Lifestyle property insurance

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9 months 1 week ago #555843 by nmvong
I am new in this forum and just about to buy my first lifestyle property. Which insurance company should I go for? Thanks in advance.
Regards, Vong

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9 months 1 week ago #555844 by kate
Replied by kate on topic Lifestyle property insurance
We've been with FMG since we bought our first block and they've been excellent. They have specific insurance options for lifestyle blocks and they're a mutual so owned by the members. I'm happy to recommend them B)

Web Goddess

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9 months 1 week ago #555845 by tonybaker
all insurance companies are good until you make a claim! Although I am with AA, I think one of the more farm focused ones are probably better. You could try using an agent as your insurance needs are going to alter as you progress with your block. If you have yet to build a house then you only need cover for 3rd party. When you took out your mortgage, did the bank specify any insurance requirements?
If you let us know what stage you are at and what's on your block, we can possibly offer up some advice.

5 acres, Ferguson 35X and implements, Hanmay pto shredder, BMW Z3, Countax ride on mower, chooks, Dorper and Wiltshire sheep. Bosky wood burning central heating stove and radiators. Retro caravan. Growing our own food and preserving it. Small vineyard, crap wine. :)

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9 months 1 week ago #555846 by nmvong
Replied by nmvong on topic Lifestyle property insurance
Looking at a lifestyle property with a house and a shed. I had one quote with a premium of $6000+ to cover $800,000 rebuild cost. Is this way too high?

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9 months 1 week ago #555848 by Stikkibeek
Wow! That's almost double what we pay. Ours is a Tower policy, but was originally National (taken over) We retained the farm aspect of the old policy which is good as it covers tools, plant and equipment, machinery some of our vehicles + tractors; and the house and sheds.
You really need to decide what you want to cover and shop around. One thing you should consider aside from assets, is accidental fire damage to others. There has been some very hair-raising tales about fires that have burned across land and damaged another persons property. Make sure you ask about that as a scenario. You must also have a public liability on your insurance incase you have a beast get out of your paddock and a road user plows into it after dark, and writes off his expensive car.
Most insurance companies these days do not have a total replacement policy for a home but require the owner to put a value on it for insurance and charge extra for a rebuild. Complicated and spawned out of the Christchurch earthquake, which comes back to my advice to shop around for the best company that covers all the things you want covered.

Did you know, that what you thought I said, was not what I meant :S

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9 months 1 week ago #555849 by LongRidge
I am a member of a nationwide and world wide club. Our building was fire damaged on 2 November 2019. The insurance was underwritten by AIG, and they have been fighting tooth and nail to pay about half the valuation. .Watch out for who your insurance company uses to underwrite the policy.

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9 months 1 week ago #555850 by nmvong
Replied by nmvong on topic Lifestyle property insurance
Many thanks for all of your advices. One question. can you get a public liability insurance separately? For example, your take up insurance from one company and buy the publish liability insurance from another.

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9 months 1 week ago #555851 by tonybaker
have a look at these posts

5 acres, Ferguson 35X and implements, Hanmay pto shredder, BMW Z3, Countax ride on mower, chooks, Dorper and Wiltshire sheep. Bosky wood burning central heating stove and radiators. Retro caravan. Growing our own food and preserving it. Small vineyard, crap wine. :)

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