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Quickest way to find insurance for comparisons of suburbs

Discussion in 'General Property Chat' started by Seal, 20th Apr, 2016.

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  1. Seal

    Seal Well-Known Member

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    i am trying to crunch some numbers on different suburbs and was wondering if anyone knows a/the quickest way to find out the insurance on different properties (can I avoid phoning a company and going thru all the questions for say 5 properties in each suburb)?
    Eg landlord and building insurance
     
  2. Michael_X

    Michael_X Mortgage Broker Business Member

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    EBM and Terri Scheer both do online quotes.

    Cheers,
    Michael
     
  3. Seal

    Seal Well-Known Member

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    T
    thanks Michael
    I noticed I had to fill in age of property- do you just guestimate, or is it worth sussing out from agent?

    also, how do you work out how much to insure the buidling (freestanding house) for? eg sussing out places that cost $250k
     
  4. Michael_X

    Michael_X Mortgage Broker Business Member

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    The age of the property you normally get from the B&P report. Since you are estimating, just put in a rough guesstimate. It doesn't have a big affect on the quote price, so I wouldn't worry too much about it.

    If you are just getting quotes, I would just put the replacement cost as the purchase price.

    On the suburbs, just place the same info for all the fields and play around with the suburb, that will let you know the difference by suburb.

    For the actual insurance, you will get this information from the B&P and also the valuation report (if you can get hold of it).

    Cheers,
    Michael
     
  5. Seal

    Seal Well-Known Member

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    thanks
     
  6. brettc

    brettc Well-Known Member Business Plus Member

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    Ideally you are best to have a good idea of the age of the building. As a general rule it will only make a difference if it is an older property. Depending on the company there may be a certain age where they will need to know whether it has been rewired or re-plumbed, the logic being that the older the plumbing and wiring is the more risk there is of something going wrong (through wear).

    If it becomes a claim in the future this may be an important aspect to have disclosed originally. The age is even more relevant in cyclone areas for example where there may be loading placed on older properties as they were not built to the same cyclonic standards that they are in more recent times.

    In regard to the replacement cost, there are a number of online calculators that will provide estimates based on a range of features, size, quality etc. Some are basic, some more complex. These are still only a guide but are better than nothing, the only real way would be to get a quantity surveyor to price it but that comes at a cost. Remember it's replacement value at today's prices that you need, including removal of debris, architects if required etc., but not including the land value.
     
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