Damned if I can get insurance for anything under $700-800 let alone 285????
And I'm with EBM
$285 would be landlords and contents only, you would be referring to building, contents and landlords.
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Damned if I can get insurance for anything under $700-800 let alone 285????
And I'm with EBM
Damned if I can get insurance for anything under $700-800 let alone 285????
And I'm with EBM
Is it worth considering building insurance with AAMI (or similar) and landlord only with EBM?
You could try the company i use i only discovered them recently after my latest IP purchase,I think there name is HALO group.
MY quote was 620$ for Landlord+Building insurance it was the cheapest i could find at the time.
A quick look at the AAMI policy, and this was only a quick look, would have me concerned straight away. The policy covers your building for malicious damage by your tenant but specifically not for "carelessness". Essentially this means that you need to prove the tenant has acted with malicious intent which I have highlighted in previous posts so won't repeat the full story here. But needless to say this can be a huge problem.
Thanks for your feedback. I'm still unsure whether to stay with aami or revert to an insurance company that PM's prefer. Will need to compare policies.
No. Search insurance threads. AAMI will rob you. They did me. Peter
brett, i know that you only had quick look.....but can you say which Landlord policy you see at AAMI contains "carelessness" clause.....I am with AAMI and was reviewing my strata landlord policy but can't find anything
No
Damage or loss caused by carelessness, lack of maintenance or poor
housekeeping by you or your tenant or anyone living at the site.
Damage or loss caused by:
your tenant or anyone living at the site or anyone who has entered the
landlord building or the site with their consent,
unless you have insured the damaged or lost property under AAMI Landlord
Insurance with Tenant Protection (see page 35) in which case malicious
damage caused by your tenant or your tenant’s visitors to your insured property
at the site is covered.
Damage or loss caused by you."
The same thing also appears on page 15 of their "Strata Title Landlord Insurance Policy". Once again, I haven't gone searching in detail so whether somehow it's covered off in another way I can't be sure, but this section stood out.
Some of this is understandable as policies generally won't cover for "lack of maintenance or poor housekeeping", but it would seem to negate so many circumstances that are simply not malicious. The list for this is endless and occur frequently.
In fact this is repeated later in the wording under the Tenant Protection section where it reads:
Malicious damage by your tenant
We will pay to repair or replace damage or loss maliciously caused by
your tenant or your tenant’s visitors to your insured property at your lot or unit.
Our payment will be reduced by an amount equivalent to four weeks rent at
the rate payable under the current rental agreement.
We will not pay for loss or damage caused by carelessness, lack of
maintenance or poor housekeeping by you or your tenant or anyone
normally living at the lot or unit.
Just met an assessor (AAMI) at a rental property this week that we took over management on. Cigarette burns on the carpets not covered as they are not deemed malicious!
Would have been covered by some of the specialist landlord insurers under accidental.
My argument was yes it could be an accident the first time but the second, third etc how can that be accidental as they were aware that cigarettes will burn the carpet after the first time? Nope not covered.
Was it car or building or landlord insurance?
Both EBM and Terri scheer seem to be the best when it comes to making a claim, they have more understanding of the industry and what tenants can get up to.