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Building insurance!

Discussion in 'Property Management' started by menty, 24th Nov, 2015.

  1. menty

    menty Well-Known Member

    Joined:
    30th Jun, 2015
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    65
    Location:
    Sydney
    Just got the renewal for one of my properties and it's gone up AGAIN this year. (House + granny flat)
    Last year it was $740. This year it's $910. (AAMI)

    Any ideas or should I be looking at switching
     
  2. Michael_X

    Michael_X Mortgage Broker Business Member

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    295
    Location:
    Gold Coast/Sydney
    If pricing is the key priority, then try the bank your mortgage is with. You might get a decent discount or reapply for the insurance again with AAMI, I find new applications get a discount.

    In saying that, insurance is one of those things I don't skimp on. Try have a look at the PDS of Terri Scheer and EBM, their cover is alot better than most of the other insurance providers and there is a good reason why most PMs recommend them.

    Cheers,
    Michael
     
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  3. Scott No Mates

    Scott No Mates Well-Known Member

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    We just renewed with AAMI. Didn't accept the renewal figure, price shopped and talked them down.
     
  4. Xenia

    Xenia Adelaide Property Manager Business Member

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    4/136 The Parade Norwood, South Australia
    What Michael said - so many more benefits with the specialist insurers.
     
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  5. WestOz

    WestOz Well-Known Member

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    WestOz
    This...
     
  6. Biz

    Biz Well-Known Member

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    @menty you have a proper granny flat separate meter and tenancies correct? I remember the thread from Somersoft...

    You're not covered with AAMI.

    Their definition of granny flat is not the type where you rent it separate and it is set up apart from the main house. Go with EBM, it will be more but your covered.
     
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  7. dabbler

    dabbler Well-Known Member

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    Problem with the specialist insurers is they are great for tenant related stuff, but fall down on things like flood cover, which could be potentially a game over scenario, tenant not paying rent is not going to produce a total loss scenario, things tenant can do that create a total loss seem covered by most majors.

    910 is not expensive, if it is replacing a house and a GF, that is cheap ?