Steep increases in Building Insurance-Comminsure

Discussion in 'Property Management' started by virgo, 12th May, 2020.

Join Australia's most dynamic and respected property investment community
Tags:
  1. virgo

    virgo Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    441
    Location:
    Sydney
    Just recently received my annual renewal of the above....

    With the same amount of cover, premiums have jumped from 35% to 50%:eek:

    In the past , CBA Comminsure will be friendly enough over the phone to negotiate..but this time around, they are really NOT open to any discussion at all...

    Has anyone experienced the same? Any other insurer recommendation? THinking of trying out Westpac...
     
    virgo, 12th May, 2020
    #1
  2. mikey7

    mikey7 Well-Known Member

    Joined:
    30th Mar, 2016
    Posts:
    1,173
    Location:
    Sydney, Brisbane
    Why are you sticking with the banks for insurance? From my readings, they're generally the worst in terms of what they cover.
    There are a LOT more options out there that will do better for you.
     
    mikey7, 12th May, 2020
    #2
    housechopper2 likes this.
  3. virgo

    virgo Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    441
    Location:
    Sydney
    For example?...
     
    virgo, 12th May, 2020
    #3
  4. Tom Rivera

    Tom Rivera Property Manager Business Member

    Joined:
    1st Jul, 2015
    Posts:
    2,718
    Location:
    South East Queensland
    Agreed with above- try some non-big-bank insurers.

    e.g. Terri Scheer, PIP, EBM, Honan, etc.
     
    Tom Rivera, 14th May, 2020
    #4
    Phoenix Pete likes this.
  5. mikey7

    mikey7 Well-Known Member

    Joined:
    30th Mar, 2016
    Posts:
    1,173
    Location:
    Sydney, Brisbane
    Further to @Tom Rivera suggestions:

    Allianz
    Budget Direct
    NRMA
    AAMI
    GIO
    QBE
    APIA (age dependant)
    CGU
    Huddle

    Not suggestions, just listing various companies.
    I'd personally avoid Real Insurance, supermarkets and the banks.

    Plenty more to mention, but you get the idea.
     
    mikey7, 16th May, 2020
    #5
  6. Propagate

    Propagate Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,495
    Location:
    Melbourne
    Our business professional indemnity insurance has gone up 100% this year!! Broker has been looking at alternatives but they're all in the same ball park for same levels of cover.
     
    Propagate, 16th May, 2020
    #6
    Hosko likes this.
  7. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    14,015
    Location:
    Brisbane
    We are with Youi and have had a roof replaced and other storm damage at that IP sorted after a huge hail storm event several years back. Have had a car claim handled quickly but never had to try their landlord insurance portion.

    Their handling of the roof replacement and repair was faultless.

    We moved to them when Suncorp let us down after our downstairs had a hill full of water ruin our carpets (water couldn’t get away via our substantial drainage systems (we back into a hillside) but because the water came downhill and didn’t rise from below they wiped us, didn’t tell us for about six months while we lived on a concrete floor, and then told us our maintenance was not good enough and then had the gall to increase our premium by nearly 50%. :eek::rolleyes:

    We moved everything to Youi and our house premium was the same as Suncorp premium before their huge increase. So far we have been very happy with Youi.
     
    wylie, 16th May, 2020
    #7
    Pingu1988 likes this.
  8. virgo

    virgo Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    441
    Location:
    Sydney
    I hear Terri Sheer is not taking new customers atm...

    Re Comminsure, they have backed down and given me a $150 discount per policy (i have got quite a few;))

    May give them the boot next year when everything calms down...i have Youi for my car insurance and agree...service is top notch...never thought of them for building insurance:D
     
    virgo, 16th May, 2020
    #8
  9. J.W

    J.W Member

    Joined:
    14th Jun, 2020
    Posts:
    22
    Location:
    QLD
    Just want to get an understanding, are there any extra benefits going with non-big bank insurers or what's the difference?
    In the process of getting mine sorted at the moment but covid-19 has made it difficult.
     
    J.W, 29th Jun, 2020
    #9
  10. Tom Rivera

    Tom Rivera Property Manager Business Member

    Joined:
    1st Jul, 2015
    Posts:
    2,718
    Location:
    South East Queensland
    Cheaper :p

    My understanding is the coverage should be pretty similar, but I'm not qualified to get into specific differences.
     
    Tom Rivera, 30th Jun, 2020
    #10