Insurance paying lost rent

Hello,

I have an IP that was trashed and abandoned by the tenants back in September 2013.
The smashed up the shower and the kitchen, and scribbled on the walls.

After some 4 months of battling, the insurance co. have agreed to pay the lost rent. Repairs are still ongoing after almost 6 months!
They didn't organise any repairs until it was agreed they would pay the lost rent, only then did things start to happen.
They have now told me that they will fix the shower first and then stop paying rent as the house will then be habitable, despite the kitchen being destroyed.

Yes, I will be looking for a new insurer once this is all resolved. This insurance company was the shining light when Brisbane flooded in 2011 and they had all the media attention. It seems they don't act in the same manner for it's one-off cases.

Anyway, they have now reimbursed me (directly) for lost rent up until a week or so ago. Since that time they have contacted my property manager to ask what the management fee is, and have since issued an adjustment to deduct this from the already paid reimbursements.

Is this normal practice? They are paying me directly. The property is still under management with the agency, but they are not actually collecting the rent.

Also, which landlord insurer has been found to be more speedy and cooperative with claims?

THANKS for your comments.
 
I've had a relative get their insurance company to extend paying for loss of rent by many months as they took to long to start repairs on a rental.
 
I suggest you name them for everyone's benefit. Seems so many ppl are looking for a good landlord insurer and a good PM.
Good luck
Cheers
thecrest
 
Anyway, they have now reimbursed me (directly) for lost rent up until a week or so ago. Since that time they have contacted my property manager to ask what the management fee is, and have since issued an adjustment to deduct this from the already paid reimbursements.

Is this normal practice? They are paying me directly. The property is still under management with the agency, but they are not actually collecting the rent.

Also, which landlord insurer has been found to be more speedy and cooperative with claims?

THANKS for your comments.
Wow. We have certainly heard of Insurers not paying the management fee but haven't really heard of real examples, and to go back and reduce the payment makes it even worse. The problem here is that as the property is under management the property manager should still have the right to receive their management fee, and the landlord is still probably liable. So if the Insurer reduces the payment it's the landlord taht is likely to be out of pocket, or at the very least the property manager that rightfully should still receive it.

No it is not common practice but things like this seem to be creeping more and more into claim settlements from the big direct insurers as they realise that landlord insurance may not be the pot of gold they thought it was.

I will repeat for the thousandth time on Somersoft, no insurance is perfect, but look closely at how specific the policy is to the unique risks of the industry, the specific landlord designed policies often offer far more features for your dollars compared to those that have simply emerged from household policies, as they have evolved over many years with input from property managers.

Rant over.
 
If the insurance company rules it as habitable with only the shower done, have your state's fair trading (consumer affairs in VIC) attend the property with the shower repaired and rule in uninhabitable with a list of things required to be repaired until someone could move in.........surely they can't argue with that?!?
 
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