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QLD Building Insurance - Which provider?

Discussion in 'Property Management' started by Kai41314, 24th Aug, 2015.

  1. Kai41314

    Kai41314 Well-Known Member

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    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
     
  2. Greyghost

    Greyghost Well-Known Member

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    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.
     
  3. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    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.
     
  4. Perp

    Perp Well-Known Member

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  5. Kai41314

    Kai41314 Well-Known Member

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

    Generally do you put purchased price as the insured value?


     
  6. Kai41314

    Kai41314 Well-Known Member

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  7. liverpool77

    liverpool77 Active Member

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    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.
     
  8. Kai41314

    Kai41314 Well-Known Member

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    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?



     
  9. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    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.
     
  10. Plucka

    Plucka Well-Known Member

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

    Azazel Well-Known Member

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    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).
     
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  12. Perp

    Perp Well-Known Member

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    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.
     
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  13. liverpool77

    liverpool77 Active Member

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    ^^ agree with Azazel on multi dscount of 15%.
     
  14. CU@THETOP

    CU@THETOP Well-Known Member

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    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.
     
  15. Simon L

    Simon L Investment Property Buyers Agent Business Member

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    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.
     
  16. benk

    benk Member

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

    Azazel Well-Known Member

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    You sort of guestimate the replacement building cost.
    The insurance company will usually give you a figure as a minimum.
     
  18. HUGH72

    HUGH72 Well-Known Member

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    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.
     
  19. Azazel

    Azazel Well-Known Member

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

    Perp Well-Known Member

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    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.