Insurance premium increase question?

Discussion in 'Property Management' started by TMNT, 3rd Nov, 2018.

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  1. TMNT

    TMNT Well-Known Member

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    So I've got a single insurance policy for a couple of props for one insurer.
    Years ago, they were separate. I made a claim and the premium rose noticeably which is fair enough.
    With my current set up, will the premium rise for just that single property, or for all of them?
     
  2. mikey7

    mikey7 Well-Known Member

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    Years ago, I had all my insurances with NRMA. House as well.
    I got rear ended by a drunk driver at a set of lights. Not my fault at all. Did about $14k damage.
    When my renewal policies started rolling through, most were 25-30% higher. I asked why, and it was because 'I'd made a claim in the last 5 years' now.
    So my premiums were going to be stuffed for 5 years because of some other idiot. And it affected all policies.
    Ended up changing providers, thinking that was ridiculous. Haven't made a claim since, so not sure if they are all like that.
     
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  3. willair

    willair Well-Known Member Premium Member

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    It will come down too the location ,I have to pay a landlord policy in a week or so,its went up 0ver 900 bucks from last year ,rang this morning put up the excess to $1000 and drop the rebuild costs to 255k from 290k
    but it's in flood zone and cyclone alley -but every landlord policy we have everyone has increased in those numbers over the past few months imho..and everyone is with the same company within 15 percent multiple policy discount set-ups..
     
  4. TMNT

    TMNT Well-Known Member

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    15% multipolicy discount sounds like the company starting with "A"
     
  5. snoopy

    snoopy Well-Known Member

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    We have landlords insurance with GIO, AAMI and all premiums go up if we make a claim. It hasn’t been worthwhile making claims for a couple of thousand for this reason. I have been thinking about self insuring the landlord component for this reason.
     
  6. willair

    willair Well-Known Member Premium Member

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    Suncorp..
     
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  7. brettc

    brettc Well-Known Member

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    This will completely depend on the individual Insurer and their policies.

    Personally I've never agreed with a policy that premiums rise because of a single claim, and certainly with RentCover that's not the case. We look at a far more overall situation, whole portfolio really but then down to some regional. For the tenant-related risks State by State. Where individual properties or an individual landlord (who may own multiple properties) can be affected it would need to be a more sustained situation of multiple claims, possibly indicating a history of poor tenant selection or maybe not maintaining a property in such a way as to attract good tenants.

    To penalise you for an individual claim is not on the philosophy of sharing the risk which is what insurance should be about. You may have just been unlucky so shouldn't be penalised for it.