insurance.
I have these with Suncorp and the new Premiums are over $1000 each,last year they were around $750 each.

I immediately started to search online for possible new insurers.

Not having much luck and not really wanting to change I though I would ring them up and have a go at them and when I did,a young lady answered and I started talking and asked her if there was some way to reduce these new prices.

I have other properties with suncorp as well so I am a multi policy holder.

All I did was drop my insured amount a little ($40K) and up my excess to $1000 and amazing ,I was back on last years prices.

If I put my excess up to 2K it was another $100 off,

I am now happy with this price and thought I would share this with everyone.

 

[kylz44]

What sort of amount do you set for LL insurance? We are about to purchase first IP and I have no idea about this. Do you also take out building insurance?

 

[The Fence]

Exact same thing to me with NRMA Ins on the PPOR.

Renewal comes in up 25% I ring up saying must be a mistake and young lady explains same as In Painters call.

I dropped fusion cover and went to $1k excess and dropped below last years premium as a result.

Try putting rents up 25% each year

 

[Pa1nter]

What sort of amount do you set for LL insurance? We are about to purchase first IP and I have no idea about this. Do you also take out building insurance?

The insurance with suncorp I have covers both landlord and building policy.
Because my houses are fairly new ones in this instant I sort of know the replacement costs if they burn down and I added another 100K to cover demolition,etc.
Example build cost 350K plus 100K = 450k.

Another way if the house is older you can work out the square metres of the home ,eg: 240m2 x $1500 and that should get you close,add a bit on for demolition as well.

The landlord side of things is important if you believe you will make a claim,you need to have your excess set at a comfortable amount,remembering the higher the excess the lower the cost of the policy.

 

[matto_]

looked at insurance amounts as was going through tax this year.

>30% increase (750 from 550) - is this mostly driven from the floods etc. This is way above what I had expected to see.

 

[brettc]

looked at insurance amounts as was going through tax this year.

>30% increase (750 from 550) - is this mostly driven from the floods etc. This is way above what I had expected to see.

The floods have certainly caused some increases, reinsurance costs for Insurers have gon eup so it gets passed on. That said, some insurer's are trying to reduce their risk in specific areas so deliberately price themselves out of the market to reduce exposure (in some cases).