Insurance recommendations

[Tenex]

I am looking to get building and landlord insurance for a new IP in Hills district NSW.

I'm new to this so I looked up google for reviews and while there arn't too many reviews that I could find, it also doesnt appear that there is a better company out there.

I am after a company that is a compromise between price and quality of service at claim time.

Does anyone here have any experience? Is there any particular questions I need to ask them before signing up?

 

[J_aco]

Hi OP,

You can probably search for some old threads on insurance and claiming.

A couple of the popular ones recommended on this form is EBM and Terri Scheer.

(For EBM if you type in Somersoft for the promo code you get 2 months free)

Hope you find something mate

 

[Xenia IM]

Terry Scheer or property insurance plus - both offer 2 months free.
Most insurance claims are arrears!
There is no excess on arrears claims for both of those.

Stay away from alianz, sgic, or cgu. We've just processed an alianz claim in our office with a $1000 excess! The property was previously self managed so client did not have adequate insurance.

Go with ones that specialise in investment properties. Beware of scare tactics, it's unlikely that someone will go through with a sledgehammer - claimable, but very likely they will not clean the house properly. Non claimable.

Cleaning charges, gardening costs are only claimable through the specialist insurance agencies.

 

[DaveM]

I use EBM for pretty much everything, few remaining terri scheer policies

 

[Tenex]

I actually got a quote from CBA (the lender) and their premium came to around $1000 for building and landlord. Forgot to ask them about the excess.

GIO will also give some special discounts since I have other insurances with them.

But mainly I am trying to insure this property for building, content and other problems such as not getting rent due to breach of contract, damage to property or leaving,cleaning after tenants leave etc....

From what I am hearing EBM and Terri Scheer are my only options?

Has anyone had any claims with them in the past?

Do they cover accidental damage such as surcharge to the aircon, over or broken glass etc?

Do they cover people who self-manage the property? Do you always need to have a written lease agreement?

 

[Xenia IM]

TS covers accidental and deliberate damage.
No private landlords, they ask for trust account rent ledgers etc as verification.
Need to have a lease in place.

Note that if you are taking on a new policy with an existing tenant and the tenant is paying in arrears, the policy is void with most companies.

Arrears means that they are paying after their payment day and do not technically have to be in breach. One day in arrears can void a policy.

 

[Xenia IM]

We process claims in office almost weekly. TS is easy to deal with.
Stay away from all others - pain in the ****.
Sgic will work out their own lease end dates irrespective of what the lease states and how much "actual" loss of rent there was.

I have no experience with ebm so read above comments for that one!
Good luck x

 

[zimby]

We're with EBM and have claimed before.
Process was very Simple, in fact my agent handled all the details.
She was sceptical that we would be able to make a claim, but it got approved and paid quite quickly.
Wasn't a major claim tho.

 

[TheLake]

I use several companies but have most policies with Property Insurance Plus. Prices are good. Haven't had a claim - touch wood but friend who uses them did and had no problems.

 

[jerodwg]

Terry Scheer or property insurance plus - both offer 2 months free.

Just called TS re: above - they do not offer this for regular new policies - as per the lady on the phone "happens only once in a blue moon for special agents" - you must be one of them!