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My first post/reply, wish me luck...
I've had dealings with a few different landlord insurance organisations and to be fair they're all pretty much on par with one another - prices vary and thats generally to do with the 'big name brands' vs 'the smaller groups'
Something else to be careful with also is if your tenant has to be under a lease, some leases run out and you go month to month and some insurance places wont cover certain things if there wasnt a binding lease with the tenant in place. Got told this from RACV
I am also looking for a new insurer. I am currently with REAL insurance and have a claim in for malicious damage and after six weeks I am still waiting.
I have found one which seems very good - just waiting to get their PDS to check.
If you want more details email me [email protected] and I will forward - don't want to promote on this site yet as still have to do more investigation.
Heather
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.
Some of the banks offer reasonable packages from my recent inquiries. I checked out Westpac, some building societies (quite expensive), EBM and a few others. EBM are around $330 per year, Terry Scheer $350 (NSW). EBM will refund your money if you pull out even after one month with a tiny admin fee (around $10 - $20 I think). The banks will also let you pay monthly so your not under any long term contract with no setup or cancellation fees. I just went with ANZ for my unit with $5k contents as it was convenient as I was too busy to read all the various policies and I needed something before settlement and the new lease. Their excess is $250 and it only cost me $22 per month, no paying up front $300+ like the insurance companies want. I will probably be doing a lot more research soon though and make up my mind on long term protection for my my properties.
Some of the banks offer reasonable packages from my recent inquiries. I checked out Westpac, some building societies (quite expensive), EBM and a few others. EBM are around $330 per year, Terry Scheer $350 (NSW). EBM will refund your money if you pull out even after one month with a tiny admin fee (around $10 - $20 I think).
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:
a) contents insurance to 50k; and
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??
The management takes the money upfront dont they? for short stay?
For people who self anage their properties, who are you insued with and do you recommend them? Terri Shreer do not cover if you self manage.
Cheers
That sucks,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.
That sucks,