I've recently bought a inner city unit. It's currently being rented and I plan to move into it in couple of years after the rent has paid most of it off. I'm looking for suggestions on what type of insurance I should get and what companies are offering the best deals. Is getting renters insurance worth it? The unit is brick and partially furnished.
Recommendations for insurance on unit
eris on 11/02/2015 - 14:44
Comments
Better off just taking a Landlords Insurance policy. Sorry can't recommend any.
Check to ensure that your unit does not already have strata insurance since often units have body corps which hold strata insurance.
I've got all my properties insured through Terri Scheer for landlord insurance. Have had to make one claim over the last 10 years and they were brilliant - covered the loss of rent and had no issues at all.
Body corps should have strata insurance, but that only covers the building. It won't cover the inside of your apartment and things like fixtures, etc - so you may also want to get a nominal contents insurance. I have mine through RACV.
Thanks for that, the body corp does have strata insurance. I'll check out RACV.
Is landlord insurance tax deductible?
Yes. Landlord insurance is tax deductible as it is an money spent in earning income from the property.
I am covered with EBM Rent Cover (http://www.rentcover.com.au/) ..Had some pretty good reviews on Somersoft..
This thread has pretty good comparison :
You have to declare to the insurer that the property is being rented.
Some may include cover for lost rent etc but you may have to take an additional policy to cover such things.
Have you looked at the many insurers online and calculated a quote?