Insurance - For Investment Property

Hi All,

I have recently bought a investment property.

Have not acquired any sort of insurance yet. (both landlord or IP/TPD etc)

With regards to insuring the property - What type policies should i look into ? Which Providers ? Any recommendations ? Whats the bare minimum that i should cover ? etc

Any thoughts would be appreciated

 

Two common landlord insurance providers suggested is Terri Scheer or EBM. There's a thread comparing the two providers <Link>. I have read quite a few strong suggestions to be careful with landlord policies from general insurance providers. Main concern is difficulty with claims from general insurance providers as they don't cover malicious or accidental damage very well (can't remember which).

I haven't read much on whether it is best value to obtain both building and landlord insurance from the same provider. My thinking is to combine them to keep it simple.

 

You will require building cover from the day you signed the contract. You can add LL once you get a lease.

 

My RACV renewal just arrived and illustrates the limited coverage of some types of damage:

For malicious damage, rent default or theft by the tenant, the cost of four weeks rent ($450) is deducted plus the excess ($300).

The RACV annual renewal fee is $695 for $373,747 of cover.