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Post Info TOPIC: House insurance and building insurance
johnq


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House insurance and building insurance
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gollymolly,

You did not say who was to manage the property, however assuming it is a property manager (PM) they often suggest Terri Scheer for the 'landlord's cover',

https://terrischeer.com.au/

In that case i'd say go wuth the PM's recommendation because the different covers and premiums are about the same and the property manager will be the one to inspect, report problems and do the paperwork evidence for the claim.  If they get a small fee for their recommendation then so be it, no biggie.

As for general cover I would strongly suggest you avoid any of the insurers who found 'outs' to avoid paying during the Qld floods for example.  A leopard doesn't change its spots so easily.  While some are keen to get your business they may be absolute mongrels when it comes to a claim.

As to finding a half decent property manager, because that is essential to your risk management, asking around is about the best you can do.  That and being prepared to change horses if you are not happy.

It is not part of your question but if you have not done so already you should consider having a paid appointment with a competent investment/accounting professional before renting your home.  To be frank I don't believe many people completely understand the risks and costs (eg rapid depreciation of house, fittings and landscaping).  Nor do they figure the much higher repair and maintenance bill where the owner is not the occupier and the modern escalating requirement for trades (call costs) for minor maintenance that most tenants did as a matter of course some years ago.

I am not an agent and have no irons in the fire regarding insurers etc.



-- Edited by johnq on Wednesday 21st of March 2012 02:46:47 PM

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jimricho


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I have a Landlord policy with APIA but as there's many insurers out there shop around. You'll most likely find that this insurance covers liability as it takes the place of a normal contents policy and may cover the building as well provided you nominate it but check this out. Most likely the policy will require you to have the property managed by an agent (a good idea anyway), again check.

PS: I strongly endorse Johnq's comments about seeing an accountant.



-- Edited by jimricho on Wednesday 21st of March 2012 06:52:28 PM

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gollymolly


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In September we drive out of Brisbane for the time of our life leaving or stressful jobs and becoming Nomads. I will be a vanity nomad as still colour my hair.

Now down to business:

We will be renting out the house in Brisbane and putting our contents into storage.

We will need land lord insurance +building insurance.

I would love some advise as to who you have used.  I know out there their is so much experience and knowledge on this, so look forward to any suggestions.

 

 



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fireheart


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hey Golly I got blonded today too, I ain't gunna be a grey nomad, I like it we could become VN's.
Talk to you soon Miss Molly.

:) sharon.

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Sharon

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4WD with a ford ranger. The possibilities are endless.

 
gollymolly


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Vns we are, does that stand for virgin nomads as new starters or is maybe the Vanity nomads. Both seem good to me

wink



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fireheart


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Virgin on the ridiculous at times Sue.

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Sharon

Dream it, believe it, live it.

4WD with a ford ranger. The possibilities are endless.

 
ozjohn


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Don't forget Property Owners Liability Insurance (Maybe included with Landlord Insurance).

Have a great time on the road.
Ozjohn.



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peter and rose


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Hi Golly molly
We live in alexandra hills and rented our house out in feb 2011
We have building insurance and landlord insurance with Apia
Not many places are interested in contents insurance for goods in storage however we found ANZ will cover them. Initially they said they could only offer cover for a year but have noticed they have just renewed for another year. In all cases payments can be made monthly.
We luckily have good tenants in place and have used a realestate firm for peace of mind and one that has been recommended (by word of mouth) It is a lot less stressful than self managing.
We are on the road for another 11 months and thoroughly enjoy the lifestyle We also find that free camping is a lot better than going from park to park We have met some fantastic people in our travels and when we finally get home plan on heading north each winter for 2-3 months
Happy and safe travelling
Peter

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Pejay


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Hi Golly Molly, welcome to the forum, and to the wonderful world of travelling. If I may suggest .... check out insurance for your gear in storage as well. So much to think about, but once you are on the road, just have a good time!!!!!

Pete & June

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glassies


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i too have insurance on our other house we rent out, its over 74 a month from memory with commonwealth bank
i thought it was expensive but i rang other places and they were more expensive ,dont have to worry about
flood as ours is not floodable its up way too high, if it flooded in our rental ide most definetly be building an ark
by then, i rang elders who insure our company and still they too were more expensive than combank ,even
though i hate dealing with commonwealth bank at the best of times.

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