There are a number of ways to make insurance more economical. Some of them might even improve your property value, too.
1. Buy online: most insurers offer discounts for getting a quote and buying cover online. This can be as much as 15% in some cases
2. Pay annually: in most cases, paying by direct debit means you’ll pay more over the course of a year. Pay upfront, and you’ll save
3. Go straight to the source: Most policies are underwritten by a few main providers – notably Allianz, QBE, Vero and Insurance Australia. If you go direct to the underlying provider, you can often save more by cutting out the middleman (for example, our house quote from 1Cover cost $1,353.97, and $1,135.22 from NAB. Both are underwritten by Allianz, and the same policy direct from Allianz would cost you $1,006.23).
4. Increase your excess: the majority of insurance companies will let you select the level of excess. If you increase this, the premium will fall – but make sure that you can afford it
5. Ramp up the security: insurers like secure properties: install a few simple measures like window locks, smoke alarms and security systems, and your premium will fall. Your property will also be more difficult to break into
6. Use a property manager: several insurers prefer it when a property is professionally managed, not least because it reduces the likelihood of rent default. Employ one, and you may reap the benefits
7. Look at your cover: do you really need $30,000 worth of contents cover for an investment property? Reduce it to $20,000 or $10,000, and your costs will drop accordingly
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out