QLD Building Insurance - Which provider?

Hence why I don't have any policies with them any more, they are very expensive.
From memory prior to 2011 they were one of the few with automatically included flood cover?
Having read your thread you would know more than me, I've had to make lots of small claims over the years with Suncorp, Allianz and Youi and I personally haven't had any problems. I'm sure if there was an exception, exclusion or something else in fine print it would have been a different story.
What I do know is since cyclone Larry in 05 and Yasi in 2011 anyone north of the tropic of Capricorn has been absolutely shafted.

 

That's correct, and they got a lot of kudos for that.

Based on some evolutions in case law, pretty much all insurers cover flood now because it's very hard to exclude in any case.

I know of a couple of cases where the policy covered water coming up through the sewers but not flood, and lawyers ran the cases on the basis that the onus was on the insurer to prove that premises that were water-damaged, were in fact not damaged by water backing up through the sewers. (The law does put this onus on insurers to prove the damage wasn't caused by sewer water, not on the insured party to prove that it was.)

That's pretty hard to prove, and most insurers ended up paying part or all of claims even when people didn't have flood cover, so they decided: "we pretty much have to cover floods anyway, may as well include them in the policy and charge accordingly".

 

Is anyone with CGU and/or made any claims with them (They include flood cover in the premium)?

 

I've made claims with CGU before for loss of rent and tenant damage. Claims went fairly smoothly.

 

Does anyone use NRMA? We have 10 policies (6 building, 1contents, caravan boat car) with 12 years loyalty so get a 22.5% discount, but as no claims ever made, don't know how they are if we had to make a claim. Hoping someone says they are good to deal with, On the minimum insurable conversation , our PPOR would sell for 600k (land 300) . I just received renewal, minimum 535k building,91k contents for $1078. Did online quote for suncorp. They want cover of $ 676 352, minimum 608 717, 91k contents for $2305 or 2405 if using call centre to pay. Use EBM for 5 L/L ins @ 285 each . Nrma wanted a months rent for L/L excess.

 

What is EBM rent excess? I did read on the net today EBM somewhat slack in paying claims, which worry's me, I have ours with NRMA too. (NRMA's landlord bit stingy on payouts I thought for rent default and malicious damage)...

 

Recently bougt a typical highset in Logan 3/1/2 for 250k, insurance company say min val to insure for is 300k and I kinda agree. If the house is a total loss you need to pay for removal and site clean up including removal of any concrete, then there is some council charges to pay for the DA for removing the house debris (+ asbestos removal $$$ ?) and to get the new house built, town planner costs, disconnection and reconnection for electricity/gas, construction of the new house, then things like curtains, a/c, security screens, landscaping, letter box, carports, clothes line etc etc. I think it could run close to 300k myself...?! To say I should only insure for around purchase price less the land value is crazy in my opinion.

 

I have luckily never had to claim on l/l insurance either so don't know how good EBM are. Use them based on most people on PC using them. Policy say malicious damage,theft by tenant,400 per claim,Accidental damage $400 per event, earthquake,250,cyclone500. other claims 200 per event. Unpaid rent cover section says Nil excess applicable however, claims are reduced by balance of bond remaining after legal deductions, I have read here to use bond for repairs and such and claim insurance for lost rent.

 

I agree in this instance as well, we have 2 similar highset properties at Kallangur and like you insure for 300 being around purchase price. After reading your breakdown will have a closer look at these to make sure it is enough, I just felt suncorp wanting cover for my house of $676k was over the top. Would they even pay out this amount if it came to the crunch.

 

Hi Kai
How did you work out that you are 10m above see level. Is there any site?

Thanks

 

Terri Scheer is a wholly owned subsidiary of Suncorp and particularly for Qld properties, I think it's important the flood cover is excellent. I found the flood policies of both to be almost identical (when I last checked) but given TS specialise in landlord insurance, I opted for the latter. In my experience, bank policies etc have fine print that excludes some of the necessities for landlords and they have only recently entered the landlord insurance market to capture what is obviously a growing market but haven't quite got it right yet.

Obviously due diligence on the purchase should eliminate most of the threat by checking the flood maps and zoning however you just never know.

- Andrew

 

TS is Suncorp backed, but they are miles apart in regard to LL part.

Check flood cover, I cannot recall what TS offer.

 

I checked CanStar and found that:

for building insurance:
Queensland: WestPac, AusPost, St George give the best values
Victoria: CBA, ANZ

for landlord insurance:
TerrySheer


I do not know about providers in other states

 

Hi @Jungle

You can find it here: Logan City Council - Logan Planning Scheme

 

Your IP could be a kilometer above sea level and still be flood effected.

 

Go to a display village and ask about the same size run of the mill spec homes, most normal places will run 2-300k but is also area dependent.

 

Maybe a bit late in this thread.

AAMI is part of Suncorp isn't it

Insured with AAMI for one property in Sydney that recently had an arsonist fire. Prompt response, within a day, and made the house safe for tenant. Still awaiting the major repairs though. Will keep posted on how good/bad the important part is

 

I bought my ppor for 336k, land value 70k, but its insured for just over 500k.... its a 2 story house, 334m2 and we were originally looking at build and a 2 story for around 280m2 were 280k +. Ontop of this the house is built on a slope, and that will add 100k straight up to costing, plus also i have a quadraple garage too. So u need to consider the land aspect aka slope, and other assets on the land, aka sheds. Plus as someone else mentioned clean up cost to some companies have 10% of your insurance level to cover some of this if your under insured