IP Insurance Cover

Insurance is due for renewal on 2 of my IP's at the same time. I'm tempted to combine House, Contents and Landlord Policies through a single Insurer (Allianz) rather than House and Contents with one and seperate Landlord Insurance through Terri Scheer. Just to streamline things down to a single monthly payment per property. Will only save a couple of hundred $, but it's more about the simplicity.

What say the jury?

 

EBM do both building & landlord together...which I found has been effective for me. Somersoft/PC members also get a discount for year 1. I'd keep contents seperate. What's the reason you'd want contents insurance for an IP?

Talk to brettc on the forum. Brett represents EBM.

 

Building and landlord insurances work best if they're at the same place. This way you can be assured the level of cover complements each other rather than overlapping or having some gaps.

It also prevents the 2 insurance companies from deferring to each other in a claim situation.

 

Are you talking about your PPOR? Why would you have contents insurance on your landlord policy?

 

Thanks @D.T.
@MsAli
@BigKahuna
Reason for contents is to cover carpets, curtains, dishwasher, etc. I usually only go for $5k worth of contents to cover these items. Not needed you think?

 

No not for PPOR. That's a different matter. See above.

 

Just spent part of the day splitting many things up the other way, the reality is, no one insurer is good for each property/scenario, I like companies that offer everything as an option, of course only if they are payers on D day.

Some of the good companies that do pay up are very inflexible on the policy, some policies will be a headache if you have 2 separate insurers.

So I say, read each PDS carefully, ask questions on anything not clear and work out what worst case scenarios are, I think you cant avoid this if you have decent morgage sizes and no cash to pay out, if your land is worth way more than any mortgage, you can probably get away with very basic and more risk.

 

Because tenants can wreck your contents if they cause a fire, or if a flood (that EBM do not cover at all) or some other reason your contents are ruined. In a total loss it is probably less of a concern though.