QLD Building Insurance - Which provider?

Hi,

I just bought an IP in Slacks Creek, QLD and I need to get a building insurance. I got several online quotes. AAMI ($1300) and Terri Scheer ($1100) are much cheaper than Suncrop ($1900). Is AMMI's cover not good? Does Suncorp provide better cover and service? Which one do you use personally? Any other good options?

Thanks

 

Terri sheer with both of mine in that area.
They are good with flood insurance, many others didn't cover people during the Brisbane floods.

 

Just curious, how much is your building insured for?

In BCC, I found Terri Scheer to be competitive. I use them and also get a landlord insurance discount for having 3+ policies.

 

This is helpful: http://www.canstar.com.au/home-insurance/compare-Building-insurance/

 

Actually I put purchased price as the insured value for this high-set home.

Generally do you put purchased price as the insured value?

 

Terri Sheer is not in listed on the web site. Why?

 

Suncorp in building and landlord together and have been very helpful and usually negotiable if you need them to be more competitive... Do some research on Terri Sheer as have heard good things, just wasnt able to work on my IP's in Bris.

 

According to the Logan flood map, the closest flood zone (10m above sea level) is 1.5KM to my IP. My IP is at 26m above sea level. Do I need to worry about flood cover when I choose the insurance policy?

Some people said Terri Sheer did not do well for people who made claims for Cyclone Marcia in Rockhampton. Is that true?

 

Whoa!

You're meant to insure for replacement cost (which doesn't include land value) so in 99.9% of cases you would be insuring for less than purchase price on a new acquisition. I'm overinsured on my last one and the replacement value was approx half the purchase price.

 

Lol, you want to insure the dirt? No, insured amount should be the replacement value of the HOUSE not the land.

 

Yeah, Suncorp was pretty competitive.
They have a 15% multi policy discount for 3 as well (GIO doesn't count though even though they're owned by Suncorp).

 

Re: amount to insure for. It depends only on the replacement cost for what you have now, which can even be more than the purchase cost - it entirely depends on the age and condition of the house you bought as to whether purchase cost is more or less than the replacement cost.

e.g. There are 3 B/R houses in Emerald for sale under $150K, but there's no way you could replace them for those $ if they burned down.

 

^^ agree with Azazel on multi dscount of 15%.

 

Suncorp did a good job fixing my property after the November storm. Had a guy out the next day doing a make safe on he roof and boarded up the broken windows. Probably a bit dearer but the job got done and they were checking up with me that the subbies had done the work.

 

I have found AAMI (building) + EBM (landlord) to be the cheapest combo

Westpac is competitive too if you have a decent branch manager and have a few accounts/loans with them.

 

How do you find out what the building itself is worth? Will you need to get a quantity surveyor?

 

You sort of guestimate the replacement building cost.
The insurance company will usually give you a figure as a minimum.

 

I don't have any polices with Suncorp anymore but I remember them wanting to insure a house at market value - house and land not just the replacement value of a new house. I think their policy is probably the Gold standard in Qld with good service generally but they seem to also be very expensive. Like everything It is highly dependent on the location of the property.
I had to make one claim with them several years ago and they were excellent.
I used to have a theory that because they have a greater market share in Qld they have higher exposure to natural disasters so their premiums reflect this but I could be wrong.

 

You're probably right, especially after all of the stuff that's happened in recent memory.

 

That's insane.

I think they're very good for small claims. I don't think their cover matches their prices; there are other insurers with superior coverage and claims reputation that are less expensive.