What Insurance & Which Company?

[Perry]

I appreciate that not all the comments
are space-wasting. Rather . . .

I meant the needless back and forth;
not aimed at anyone in particular. Every-
one please just sigh and pass on by, on
any snippy comments.

It's a better use of your efforts.

[Viking]

ANZ have a vero policy that goes with your house insurance policy. Changed mine form Vero to Anz Vero and saved a big chunk of change on the total. Never bothered covering the landlord side before but it came as part of the package.

fun saving money.

[genius]

Insurance

What's the best place to insure rental properties?
Where/With whom do you PI's have your rentals insured?
I'm doing an insurance review for my properties and feel I'm overpaying (insurance always feels like that lol)
Thanks for your comments/thoughts in advance.

[flyernzl]

NZPIF are in the process of implementing an insurance scheme tailored for PIA member's investment properties.
Expected to be available as from mid-year.

[Anthonyacat]

That's a really great idea. Why hasn't that been done already?

To answer the initial question, it's like any insurance, you call around to find the best deal for your individual situation. I have my low-value Clendon rental with Tower (MILES cheaper than anyone else I called) while my much-more-expensive Papakura/Karaka rental is with AMP.

[flyernzl]

That's a really great idea. Why hasn't that been done already?

Until recently, the emphasis by the PIAs has been on forming partnerships with suppliers of goods rather than services.

However, I have been stirring things up - hopefully as well as insurance we are looking for/at accounting and conveyancing offerings.

[PTILoveYou]

Quotes, quotes, quotes

Call up tower/ami/etc and compare prices

if you have multiple properties, get it done from an insurance broker

[Perry]

If you have multiple properties, get it done from an insurance broker

I concur with Gary. Crombie Lockwood mostly get favourable mentions on these forums.

[flyernzl]

However, consider exactly what is covered, not just price.

[Bluekiwi]

Never ever go to the insurance companies directly yourself.

Would you swim with the sharks in the dark ?
Where they know the rules of the ocean, can see and smell you, and you are swimming blind !!!

Remember that basically insurance companies are crooks and will rip you off at the front end on cost and the back end on claims.

Do yourself a big favour and use a free insurance broker like ILG.
Tell Keith that Paul sent you.

[Perry]

"Free" insurance broker? Aren't they all free
in the sense that they get a brokerage from
the afore-mentioned sharks?

[sfmurdoch]

I agree with Gary, get lots of quotes.

On this subject, do many people have malicious damage caused by tenants?

I've always had it, but have been speaking with people who have larger portfolio's and they no longer have that included as they essentially "self insure" to a point - meaning the savings across their portfolio is large enough to cover a major event every year or so.

[PTILoveYou]

I agree with Gary, get lots of quotes.

On this subject, do many people have malicious damage caused by tenants?

I've always had it, but have been speaking with people who have larger portfolio's and they no longer have that included as they essentially "self insure" to a point - meaning the savings across their portfolio is large enough to cover a major event every year or so.

Having a very good PM is your insurance against malicious damage. It's not bullet proof of course, but works for me.

[BigDreamer]

I have never tried an insurance broker before. This probably sounds novice but I never knew of them before this thread.

Any particular insurance brokers you recommend?
I think it was bluekiwi that mentioned ILG - any others?

[Perry]

Crombie Lockwood is another.