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Building and landlord insurance with same insurer?

Discussion in 'Real Estate' started by pthm, 3rd Aug, 2006.

  1. pthm

    pthm Well-Known Member

    Joined:
    25th Aug, 2005
    Posts:
    136
    I would like to have your views on whether it is better to have both building and landlord insurance with the same insurer?

    We have a IP which is a house. Currently we have building insurance with one insurance company (the policy is due for renewal soon), and landlord insurance with another insurance company (EBM brokers underwritten by QBE). I think for the sake of simplicity we should insure both with the same insurer - but the one who insures us for building does not have landlord insurance and EBM brokers quoted a higher premium for the building insurance.

    Would appreciate to hear what some forumites think? Thanks in advance for your views / comments. :)
     
  2. MJK

    MJK Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    280
    I had the same Dilemma ( spelling?)
    I had building with AAMI and Landlord with Terri Scheer.
    Then, as is common these days, AAMI decides to offer Building/Landlord and increase the premium accordingly. Now I'm doubling up.

    I shopped around and found Building/Landlord with Suncorp to be cheaper and the legal liability was 20M as AAMI was only 10M so I switched to Suncorp.

    Now heres the thing...although Suncorp cover the landlord with the building I decided to keep the Terri Scheer policy because it is a policy written specifically to cover landlord liabilities and for $244 per year it helps me sleep at night.;)

    So I'm still doubling up.:rolleyes:

    MJK
     
  3. pthm

    pthm Well-Known Member

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    25th Aug, 2005
    Posts:
    136
    Thanks, MJK, for sharing your particular situation.
     
  4. Nigel Ward

    Nigel Ward Team InvestEd

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    10th Jun, 2005
    Posts:
    1,172
    MJK there's probably a clause in the policies which prevents you double recovering for the same loss.

    But to the extent that one policy covers something the other doesn't then...sleeping at night is definitely worth $244pa.

    Cheers
    N.
     
  5. MJK

    MJK Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    280
    Nigel,

    Agreed, Its more about ensuring correct and adequate cover for me.

    MJK:D