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Regional property insurance

Discussion in 'Property Management' started by hash_investor, 6th May, 2016.

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  1. hash_investor

    hash_investor Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    912
    Location:
    Sydney / Canberra
    Hi,

    can some comment on the insurance prices of regional properties? Should I expect them to be higher and similar to metro areas? Consider a 300K unit block with 4 units in it?
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,578
    Location:
    Adelaide, SA
    The LL component should remain the same.

    The building component... depends if the area is known for fire, flood, cyclones, etc.

    Are you actually buying the whole block though? The strata will take out insurance that will cover the external building, common areas and some liability.
     
  3. brettc

    brettc Well-Known Member Business Plus Member

    Joined:
    19th Jun, 2015
    Posts:
    112
    Location:
    Gold Coast
    As mentioned above, the price will depend completely on the region, and in some cases in particular the age of the property. A big factor is whether the area is subject to cyclones such as far north Queensland and far north Western Australia.