What prevents you from moving insurance to some other firm? Do they share data?
Stuff happenes, you make a claim and then the premium doubles?
Yeah that's what I find weird too. You'd think they would want to cover it... But I guess it's cheaper for them to let you put in a couple claims, and then they can just drop you. My parents had a bunch of separate unfortunate events happen in a row and had to do several claims in a row, and the next claim they do, they are getting dropped as a customer. You get around 3-4 claims max. This is not really something they tell you and it might differ between companies.
this is probably written in the contract as "we reserve the right to change the terms of ... " ? yea?
Stuff happenes, you make a claim and then the premium doubles?
maybe not double but increase. Insurance is, like gambling, about statistics and odds. Insurance companies crunch
as much data as they can get their hands on to calculate their odds and making a claim affects those odds
Stuff happenes, you make a claim and then the premium doubles?Yep. It make people think twice about claiming.
Sure, you could claim for that carpet, but ... your premium will be $300 higher for the next few years so do the math first.
Insurance companies are parasites when it comes to small claims. If you own several properties then you're better off insuring against complete disaster (which is usually cheap) and then paying for the small stuff yourself.
Stuff happenes, you make a claim and then the premium doubles?
I thought insurance industry is all about greed and lobbying, not mathematics.
This is what cover I get for $306 a year. $195 actually, but there are extra government levies like fire levy etc that bring it up to $306
You'd be insane not to have this, the cost is a pittance.
There is an 8th one on another page that covers government audit costs
There should be a liability of the landlord or whoever is responsible for the leaking pipe, so no need to use your own insurance. If somebody crashes into your parked car you surely would also prefer to get him pay your damage even if you had fully comprehensive cover. Even under 'strawn (sorry don't know if there's a written form for that) "she'll be right".
Maybe you could make an argument this worthwhile, but remember the huge thing is not only don't you have contents insurance, you don't have liability cover or any other cover.
Would you really run 10 properties without any liability cover? If so you are insane. It's not just about contents.
Maybe you could make an argument this worthwhile, but remember the huge thing is not only don't you have contents insurance, you don't have liability cover or any other cover.
Would you really run 10 properties without any liability cover? If so you are insane. It's not just about contents.Perhaps the building owner has a liability cover but only when the claim exceeds a large amount. That might save a whole lot of insurance premiums.
Maybe you could make an argument this worthwhile, but remember the huge thing is not only don't you have contents insurance, you don't have liability cover or any other cover.
Would you really run 10 properties without any liability cover? If so you are insane. It's not just about contents.Perhaps the building owner has a liability cover but only when the claim exceeds a large amount. That might save a whole lot of insurance premiums.Again, that's not how it works. Carpet is the personal contents of the owner, it's only covered under owner contents insurance policy.
Maybe you could make an argument this worthwhile, but remember the huge thing is not only don't you have contents insurance, you don't have liability cover or any other cover.
Would you really run 10 properties without any liability cover? If so you are insane. It's not just about contents.Perhaps the building owner has a liability cover but only when the claim exceeds a large amount. That might save a whole lot of insurance premiums.Again, that's not how it works. Carpet is the personal contents of the owner, it's only covered under owner contents insurance policy.You lost me here. What I understand is that contents insurance costs peanuts so it is likely to be included with a liability insurance.
From the lack of contents insurance you seem to assume that the building owner doesn't even have liability insurance. My point is that that assumption may not be true.