best landlord insurance?
- Thread starter zap brannigan
- Start date
Yes thats all fine, but the service is definately not.........it is not known until you have been diligently paying your monthly contributions possibly for a few years and then find out after you make a claim, that they are useless.
It all is good and well, when you continue paying your monthly fee with no cares in the world, and then when you want something, all the doors get shut in your face.
Oh well.....have had my spit for the day now
(or tend to have a spit every time I hear about insurance??)Cheers,
F
Good point.
I have a periodic lease in place (not a fixed term tenancy agreement), as it ran out.
I will have to check with my provider.
Cheers,
F
Gees, hope you are not in a hurry.
We have a reasonable size claim in with Real and have been waiting 16 weeks. (Well not really waiting...Ringing them up every week to find out that they have lost the paperwork yet again)
Cheers,
F
Hi all. We are only new at this (12 months) and I was recommended landlords insurance by CGU. Has anyone had any experience with them ? Their policy seems fairly attractive but some issues were raised here that I need to clarify IE. first 4 weeks not paid because you have the bond etc.
I was able to choose the leval of liability ($5m), the cost to rebuilb on total loss ($310K), the level of contents cover ($10k), the amount of lost rent per year due to total loss/tennant skipping etc. ($7.5K) and malicous damage (can't remember). They did not ask if it was under a PM or a signed lease.
The whole policy cost $876 a year which you can pay monthly. Not sure how this compares in price ?
Chris.
I was able to choose the leval of liability ($5m), the cost to rebuilb on total loss ($310K), the level of contents cover ($10k), the amount of lost rent per year due to total loss/tennant skipping etc. ($7.5K) and malicous damage (can't remember). They did not ask if it was under a PM or a signed lease.
The whole policy cost $876 a year which you can pay monthly. Not sure how this compares in price ?
Chris.
That's expensive compared with Terri Scheer. We have 2 policies in Qld with Terri Scheer and they are $255 pa each! But we don't get to "choose" coverage as you describe here, so may not be comparing apples with apples (or policies with policies
)Westpac
The loans with both IP's are through WBC wealth package deal. My LL insurance is with them because the package gives me $100.00 discount on excess with any claims. So some claims I pay no excess at all.And the rest I pay $100.00.Pay by the month helps cash flow and i think that their LL is fairly comprehensive.
The loans with both IP's are through WBC wealth package deal. My LL insurance is with them because the package gives me $100.00 discount on excess with any claims. So some claims I pay no excess at all.And the rest I pay $100.00.Pay by the month helps cash flow and i think that their LL is fairly comprehensive.
Ours are in managed complexes to building is covered by body corp. We do have contents tho', to about $30k, I think. Maybe by the time building is added it will be closer to $800.
Are all these prices landlord protection or does it comes with building insurance?
I have landlord building insurance with AAMI ($300, about $1,000 excess), and EBM for tenant protection for $270 (excess is standard; check on their website).
After reading this thread, getting slightly worried and reviewing my insurance, I am not sure if I'm adequately covered...
My property is a Unit in large complex with Body Corporate. The Unit is in the corporate short-term letting pool. I own the furniture (value $20k new).
I chose the EBM HolidayLet Policy because it seemed most appropriate. It states that a holiday home is defined as 'Short term accommodation for periods ranging from 1 day to 6 months at a time provided such accommodation is not subject to any Tenancy Agreement (other than for holiday letting or similar short term purposes).
The policy gives me:
The loss of rental only covers malicious or accidental damage, natural disasters, etc - though with a $350 excess! It doesn't appear to cover situations where the tenant is in arrears??
I have two questions:
My property is a Unit in large complex with Body Corporate. The Unit is in the corporate short-term letting pool. I own the furniture (value $20k new).
I chose the EBM HolidayLet Policy because it seemed most appropriate. It states that a holiday home is defined as 'Short term accommodation for periods ranging from 1 day to 6 months at a time provided such accommodation is not subject to any Tenancy Agreement (other than for holiday letting or similar short term purposes).
The policy gives me:
a) contents insurance to 50k; and
b) loss of rental (max 12 months), subject to bond etc which in my case is nothing
b) loss of rental (max 12 months), subject to bond etc which in my case is nothing
The loss of rental only covers malicious or accidental damage, natural disasters, etc - though with a $350 excess! It doesn't appear to cover situations where the tenant is in arrears??
I have two questions:
1) Is that the appropriate policy?
2) Am I adequately covered??
2) Am I adequately covered??
LL insurance
Mate I reckon youre pretty right. The excess is high because of the high turn over of residents on short term basis which for the insurer increases the risk of claims.The management takes the money upfront dont they? for short stay?
Mate I reckon youre pretty right. The excess is high because of the high turn over of residents on short term basis which for the insurer increases the risk of claims.The management takes the money upfront dont they? for short stay?
Yes you're right, in fact we are on a guaranteed monthly return, regardlass of occupancy - it's a great deal! My concern is what if the management goes bust, there doesn't appear to be any recourse in the policy - it is a risk, albeit probably not a large one.
I'm about to file a claim through EBM. Rang them and was told that there is not a standard excess for a claim. You pay an excess per incident. The walls need to be repaired/painted due to every wall in the house used as the childrens drawing board, they unscrewed the locks and took them with them, damaged the builtins and doors, damaged the carpet, etc. Been told that the above constitutes 4 incidents therefore 4 excess payments. Once I file the claim I'll see whether it is worth it.
I've split mine between ING and Comminsure.
That sucks,
Yes and they are not the only dodgy ones
CGU have one excess for rent default and a separate excess for malicious damage.
I'm about to make a claim for rent default with CGU so will report back with the results
