QLD Landlord Insurance - Comminsure?

Discussion in 'Property Management' started by Hound Dog, 1st Dec, 2018.

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  1. Hound Dog

    Hound Dog Member

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    Hi All,
    Recently received an invitation from Comminsure to renew my Landlord insurance. They seem to think that I shouldn't mind a 20% hike with the premium. They have upped the building sum insured by approximately 6%. Are they having a lend of me or is this normal ? Maybe the question should be do they normally have a lend of their clients? Is this their way of paying for the sins they have previously committed or is this a general insurance thing helping to pay for all the natural disasters that have occurred in Qld.
    A few details in case I got the maths wrong.
    Premium last year $1,138.17 Building insured for $200,733

    Premium this year $1,366.25 Building insured for $212,777

    Basic excess $500

    The house is an ex commission house in Bracken Ridge and is highly unlikely to suffer flood damage.
    I have also been stupid enough to cover Accidental Glass Breakage, Electric Motor Burn out and Power Surge, that would be more useful to the tenant. I know that I could tweak the amount payable by upping the excess or removing the two afore mentioned insured events. What would the Guru"s on the PropertyChat recommend.
     
  2. Rich2011

    Rich2011 Well-Known Member

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    That is a normal increase in the building value. Call them and ask what the minimum is they will insure it for. You might want to consider keeping the accidental damage, it can also cover things like damage to a carport or garage door if the tenant hits it with their car (just one example) which may not be covered under normal insurance surprisingly enough!

    Have you compared other prices and thought about EMB for the landlord component?
     
  3. Hosko

    Hosko Well-Known Member

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    Adjusting the sum insured is a normal practice. It is partly a mechanism to protect the consumer.
    The change in premium that you have seen is not uncommon at the moment, premiums have been on the increase recently across most insurers.
    PS - You will forget about the premium premium in the event of a claim if they pay out a claim smoothly.
     
  4. mikey7

    mikey7 Well-Known Member

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    I got a 25% increase from my insurer recently. No building value increase or anything.
    Had 2 policies with them. Called them and asked to have the premium stay the same or I'd leave - they said no. So I got a policy thru someone else (a bit cheaper than before the hike), and cancelled this one thru them. The then offered to match the new policy, I said no. My second policy with them has not changed, yet value has gone up :cool:

    Shop around
     
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  5. Hound Dog

    Hound Dog Member

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    Hi All
    Thanks for your responses and advice. I went to the bank today to renew the policy and to get in someones ear and have a whinge. Teller was sympathetic and put some pressure on Comminsure to lower the premium on my behalf. I queried why specifically the premium should rise so much in a low inflationary environment. Non of the risk factors would had gone up by 20%.
    Crime, storm and tempest risk, flood and fire risk would have been at or near previous years levels. They also said the number of claims made in the suburb could have affected the premium charged but couldn't or wouldn't answer specifically what the number of claims for the suburb were.
    To butter me up, rub my belly and retain the business for another year I was offered $100 off the premium. I think they were a little puzzled as to why I wasn't over the moon with their generous offer (which I accepted). Obviously I would not have been the first customer to moan and this must be the norm for them to prevent customer churn. Rest assured next year I will be proactive, do the research and get quotes including EMB.
     
  6. diagnostic

    diagnostic Well-Known Member

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    Pretty normal practice, I have a few policies with them, they raise them every year. Have started to churn once they stop offering discounts!
     
  7. Tom Rivera

    Tom Rivera Property Manager Business Member

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    *cringe* Comminsure....

    My understanding is that insurance in general has been going up quite a bit lately.... I'm not sure what the driving factors are, but I've seen it go up across home and (oddly) car insurance across a variety of policies.
     
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  8. Hosko

    Hosko Well-Known Member

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    Your understanding is correct Tom.
     
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