rental property insurance

[phillip30]

Hi All,

can anyone recommend some good providers for insurance on investment properties. Any thoughts would be greatily apprciated.


many thanks

Phillip

[Simmo]

180+ views and not one reply suggests there's not a lot of satisfaction out there.

I'm with Vero/NZI, but given some tales out of ChCh I'm beginning to wonder if I should be.

[Bluekiwi]

Hi All,

can anyone recommend some good providers for insurance on investment properties. Any thoughts would be greatily apprciated.


many thanks

Phillip

Contact Lois at ILG, dont bother working it out or thinking too hard.

Just use an Insurance Broker to get you the correct insurer and the best deal.

Someone gave me this same advice 5 years ago and its worked for me.

[speights boy]

^ What insurance company / companies did ILG sign you up with?
How many claims have you made in those 5 years, and how much was the largest amount?

[Bluekiwi]

they signed me up with a few different ones depending on what the risk was and what insurer best suited it.
I cant remember the details.

My best friend has been in insurance his whole life, confirmed to me just a few weeks ago that a broker is best way to go.

Certainly dont ever get it from the bank.

[speights boy]

they signed me up with a few different ones depending on what the risk was and what insurer best suited it.
I cant remember the details.

You don't know who your properties are insured by?
You are not kidding me ?

Certainly dont ever get it from the bank.

Why?

[Bluekiwi]

Nope, why should I, the documents sit in my files somewhere I will look up if I need to make a claim.

Speights (and I feel sorry for you, find a real bear buddy) - you need to surroud yourself with experts in certain fields, if you are to be a smart property investor.
Thats why you have a team around you:

Property manager, mortgage broker, insurance broker, accountant.
etc etc.

You cant pretend to know more than these guys in there specialist area's of expertise.

You need to be able to get a good team behind you that you can trust.

[speights boy]

Where did I say I didn't support using a broker?
I just expressed surprise that someone wouldn't know who it was their broker had signed them up with.
I often do follow an expert's recommendation, but never just sign documents without reading and questioning anything I don't understand.

I try to carry out at least some basic DD on most companies where I pay money in advance of receiving the product or service.

Trust but Verify as my ol' mate Ronald Reagan used to say.

[Bluekiwi]

I had an insurace claim with one of my properties in December.
Worked with the assesor for a few weeks sorting it out and he called me asking what address to send the cheque to.

It told him and he said "what, the house with the pool".
I said "yes' but in my head was thinking WTF how the hell does he know that.
Then he said "I lived there for 7 years".

Small world aye.

[speights boy]

Yes, indeed it is.

Just as well you weren't claiming you had more square footage than the Dotcom mansion.

Speights (and I feel sorry for you, find a real bear buddy)

Ohh; but I have.