Best Landlords Insurance???

Hi,

Recently I was sent my renewal for landlords insurance, and was surprised that it increased by $140 in one year.

I require that my insurance covers BOTH malicious and accidental damage.

Just wondering what other investors have found to be a good company, with good coverage and reasonable rates.

BTW I'm currently with Suncorp.

Thanks,

Mike
 
Have a look using the search button.....the topic's been covered extensively.

I use AON & Terri Scheer. Both very good.
 
We have always been with Terri Scheer due to

- used and recommended by most friends/ family with IP's and have had no issues and quick settlements with claims
- also recommended by both our present and past PM as well as PM's in my partners RE office as they have also had quick and hassle-free resolutions with their clients IP's meaning less hassle and paperwork for them!

Cheers,
Ben
 
One more question - Terri Sheer have a great Landlords insurance package, but their building insurance is very expensive.

Which company do people recommend for Building Insurance?

(Or is that also covered in the previous posts?)

Thanks!
 
Last edited:
One more question - Terri Sheer have a great Landlords insurance package, but their building insurance is very expensive.

Which company do people recommend for Building Insurance?

(Or is that also covered in the previous posts?)

Thanks!

Big Mike, I've been very happy with Lumleys via a broker (currently Whitbread). Even cheaper than EBM.
 
Big Mike, I've been very happy with Lumleys via a broker (currently Whitbread). Even cheaper than EBM.

Kate, when you said even cheaper than EMB, do you mean EMB is generally the cheapest option?

I'm with EMB at the moment, quite a few PMs seem to recommend it ... but I have been wondering whether I should make the switch.

With Lumley, do you get the same cover at a cheaper price than EMB?
 
I've been pretty impressed with ANZ and ING LL insurance lately, got a rebate into my account!! They do a discount for multiple policies, and under ANZ package did a 15 months for 12. Claimed a couple of times and had no issues.
 
do you guys think CGU is crap? They seem very unfair when come time for a claim, and want to treat every damage as a 'separate event' just to make you pay the excess for each event even if it's one claim.
 
do you guys think CGU is crap? They seem very unfair when come time for a claim, and want to treat every damage as a 'separate event' just to make you pay the excess for each event even if it's one claim.

What is the damage you are claiming? Sounds like you have multiple lots of damage or did they all occur in the one action?
 
3 windows broken and they say it is 3 separate event.

kitchen and toilet vanity has water damage, and they say it is all seaparate.

I claimed for all 5 of the items at the same time after the tenant vacated, and CGU wanted to charge me $500 excess. ($100 each).


Also. their solution to just repair the drawers and doors did not fix the water damage, as the damage was very extensive. I think they should have just replaced the whole vanity cabinet and top altogether.
 
In your opinion did they happen independently from each other? What does the policy/contract entered into with them when you signed state in relation to events?
 
I too have had a bad experience with CGU. We had our tenants leave the property disgusting requiring professional cleaners, multiple burn marks from an iron in the carpet through to the concrete (which happened to be only six months old), and water damage to the vanity to the point it required replacement.

CGU advised this was not malicious. Incredible! Based on my experience I am definitely moving away from CGU and would recommend against anyone using them. Think I'll get a quote from ANZ.

Another good insurer is NRMA. I have properties insured with NRMA but have never made a claim through them under my landlord insurance. I have however made a claim for my vehicle which was subsequently written off and they were excellent. Problem with NRMA is if your property is covered by the strata insurance they consider the internals (i.e. kitchen, bathroom, etc) as contents, and the contents component of their insurance carries a much higher premium.
 
"and water damage to the vanity to the point it required replacement.

CGU advised this was not malicious. Incredible! Based on my experience I am definitely moving away from CGU and would recommend against anyone using them."


That's why my LL insurance must have Malicious AND Accidental coverage.
I heard a story that a tenant dismantled a car engine on the lounge room floor and caused extensive oil damage, and the insurance company ruled that the tenant "didn't intentionally cause the oil damage", although a reasonable person would assume those actions would cause damage!
 
so which are the good and fair insurers out there?

Anyone can recommend?

I think is no point paying CGU just because their fee is low...
is like paying them for nothing.
 
Kate, when you said even cheaper than EMB, do you mean EMB is generally the cheapest option?

I'm with EMB at the moment, quite a few PMs seem to recommend it ... but I have been wondering whether I should make the switch.

With Lumley, do you get the same cover at a cheaper price than EMB?

Sorry JP, it's EMB. PMs recommend them because they get paid a commission for every referral (my then PM put me on to them several years ago). Lumley only offers landlords insurance through brokers (cheapest I found was Whitbread).

Comparable cover with Lumley as for EMB - $150 excess with Lumley. Multi policy discounts also with Lumley who are more generous than EMB.
 
hello All

FYI I am with AAMI and for some reaosn they now list 2 excess secitons for landlord coaver. One for building and one for tenants. I grilled them that this is clearly and out to get two excesses when atenants is evicted (one for rent) and damages (one for reapir) but they said No? yet even a claim expert could not explians why they are listed sepeartely. Me thinks they are going CGU style.

Also, we got an increase of 5% because we claimed. Advised we lost our 5% no claim bonus on this property but not the others.

Looking at others.

Peter 14.7
 
I am going with Commonwealth Bank for Landlord and Building Insurance. Somebody please care to share their experience with CBA if any?

Thanks
Aman
 
3 windows broken and they say it is 3 separate event.

kitchen and toilet vanity has water damage, and they say it is all seaparate.

I claimed for all 5 of the items at the same time after the tenant vacated, and CGU wanted to charge me $500 excess. ($100 each).

It sounds as though you discovered all the damage at the same time, which is different. Cant really go around waiting for a number of things to happen and just put one claim in. If this was the case, we'd probably all be on here ranting that our insurance premiums are $3000.

If you think about it, unless it was malicious damage by someone, chances are that the windows were broken on separate occasions. As for the kitchen and toilet vanity, Im almost certain that these items were damaged on different occasions as well.
 
Actually Tez, whilst they may at different times there were very very likely malicious and connected. That is cope out by the Insurer.

You can only inspect every 3 months at the most and bad tenants can easily avoid providing entry.

I have only had one bad tentant who I evicted. After 9 months of letters and 3 hearing at tribunal (each time he promised to be good and pay up) he was finally evicted.

During this time he never agreed to inspections, always elsewhere and/or refused entry. When PM said he was coming anyhow using the keys, he put a Rottweiler inside the house. He has not allowed to have a dog (they claim we a looking after it for someone). Dog proceeded to eat the Timber blinds.

All in all a $5k claim for damages and we didn’t get carpet or wall cleaning or rubbish removal or a huge excess of $1000

When we got in we found the following:
  • tiles removed from roof ? is seems he was storing “items” in the roof needing light
  • water damage in the ceiling from said tiles, or water of said “items”
  • Broken stove
  • 90% of flyscreens broken and torn
  • 90% of blinds damaged or eaten
  • 1 window broken and repaired but waste glass simply dumped in garden with broken glass inside and outside the house
  • beer bottles & garbage throughout the rear garden
  • stains everywhere
  • sliding door broken
  • busted furniture to chuck out
plus when winter came, we found the central heating was stuffed as well, new fan at $700, didn’t get this on insurance as we didn’t test at eviction :eek:

Clearly these were not at one time but all malicious. AAMI tried to play hard ball saying why didn’t we report to Police (how can you report something you don’t know) but they applied commonsense in the end.
And new tenants have enjoyed many demand letters and dodgy characters coming to the house asking for their money from the dude.

The only upside was he had hammers hidden in every room and I now a good collection of hammers.:rolleyes:

FYI Peter 14.7
 
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