Best Value' Landlords Protection Insurance

From: Alan Hill


Just following on from the post regarding some problems with Insurance, let's pool the collective wisdom of the Forum(any brokers?) to discover the 'best value for money' Landlords Protection Insurance Policy available. As we've seen, cheapest doesn't necessarily equate to best value!

I currently have some policies with CGU however someone mentioned a crowd called rentcover recently:

http://www.rentcover.com.au

who offer a product 'RentCover Plus' for about $220-$240 in NSW. I'm going to have a look at their policies in the next few days. I think my latest policy from CGU was for $280. I'm sure there are other good ones out there though.

What's everyone else's experiences with Landlords Protection Insurance? Who have you found to be the 'best' and why?
 
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Reply: 1
From: John P


G'day Alan, I'm glad you posted this question as I am just as interested to get other people's feedback on this matter and would LOVE to know if there is a website out there that lists them all.(I doubt it though)

The policy you are referring to is through the Broker known as Elkington Bishop Molineaux (EBM)


I'll make this brief but I myself was with RentCover and found that in many aspects, it was inferior to a Policy which I switched to called Landlords Property 1 (AON Insurance)(underwritten by CGU) ....definitely not HIH!!!

It seemed to have Rentcover outgunned in most areas including public liability for your tenants. I'm certain that if you get the brochures on both and compare features, you will more than likely come to the same conclusion.

Before I go however, I should mention my favourite part of this policy. For every additional IP you buy, you get a discounted rate on the premium for the new policy as well as any existing policies. With Rentcover (Unless it's changed), you have to wait until you have acquired 5 IP's before you get any kind of bulk discount.

The website address is:

http://www.cgu.com.au/personal/landlords.shtml

Hope this Helps

John_P
Ask not how long you have worked for, but how much work you have done...
Confucius
 
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Reply: 2
From: Paul C


Hi there...been using rentcover plus for the past few years and I must say it has been a breeze to claim...after the required paperwork was provided...no hassle at all in paying up..

cheers...P.
 
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Reply: 2.1
From: Dee Mee


rentcover dont cover the building do they? eg if it burns down
ie u need separate building cover
add that to the cost!
 
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Reply: 2.1.1
From: Paul C


yup...thats correct....it only covers for bad tenants...unpaid rent...damage..etc..

after the bond has been used up..

:)p.
 
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Reply: 3
From: Alan Hill


Thanks for the feedback John.

You gotta love this place don't you....sooo much collective experience within these cyber-walls!

I'd also like to add my best wishes to you all for Christmas and the New Year.

MERRY CHRISTMAS!!!!!!!!!
 
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Reply: 3.1
From: G V


Hi John,

if you are looking for comparative list there is one available in www.choice.com.au(you have to be a member to have a look). CGU is among the first 5. At present i am also looking for landlord insurance.

GV
 
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Reply: 3.1.1
From: John P


Thanks for that GV. At least I know that there IS in fact a list. I just have decide whether it's worth subscribing to. I don't suppose you care to disclose what the top 5 were would you?? Pretty Please??????

John_P
 
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Reply: 3.1.1.1
From: Stirling Reid


I assume the landlord's insurance can only be applied to properties managed by agents?
Not self managed properties.
 
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Reply: 3.1.1.1.1
From: Sim' Hampel


CGU's policies do not make any mention (that I can see) of not covering self managed properties. I don't see why it would make a difference anyway.

 
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Reply: 3.1.1.1.1.1
From: Alan Hill


Stirling,

There was never any mention of whether you were self-managing when I took out the CGU policies, however you raise a very good point which needs to be considered.
I have read that some insurance companies will only offer Landlords Protection type insurance if it is being 'professionally' managed by a real estate agent. Their reasons for doing this I believe is that they feel that a real estate firm will always have all the paperwork in order which makes claims at tribunals etc. much easier and probably limits their exposure from an insurance point of view.
After all, if you were self-managing, your obviously an absolute idiot and wouldn't even think of having a formal lease or collecting a bond would you????

I stand by my previous comments that there are obviously good as well as bad managing agents out there, but self-managing, at least initially, with a small number of IP's can be a great learning experience depending on your interest in this area. My opinion anyway.
 
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