IP Insurance Costs?

Discussion in 'The Buying & Selling Process' started by TMNT, 9th Jan, 2020.

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  1. TMNT

    TMNT Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    5,573
    Location:
    Melbourne
    its that time of year that many of my IP's insurance policies are due,

    I rotate between EBM/Alliance/EBM/1 Smaller Company

    to be honest, all have been pretty good, and it comes down to Excess/Premium

    however ive noticed that most of my propertie's the premium has tradtionally been $600-$900, however reobtaining quotes, theyre all $1000-$1300,

    which is up to a 100% increase in 2-3 years

    im expecting increases, but these seem a bit high!

    Whats everyones experience??
     
  2. Silverghost

    Silverghost Well-Known Member

    Joined:
    18th Sep, 2019
    Posts:
    52
    Location:
    Melbourne
    I would expect significant premium increases across the board in the wake of the bushfire crisis.

    My PPOR policy is up for renewal soon in a high risk bush fire area, and I'm definitely not looking forward to that one.
     
    Beano likes this.
  3. Skinman

    Skinman Well-Known Member

    Joined:
    9th Jan, 2018
    Posts:
    609
    Location:
    Perth
    I’ve just reassessed the sum insured on a few of mine and saved a good few thousand in premiums. Sum insured was increasing at a much higher rate than inflation year on year and id tried to reduce the amount insured in the past only to be told by my insurer...sorry computer says no...minimum is $XXX unless you get a builders quote....which I finally did...some places I was overinsured by over 25%!!!