I find that CGU Landlord Insurance to be the best
Best Landlord Insurance?
- Thread starter danap
- Start date
Thanks Laurie and travelbug.
Yeah sure, I'l have it ready for you tomorrow
I started by comparing on bits of paper and it got too messy so I figured a spreadsheet was the way to go - makes it so muck clearer and easy to compare and update. Use it as template for other policies - just fill in the coverage as you read it so you don't miss anything. It takes a bit of time - just compare those that make the short list on the bare basics and price, then go deeper if warranted. I find the add on LL policies double up too much on coverage you already have and one policy with the big insurers with "good coverage" is nearly as good and much cheaper.
Laurie, I agree with Suncorp, was with them a few years back but got too expensive, considered again last year as Apia put their price up but Suncorp put theirs up even more. The person I spoke to when I got a quote did mention that theirs was the most comprehensive and were paying all flood claims - but I don't need flood cover .....well not unless my PM tells me that she saw an ARK being built down the street!
Thanks Beachside- Can you do all the rest?
Yeah sure, I'l have it ready for you tomorrow
I started by comparing on bits of paper and it got too messy so I figured a spreadsheet was the way to go - makes it so muck clearer and easy to compare and update. Use it as template for other policies - just fill in the coverage as you read it so you don't miss anything. It takes a bit of time - just compare those that make the short list on the bare basics and price, then go deeper if warranted. I find the add on LL policies double up too much on coverage you already have and one policy with the big insurers with "good coverage" is nearly as good and much cheaper.
Laurie, I agree with Suncorp, was with them a few years back but got too expensive, considered again last year as Apia put their price up but Suncorp put theirs up even more. The person I spoke to when I got a quote did mention that theirs was the most comprehensive and were paying all flood claims - but I don't need flood cover .....well not unless my PM tells me that she saw an ARK being built down the street!
Just tried to take out Landlord's insurance with Suncorp. It turns out that they will only insure any property with an attached wall if you own the whole building. The nice lady on the phone patiently clarified that by giving the examples of say both duplexes or semi's, the whole unit block, the whole row of terraces. So, not one unit in a block, one terrace in a row, one side of the semi/duplex.
I thought it strange.
Cheers,
Kenny
I thought it strange.
Cheers,
Kenny
One of the property managers I was talking to has recommended a SGAU LandLord insurance. Anyone has their LandLord cover? Can you share how does it stack up against others?
And one more thing (since I am quite new to all of this and yet to become landlords) does it matter - that SGAU is in WA (phones/postal addresses) and we are in Sydney? Would it be a problem that they are not local to NSW, where our property is?
Thanks.
And one more thing (since I am quite new to all of this and yet to become landlords) does it matter - that SGAU is in WA (phones/postal addresses) and we are in Sydney? Would it be a problem that they are not local to NSW, where our property is?
Thanks.
just a question, do most landlord insurance cover the same things?
my key prioritiy is that im looking for coverage when a tenant does a runner or gets so far behind, by the time eviction occurs, and bond is exhausted, to be covered for this as well,
also, I guess there is no policy that covers for vacancies, both between leases or when you buy a property and are leasing it for the first time?
my key prioritiy is that im looking for coverage when a tenant does a runner or gets so far behind, by the time eviction occurs, and bond is exhausted, to be covered for this as well,
also, I guess there is no policy that covers for vacancies, both between leases or when you buy a property and are leasing it for the first time?
Firstly I will say that I work for EBM Insurance Brokers who have the RentCover landlord insurance, one of the largest in Australia. That said, I've been involved with landlord insurance for over 20 years and will always try to answer in an unbiased way. To cover your points:
In general terms all landlord insurance policies cover the same types of risks but they do vary in certain ways, as do the excesses. Most for example will cover malicious damage by the tenant, but some won't cover accidental damage, yet to prove malicious damage you need to prove that the tenant did it with malicious intent, in the past I've written whole articles on this as it can be quite a trap. Also to watch out for is whether the policy will still pay claims if the lease has expired and the tenant is on a periodic lease or lease continuation, many these days will deny these claims.
Excesses are also important to check, many of the large insurers these days have 4 week excesses with the view that you have a bond, but the reality is that often the bond is needed for things you can't claim like cleaning.
The better policies will allow the bond to be used for your non-claimable items such as cleaning and minor damage, and claim the rent loss.
And you're right, there are no policies (to my knowledge) that will cover for a casual vacancy if the tenant has done nothing wrong. If they broke their lease however you should have cover while you find a new one.
Do your research and ask plenty of questions as there are quite a few intricacies including tenant hardship, and death of a tenant, but there are a number of good policies out there, but they may not be the ones with the biggest advertising budgets.
Anyone not had their policy tripled in cost this year? Not even close to the river and SGIO are claiming its the addition of flood cover they added to all policies just after the QLD floods.
No increase like that experienced here but they did go up as usual. Using EBM which insured 100% via QBE for both building & LL rentcover it only went up about $150 for both to just on $1K for $400K of cover plus the LL.
I'm guessing you are exaggerating with the "triple"? Premiums have certainly increased in most cases but it shouldn't be anything like that unless they had undercharged you originally somehow or the property is in an area that the insurer doesn't want to insure in, and rather than deny cover they are going to price themselves out of it. The floods and fires of recent years have definitely had an impact, including the insurer's own reinsurance costs so they flow right through.
