QLD What insurances do I need for IP

I am in the process of buying my first IP (house). I am not very clear exactly what insurances I need as a landload.

I have seen these two insurances in a landload checklist. Are these two separate insurances? If so what's the difference and who is the best insurer to get it?



I would like to go with the best insurance company. RACQ also has a landload insurance product, not sure which one is the best insurance. Thanks.

 

What type of property? i.e. body corporate (unit, townhouse) or standalone house?

 

Standalone house. Thanks!

 

If it was me I'd have all 3 just to be safe

1. Building insurance
2. Contents insurance for any "fixtures" that the building insurance policy doesn't cover
3. Landlords insurance

If you have a mortgage over the property, cynic in me says use the lender to also insure the property seeing as it's their security for the loan, one might think they'd be less inclined to not pay out

 

When I go to RACQ, these are the options.


Do I need additional landload insurance for rentcover etc?

What covers public liability ?

 

1. Building insurance
Non-tenant-related (thunder, rain, flood, hailstorm, fire, animals, god, etc) damage to building (roof, wall, window, etc) & something fixed to building (eg. air cond, floorboard, etc)

2. Contents insurance
Non-tenant-related (thunder, rain, flood, hailstorm, fire, animals, god, etc) damage to stuff not fixed to building (eg. carpet, blinds, etc)

3. Landlords insurance
Tenant-related
tenant damage to building, tenant default, tenant.... blah blah blah

 

That's the trouble with insurance......
1 policy costs almost as much as 3 !!!

1. Building insurance (as it is req'd as part of your loan agreement)
3. Landlord insurance (should the tenant default on rent or damage the place substantially)....
2. Contents, not really req'd normally, but should something go wrong that is later proven to be your fault the tenant could pursue you for damages and legal costs !
As a "packaged insurance policy" the difference between 1-3 & 2 could be as little as $6 per month...
Sure it add's up over YEAR'S (but is a claimable expense), but one really bad tenant cohld make it well worth while !
Depends on your strategy

 

Thanks all. I have purchased Terri Sheer Building and Landload combined insurance now. Hopefully it will cover most of things.

 

Good choice, TS are much better than your usual AAMI, RAC* type insurance places

 

If they can find a way to wiggle out of it via the PDS they will. This is where AFCA becomes your friend.

A mentor has the belief that the right insurance policy is money well spent because it brings peace of mind for the worst case scenarios, better sleep at night factor. I'm aware some on here don't subscribe to the same philosophy.