Building and Landlord Insurance after purchase

Hi folks,

Got my first IP, finally! Yay

So many questions but one of the first things I need to do is get insurance.

Is it a good idea to get landlord insurance at the same time as building insurance?

The additional premium quoted by Terri Scheer was about $200 when I added landlord component.

The cover amount $60,000.

The house is not tenanted at the moment.

What about excess? What amount do you guys opt for? $250 was the lowest choice.

Thanks!

 

Congrats @Catalyst!!

 

Thanks @bob shovel

Still a bit surreal at the moment

 

Congrats @Catalyst . EBM have a very easy process @brettc can tell you more. Though it can be all done online.

PC/Somersoft members get a discount.

 

Thanks @MsAli

I'm a bit wary that EBM does not include flood.

Did you package landlord insurance into your building insurance straight after purchase?

 

Yeh - I did right before actually. You need insurance to settle. You have 21 day cooling off with most insurers.

 

All insurance companies do and offer different things. Many you cannot split building and landlord, many you cant split flood, many you can add or subtract as you wish.

You must have a unit, otherwise you cannot complete the finance usually without current insurance for most lenders, that is if you used a lender & if that is the case being a unit, you only need landlord and maybe contents, you can check what the strata policy covers.

 

Congrats Catalyst, it's the beginning for you.
Take out the building insurance now, and the LL component when you have a tenant. But it could depend on the insurance company.

 

Thanks @MsAli, @dabbler and @Hosko

I've taken up building and landlord insurance, as it seems to be more cost effective. Buying LL insurance later adds about $100 to the premium.

 

Congratulations, been talking to you about this at forum meet ups for a long time. Glad you found something! Want to share any details?

 

Thanks @D.T.

It has taken a while, searching in Perth and changing the target city to Brisbane in Q3 last year. Steep learning curve shopping in a new mall. Was hoping to get something in the south but properties were getting too expensive.

Finally found a 3x1 brick highset 10km away from CBD. Hope it's smooth sailing.

Now it's time to learn more about post-offer processes. Then learn about what it means to own an IP.

 

Nice one