Separate Building insurance?

hey

Im looking at getting a new policy for my investment property which is currently tenanted.
I can either go with EMB plantinum cover which provides rentcover and building cover

or just go with EMB with rentcover only and go with my current car insurer for building only and save about $100 per week. So being such a minimal difference I guess it comes down to who provides the better building insurance cover

My car insurer is with Allianz and I will get a discount with combining multi-policy if I add my house for building only

its only a little cheaper. So if anyone knows much about insurances companies
Is Allianz ok to go with for building cover compared with EBM ? who is a subsidiary of QBE

 

then if you make a claim, one insurer will say, " it's covered by the other"...
I would suggest you don't let them pass the buck..
I hope this helps

 

I know it sounds like the more painful option, but I strongly suggest reading carefully through the PDS's before you make a decision. Your PM should be able to help you with any confusing technical aspects.

 

Just to clarify, EBM is not a subsidiary of QBE. QBE is the underwriter we use for the policy only.

In regard to separate Insurer's (I note you will save $100/year not $100/week), you can certainly do either but more important than a saving is ensuring you're getting the right cover. As mentioned, there can be some comfort in not having separate insurer's who may try to suggest the other policy is liable. At the end of the day you would end up with your claim being paid but as there can become some grey areas it has the potential to create some unnecessary haggling.

 

yes I did not think of that!

Im sure if I were to make a claim they will be trying to handball who is responsible to take that cover and I will get more headaches trying to get both insurance companies to help. I can just see that happening. If I just go with one to do both they dont really have a easy scapegoat

 

$100 a year may be a trivial cost if the policy differences or the claims process are lacking. Sometimes a single insurer will pay a claim based on either LL, building or contents and a single stop may be an easier claim that two/three different claims, two/three different assessors etc. eg If you had a tenant burn the property down there could be benefits with a single insurer v's multiple policies. If you ever have submitted even a minor claim you would avoid double the efforts.

It sounds like Brett suggests. One will try to defer the claim to the other who will then refer you back to the other. Endless lack of accountability.