What Insurance & Which Company?

[Nick G]

Email [email protected]

[Courham]

I used innito for my bookabach insurance-it is available via the bookabach website. Was similar to my other rental insurances.

Craig

[sidinz]

I used innito for my bookabach insurance-it is available via the bookabach website. Was similar to my other rental insurances.

Craig

unfortunately that insurance is only for personal baches that are also rented out, not dedicated investment properties.

[Mell046]

Should I get landlord insurance?

Hi All,

I purchased a new apartment which will be finished in a few weeks hopefully. First rental property.

The property management company who I am going to use is recommending I get landlord insurance. It says it covers for tenant damage loss rent etc.

She recommended a company called real landlord insurance NZ.

Do people many people get this insurance? Recommendations?

Thanks
Mel

[Mell046]

Am I being too cheap ? Or is this a necessary expense?

[Anthonyacat]

Lots of people get landlord insurance. I don't.

As with any insurance, you've got to weigh up the cost against the likelihood and severity of a loss event. And as with any insurance, statistically you're better off not to get it - but statistics and averages hide a lot of potential problems.

If your tenant does a few thousand dollars of damage, can you cover this yourself, or would this really stretch you? It's all about risk tolerance.

[Perry]

The expression LL Insurance is too vague.
To make an informed decision: what's covered; what's not?

[Wayne]

The expression LL Insurance is too vague.
To make an informed decision: what's covered; what's not?

And it is the 'what's not' that is probably most important.
Look at each item and access the risk based on the type of people you expect to get in.

[Monsterbishi]

Don't forget that it's a deductible expense - I think of it as being like getting glass cover on your vehicle insurance, not essential but there might come that day when some truckie is in front of you on a bumpy road and hasn't cleared the spoil off his tailgate...

[nano]

We have 'landlord insurance' and I am just going through the process. I am weighing up whether I claim the insurance or not because of future premium up (substantial amount, I heard). So, I feel like what is the point of having an insurance? But, I guess people have insurance more for a bigger problem and maybe put up with this kind of annoyance. I am not sure... In case of carpet damage, they consider it as all individual case and each room costs the excess of $500. So, it is $2000 for 4 small rooms. AA insurance.

[Perry]

When Is A Tax Increase Not A Tax Increase?

When it's a levy increase (plus GST - of course!)

Seems that no matter which one you use, all insurance premiums are going up, via an in-direct tax increase called the Fire Service Levy. See here.

Cost-efficiencies being years away - if at all.

[Bluekiwi]

Important to use an Insurance Broker like ILG to ensure you get the right insurance product with the right insurance company that meets your requirements.

Otherwise you are just throwing money into the wind, and pissing into it when filing a claim.

[nano]

Survey for Which insurance?

I wonder whether this forum could do a survey for which insurance company the members have. We have AA insurance. I am disappointed that AA has access for $500 EACH room (rather small size rooms) for replacing carpets. That means we have to pay for $2000 access alone + hallway out of pocket + plus possible premium up to 10% if it goes up - The staff won't tell me whether it is going to go up or not for sure. I will have to ask again to see the numbers. I guess all the insurance companies would have similar access and terms/conditions and that does not seem right.

[Wayne]

I wonder whether this forum could do a survey for which insurance company the members have. We have AA insurance. I am disappointed that AA has access for $500 EACH room (rather small size rooms) for replacing carpets. That means we have to pay for $2000 access alone + hallway out of pocket + plus possible premium up to 10% if it goes up - The staff won't tell me whether it is going to go up or not for sure. I will have to ask again to see the numbers. I guess all the insurance companies would have similar access and terms/conditions and that does not seem right.

I think you mean 'excess'.
An event making it necessary to replace the carpet in one room would probably be seperate from another event to replace the carpet on another room.
Usually insurance base the excess on events. I'd expect if the house flooded and ruined carpets in several rooms (and other damage) then all the damage from that one flooding event should be covered by one excess.
So my insurance company (Tower) doesn't have the same excess policy that you have shown.

[nano]

Thanks for the correction! 'excess' ;-)
Unfortunately, the house was not flooded. ;-) AA considers each room as each event. I received one quote for almost $3,000 for all. So, whether we pay for insurance excess $2000 + hallway separately or paying all out of pocket ($3000) would be similar. But, If we use insurance, we pay about $3000 ($2,000 excess + hallway) + premium up in future. It looks like using insurance does not help us in the end in this case.