best landlord insurance?
- Thread starter zap brannigan
- Start date
+1, i had 3 claims, all paid for with no problems.
That's also my main problem with Terri Scheer. For example, stained carpets in two separate rooms count as two separate events hence attracts two excesses. Also if the cost of repair per a single event e.g. accidental damage in one of the rooms is less than the excess then they won't pay for that event at all.
I had a look at landlord insurance with Westpac, wouldn't recommend it, their contents cover under landlord policy is extremely limited.
I'm with Terri Scheer and Allianz. No claim history with Terri Scheer but I have made two claims with Allianz. Very speedy pay out and minimum fuss. Used bond for cleaning. PM had police report in both instances. The most recent incident, the malicious damage was done/discovered the day after the tenant moved out after their lease expired (no rent owing). The repair took weeks and another few weeks to find a new tenant. Allianz didn't pay for loss of rent as they claimed the place was still 'tenantable' as ONLY one of the two toilets was completely broken. Never mind the tenant had removed the doors of the cabinets, cut the air-con cord, took the remote, left the entire place in a mess and no one is their right mind would want to rent the place until it's been fixed up.
After reading their PDS I realised I didn't have a case anyway as the old lease had already expired and you must have a current lease in place before they would even consider paying you lose of rent. I'm assuming I would've been told this had the assessor not had the other reason to reject the claim.
Lesson leanrt: No insurance policy is perfect.
3 claims?
Far out, you're either the ladlord king with 100 properties or you had bad luck.
In 20 years I only made 1 claim
I see...then maybe I was the lucky one.
I tend to pick the tenants myself though.
I go through the list of applicants and shortlist the ones I want to have checked out.
I also look after my places so my rents are above average for a suburb
Hi,
i have recently signed up with EBM Insurance Brokers, RentCoverPlatinum package.
Insured amt for bldg: 200,000
tenant protection and excesses cheaper than my current allianz insurance.
50,000 contents covered
Annual premium of 643.00, however catch is it needs to be paid in 1 go, else its 10% more than the current premium.
Regards,
TV
i have recently signed up with EBM Insurance Brokers, RentCoverPlatinum package.
Insured amt for bldg: 200,000
tenant protection and excesses cheaper than my current allianz insurance.
50,000 contents covered
Annual premium of 643.00, however catch is it needs to be paid in 1 go, else its 10% more than the current premium.
Regards,
TV
Hi,
Just wondering if anyone has had any experience with Allianz? I read through their policy statement and it sounds ok. $589 per year with $700 access.
I checked out GIO but they will not cover loss of rent for the first 4 weeks.
I am currently with CGU but am having a lot of trouble claiming loss of rent. Basically they refuse to honor this. They are most unhelpful and their excuses for non-payment are just ridiculous.
Just wondering if anyone has had any experience with Allianz? I read through their policy statement and it sounds ok. $589 per year with $700 access.
I checked out GIO but they will not cover loss of rent for the first 4 weeks.
I am currently with CGU but am having a lot of trouble claiming loss of rent. Basically they refuse to honor this. They are most unhelpful and their excuses for non-payment are just ridiculous.
Hi Stan650,
I have a couple of properties insured through Allianz (they underwrite NAB) and have claimed a few times over the years and no problems with payouts.
I renewed one policy last week and rang to check on flood insurance since the IP is near a canal and I was informed that Allianz does not cover rising water (full stop). The operator suggest that I should contact the insurance ombudsman to find a company that will - probably not many even at double the price?
Cheers,
Bazza
I'm going to check out Scheer right now.
I'm paying $892.00 year for landlord insurance with NRMA (QLD property)
I don't know if Scheer covers the same thing (apples for apples) but I'm going to look into it tonight.
I also got a quote from Suncorp and they were also on par with NRMA pricing.
thanks for the feedback Bazza.
I am still looking to make sure I don't sign up with idiots (eg. CGU).
RACV quoted $492.97 with $500 access. Seems quite cheap as I cannot see anything out of the ordinary.
I got a quote from Terry Scheer. $500 for building and $285 for contents. Does this seem high? Everywhere else I have read and spoke to states they are quite cheap and resonable.
I am still looking to make sure I don't sign up with idiots (eg. CGU).
RACV quoted $492.97 with $500 access. Seems quite cheap as I cannot see anything out of the ordinary.
I got a quote from Terry Scheer. $500 for building and $285 for contents. Does this seem high? Everywhere else I have read and spoke to states they are quite cheap and resonable.
RACV have a limit of $10K for malicious damage, $5K for rent default and $10M public liability where as EBM/Terry Scheer have $50K for malicious damage, $10K(or 6 weeks) for rent default and $30M for public liability.
Allianz also have $10M for public liability and not too sure about there malicious damage as I couldn't find the limit but think I remember it being 10K
thanks for pointing that out cmason.
I just checked again with RACV. The 10K covers malicious damage and theft as well. They are now saying this is the same. Doesn't seem like a lot considering some stories I have heard. Rent default is 5K but in their brochure it says 3K.
I am thinking of staying away from this.
Allianz don't have a limit on malicious damage. public liability is 10mil. rent default and loss of rent is 10K or 6 weeks. They don't do discounts on multiple properties which is a shame.
I think Allianz might be the way to go unless there is something else I should be considering?
I just checked again with RACV. The 10K covers malicious damage and theft as well. They are now saying this is the same. Doesn't seem like a lot considering some stories I have heard. Rent default is 5K but in their brochure it says 3K.
I am thinking of staying away from this.
Allianz don't have a limit on malicious damage. public liability is 10mil. rent default and loss of rent is 10K or 6 weeks. They don't do discounts on multiple properties which is a shame.
I think Allianz might be the way to go unless there is something else I should be considering?
I am with EBM for landlords insurance and RACV for my building insurance found EBM's policy to be more comprehensive
Guys, if property is self-managed, do EBM or anyone else cover landlord insurance. Assume, you have your brother as tenant.
hi, I am fairly new to this forum, am also wondering about landlord insurance. I am in the process of changing Property managers. I have contacted the new agents to ask about Landlord insurance and they have mentioned two that I should look at EBM is one and the other is Terri Scheer. My current tenant is a good rent payer but I am getting feedback that they are pretty messy. I am hoping they have not done any damage, just mess, but to be on the safe side I am looking for Landlord insurance.
