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How much is your insurance excess on your IP

Discussion in 'Property Management' started by Mayfair, 3rd Sep, 2015.

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  1. Mayfair

    Mayfair New Member

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    7th Jul, 2015
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    Sydney
    Hi there,

    Just settled on our new home today and have just organised the insurance. We ended up going with NRMA as all our other policies are with them.

    My question is, what roughly would be a good amount to settle for as your excess?

    I went with $300 as that's what was the automatic entry, but figure I won't be making too many claims, so it might be worthwhile pushing it higher to save a little each month...

    Would be interested to know other people's thoughts on this.

    Thanks,

    Andrew
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    I got a bundle of them in today - there's a $5k excess for flood claims but CGU is throwing in the cover for nothing.
     
  3. wylie

    wylie Moderator Staff Member

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    We have $1K on excess of our PPOR, IPs and vehicles. I figure we rarely claim, and just today we had a window in an IP blow shut and smash the glass. It is fancy glass and costing $290 to replace tomorrow. Even if we had a $300 excess, I would be paying $290 tomorrow... and I don't have to make a claim, sit on the phone or worry about how much the claim will increase next year's premium.
     
    Gingin, EN710 and Mayfair like this.
  4. Mayfair

    Mayfair New Member

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    Thanks Wylie. That does make sense. I will see if I can't up mine a little. Cheers.
     
  5. Azazel

    Azazel Well-Known Member

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    Around $500 excess from memory, you can alter this amount when getting quotes online.
     
  6. sammmeee

    sammmeee Well-Known Member

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    perth
    I have a 250 excess. Could have changed it to 500 and it would have been cheaper by $2 a fortnight..pass.