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House insurance

Discussion in 'Property Management' started by islander77, 20th Jun, 2015.

  1. islander77

    islander77 New Member

    Joined:
    20th Jun, 2015
    Posts:
    1
    Location:
    Brisbane
    Hi,

    I've got a residental property (soon to become a IP) in North Brisbane which is currently insured with Suncorp (bldg). Do we have any Qld'ers here who have got bldg insurance with Suncorp and landlord insurance with some other mob ( ie Teri sheer , EBM) ?

    Reading their policy it seems to be I won't be covered with them if I am not staying in the house for extended period of time - which would naturally apply to rentals.

    Was not sure if I am interpreting it right thus the question .
     
  2. Perp

    Perp Well-Known Member

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    18th Jun, 2015
    Posts:
    455
    Location:
    Brisbane
    The building insurance policies for owner-occupiers and investors are different. You can just ring Suncorp and switch to an investor building insurance policy.
     
  3. Michael Gill

    Michael Gill New Member

    Joined:
    21st Jun, 2015
    Posts:
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    Location:
    Brisbane
    Hi islander77
    You just need to let Suncorp know that your property is becoming and IP.
     
  4. brettc

    brettc Well-Known Member Business Plus Member

    Joined:
    19th Jun, 2015
    Posts:
    112
    Location:
    Gold Coast
    I'm guessing what you are referring to is an unoccupancy clause which limits how long the property can be "vacant" under the policy before they will either not insure it or impose restrictions. This is commonly 60 days but some policies are longer (RentCover for example is 90 days but automatically continues but with a higher excess in case of a claim). This however is not relating to you tenanting the property (and therefore not occupying).

    When you tenant your property you will need to advise Suncorp immediately as you need a different policy in place altogether, a normal household policy is not designed for tenanted properties. There should not specifically be a need to have a building policy with Suncorp and a separate landlord policy with say TS or EBM.

    That said, you may find you are better off to use a company that specialises in landlord insurance for both the building and the tenant risks, as you often find there is good reasons to do so, but that's a decision you need to make yourself. If you have any questions feel free to ask. Just to be clear, I work for EBM which has the RentCover policies and have been involved with landlord insurance for almost 25 years, although I always try to remain unbiased in any comments or assistance I provide on forums (have done so for a long period on the Somersoft forums).
     
  5. dabbler

    dabbler Well-Known Member

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    18th Jun, 2015
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    Location:
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    Suncorp does building and landlord insurance, just call them for changes/quote.