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LL Insurance and Home & Contents with different companies?

Discussion in 'Property Management' started by juzzy, 6th Nov, 2015.

  1. juzzy

    juzzy Well-Known Member

    Joined:
    14th Aug, 2015
    Posts:
    156
    Location:
    Melbourne
    Does anyone have their LL insruance with a different company than the Home & Contents insurance provider for any of their IPs?

    I could have sworn I read somewhere here that it's not a good idea because then they both try and palm off the responsibility of payment for a claim to the other company. But for the life of me I can't find the thread now.

    We would save a significant amount of money by doing this, rather than going through TS or EBM for both. Just wondering if it is a smart thing to do or not.

    Thanks
     
  2. brettc

    brettc Well-Known Member Business Plus Member

    Joined:
    19th Jun, 2015
    Posts:
    112
    Location:
    Gold Coast
    In theory there should not be two much grey area between the two different policies, however unfortunately that's not always the case and yes one Insurer may try to shift the risk to the other in some circumstances. Chances are it will be sorted out in the end but can give you a few headaches and delays along the way.

    That said, and probably even more importantly, you need to look very closely at the building policy you are considering as if there is a "significant" difference in price then there is likely to be a very good reason why. The time you do not wish to discover the failings of a policy is when you are looking at the burning rubble of your home, only to discover that you don't have a claim, for the sake of saving a couple of hundred tax-deductible dollars.

    Just be sure there are not risks (in particular those specifically related to rental properties) that will not be covered.
     
    Baker and juzzy like this.
  3. juzzy

    juzzy Well-Known Member

    Joined:
    14th Aug, 2015
    Posts:
    156
    Location:
    Melbourne
    Thanks Brett,

    Will make sure I read the fine print tonight.

    Cheers