Home/Building Insurance

[EstatePreneur]

Hi, I was wondering if anyone has any xperience with any of the following home/building insurers in terms of price/premium and claims:

1. Westpac
2. National Australia Bank
3. AAMI
4. Suncorp

How would I be paying for a standard cover for building only insurance per month or per year?

Thanks

 

[EstatePreneur]

anyone??

I was also wondering what are the things that I should be aware of when looking for home/building insurance?

 

[phil]

G'day mate,

I think there was a recent thread on this very issue, although I could be mistaken. I would also be interested in the opinions of others as I have just taken out insurance with Suncorp.

Phil.

 

[poppy]

Hi EstatePreneur,

I've just taken out a landlord combined home/contents policy with Suncorp for an IP in Melbourne. I did a lot of research beforehand as my requirements were quite specific for this property as it was a brand new place that would be vacant for a few weeks. I ended up choosing Suncorp for:

Burglary cover when house unfurnished and vacant
No huge excess for vacant houses
Flood cover
Rent loss cover even if no lease in place at the time (eg if home became uninhabitable due to a fire whilst in-between tenants)

As a bonus you also get accidental tenant damage cover with Suncorp, that is on top of the normal malicious tenant damage cover.

If you are not expecting the property to be vacant then Australian Unity were my next choice (very cheap!) However being a brand new home the risk of break and enter whilst vacant is so high that I cannot be without cover for this.

AAMI are reasonable in my opinion but have an extra unoccupied excess and I'm pretty sure they don't do flood cover.

PS Suncorp seemed to be the best value policy for the amount of cover provided, around $485 a year for about $160,000 cover with a $300 excess.

 

[EstatePreneur]

Thanks Poppy for that info on Suncorp. I haven't checked with them yet.

Just got a quote from Westpac, for their highest insurance package (the Premier cover for $150,000 building only) costs $440 per year with excess fee $100.

I'll do some more shopping around.