what insurances to buy for your IPs?

Hi guys

pls advised on the following:

a simply and basic question, what kind of insurances do you buy for your IPs?

I bought Building insurance (NRMA) and Landlord insurance (Terri Scheer) for IP house, and Landlord insurance for units and townhouse. is this enough? any other insurance need to buy?

thanks

ericproperty said:

Hi guys

pls advised on the following:

a simply and basic question, what kind of insurances do you buy for your IPs?

I bought Building insurance (NRMA) and Landlord insurance (Terri Scheer) for IP house, and Landlord insurance for units and townhouse. is this enough? any other insurance need to buy?

thanks

Click to expand...

Personally I just have building and landlords insurance for detached houses and landlord for units/townhouses that are under a strata.

Cheers

Jamie

ericproperty said:

Hi guys

pls advised on the following:

a simply and basic question, what kind of insurances do you buy for your IPs?

I bought Building insurance (NRMA) and Landlord insurance (Terri Scheer) for IP house, and Landlord insurance for units and townhouse. is this enough? any other insurance need to buy?

thanks

Click to expand...

Double check what Insurance your body corporate offers, found it can vary.
Have you considered Income/Life etc, not specifically required for IP's but assists in reducing risk.
Check Flood Cover as sometimes this is extra.

thanks Jamie and Zimby.

ericproperty said:

Hi guys

pls advised on the following:

a simply and basic question, what kind of insurances do you buy for your IPs?

I bought Building insurance (NRMA) and Landlord insurance (Terri Scheer) for IP house, and Landlord insurance for units and townhouse. is this enough? any other insurance need to buy?

thanks

Click to expand...

Essentially that's correct although the building and landlord policies for the house can be rolled into one as opposed to separate policies, just be careful to make sure it is a policy tailored to suit IP's. Your landlord insurance for the units is fine as it will include contents. The only other one that pops up is Mortgagee's Interest insurance (different to mortgage insurance relating to the loan) if the mortgagee insists upon it, but it is not in all States and if they haven't asked for it you don't need to worry about.

thanks Brett. re Mortgagee's Interest Insurance, we have not been asked about it, so will leave it for now.

ericproperty said:

Hi guys

pls advised on the following:

a simply and basic question, what kind of insurances do you buy for your IPs?

I bought Building insurance (NRMA) and Landlord insurance (Terri Scheer) for IP house, and Landlord insurance for units and townhouse. is this enough? any other insurance need to buy?

thanks

Click to expand...

Title Insurance is starting to get pushed now by Conveyancers.........