在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo
Do other people have as much trouble as me with Landlords Insurance?
OK. I have my units with Terry Scheer. Not the cheapest but I'm happy with their policies as I'm covered for things not in some other policies.
Now with the houses. I had 1 with NRMA but now they have this new system which means I have to insure a house for $400K. I paid $211K for it. But if it burns down they won't give me $400K. They will rebuild it. If I don't want to rebuild it they will give me the value minus the land value.
So I read here that others use Real Insurance. I get LL building with them. They tell me to ring back when the tenants move in to add the rental areas bit.
So the building policy costs $328pa. To add $5000 contents (for blinds etc) and LL insurance it's now going to cost me $650pa. If I just add the $5000 (no rent stuff) it's $548pa.
I ask what constitutes building, what is contents. He says if you tip the house upside down, whatever falls out is contents. So I say carpet, kitchen, curtains are building? No carpet, curtains and "stuff" is contents. I ask " what is "stuff".
I'm over it. It's so confusing trying to compare what each company does and does not cover. All I want is to be able to sleep at night knowing I'm covered.
I've found AAMI Landlord Insurance to be quite good. My average policy cost is about $440pa and that includes contents for carpets and curtains, ovens etc. Covers up to 13 weeks of rent if the tenants default (except for the first 4 weeks).
Stuff is generally anything that isn't nailed down so Building Insurance would normally be covering Floors (tiles/floor boards), the structure and roof and usually hard wired (fixtures) appliances such as lights, stoves and dishwashers. The policy on carpets and curtains/blinds being contents comes from way back when carpets weren't "fixed" to the property and the owners would take everything with them.
Currently going through an Insurance claim after some [email protected]@rd broke into my PPOR and stole a heap of stuff then set my painting gear on fire and basically burnt the house down.
I hear you! Maybe you could look at using an insurance broker??
Must say, one of the reasons we haven't even bothered looking at changing our LL insurers is that we have claimed with them so many times... and know they pay up.
The Y-man said: ↑
Must say, one of the reasons we haven't even bothered looking at changing our LL insurers is that we have claimed with them so many times... and know they pay up.Who do you use?
The Y-manClick to expand...
Read the PDS, it tells you exactly what is and what isn't covered by the policy. I'm looking for LL insurance at the moment, have read 2 PDS's but will print out 4 and red pen them to find the differences....yes, I'm boring but its the only way to find things out, people in call centres don't have a clue, they just sell products...
VYBerlinaV8 said: ↑
Who do you use?Click to expand...From another thread - http://www.somersoft.com/forums/showthread.php?t=69405 - he uses EBM.
That's who I've just signed up with as well (based upon reading lots of threads on this forum)