Landlord and Building insurace

Discussion in 'Property Management' started by dominican, 16th Sep, 2016.

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  1. dominican

    dominican Active Member

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    9th Mar, 2016
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    Hi guys,

    I have been looking in the forum using the search option about Landlord and Building insurance. I read several threads that the best is Terri Scheer, and they cover floods (my IP are in QLD). I did a quote on their website, and it is around 1400AUD.

    Is it the only cheap insurance company that cover floods in QLD?

    I made sure my IP is not in a flood area, but you never know.

    Any comments or recommendations?

    Thank you in advance.
     
    dominican, 16th Sep, 2016
    #1
  2. mikey7

    mikey7 Well-Known Member

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    I don't know how they compare to Terri Scheer, but I have a mate that is insured with Ray White Insurance (via Allianz) who covers floods. He pays $680/yr or something ridiculously low (400k IP)
    His other one is with Westpac for $800 odd (1.1mil IP).

    I'm paying $1200/yr with Terri Scheer per IP, and not in flood zone either.
     
    mikey7, 16th Sep, 2016
    #2
  3. dominican

    dominican Active Member

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    It seems to me that Terri Scheer is not the cheapest.
     
    dominican, 16th Sep, 2016
    #3
  4. New2prop

    New2prop Well-Known Member

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    I have been advised by a veteran investor to use Suncorp as they payout for flooding without seriously capping the payout - I am told. Take it with a pinch of salt.
     
    New2prop, 19th Sep, 2016
    #4
  5. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Do LLI with them and your building elsewhere to make it economically viable.
     
    Colin Rice, 19th Sep, 2016
    #5
  6. Azazel

    Azazel Well-Known Member

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    I think they were one of the ones that covered floods in Brisbane.
    Some people had issues with some of the other insurers.
    Still not a recommendation.
     
    Azazel, 19th Sep, 2016
    #6
  7. dominican

    dominican Active Member

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    I just got Allianz half price comparing with Terri Scheer. I will realise if they are good when I make a claim lol
    I had 3 IP's with Terri Scheer (3300AUD), changed to Allianz (1800AUD). LLI+Building+Floods
     
    dominican, 26th Sep, 2016
    #7
    Toon likes this.
  8. brettc

    brettc Well-Known Member

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    Seems like a surprisingly big difference but I presume you made sure you included their options such as rent default. At the end of the day it really depends on whether you are willing to take on the additional risk yourself to save some money on the premium. If you get lucky and don't suffer a loss that isn't covered (by the cheaper policy) you've done well, on the other hand if you do suffer a loss that isn't covered (by the cheaper policy) then you may regret your decision. Insurance is largely about your risk profile and your ability to absorb losses.
     
    brettc, 26th Sep, 2016
    #8
    Hosko likes this.