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From: Mike .


Landlords Insurance
From: Crystal
Date: 5/11/00
Time: 4:22:00 PM

Hi everyone, Do any insurance companies combine building insurance with landlords insurance or should I have two separate policies? Is anyone able to suggest an insurance company with competitive rates suitable for an investor?
 
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Craig

Reply: 1
From: Mike .


Re: Landlords Insurance
From: Craig
Date: 5/11/00
Time: 4:39:55 PM

Colonial State Bank do a very good package.
 
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Andrew S

Reply: 1.1
From: Mike .


Re: Landlords Insurance
From: Andrew S
Date: 5/12/00
Time: 9:04:26 AM

Hi Crystal

I have a Landlord Rent Risk policy with CGU. While I don't have building cover with them (it is covered by the body corporate with another insurer) there is a buildings option with the policy. Their rates are pretty good. I'v never made a claim so I'm not sure what they are like on that score.

Andrew.
 
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Adam

Reply: 1.1.1
From: Mike .


Re: Landlords Insurance
From: Adam
Date: 5/11/00
Time: 10:18:51 PM

Hello Crystal, I have two insurance policies on each of my 3 houses. Both are geared for landlords. The first is my building insurance through ST George (Royal Sun Alliance), however this is not a specialist landlord insurance policy, it does cover malicious damage etc, however the excess is high for these type of claims.

This is the reason I have a specialist Landlord protection policy. For this I go through MGA insurance, after 5 years of insuring with them I will have to make a claim for the first time this month (tenants did a runner). However my parents have a house in what has become a welfare suburb, and have had to claim 3 times in 1 year (about 4000 dollars in total) and they have never disputed any claims. This includes cleaning, advertising, loss of rent (up to 15 weeks), and malicious damage. The cost is 175 dollars a year (regardless of value of house).
 
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Cam

Reply: 1.1.1.1
From: Mike .


Re: Landlords Insurance
From: cam
Date: 5/20/00
Time: 11:40:09 PM

Sorry for my ignorance - who is MGA and how can i contact them?
 
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Geoff1

Reply: 1.1.1.1.1
From: Mike .


Re: Landlords Insurance
From: geoff
Date: 5/12/00
Time: 11:37:05 AM

Id like to ask owners to call their insurance company and ask these specific questions.

1 Does this policy cover for arson by tenants?
2 What amount of cover is provided?
3 What is the company procedure in this event (arson)
4 Does your policy cover malicious damage by tenants?
5 What amount of cover is provided?
6 What is the procedure in this event?
7 What is your annual cost of your policy for a cover of $...
8 What excess applies?
9 Has your company ever had a case of arson by tenants
10 Is there other pertinent things we should know about your policy.

The answers especially to question 1 will surprise you.

You have to watch out for the company trying to wriggle out of a claim. eg I claimed for holes in wall, doors broken windows etc. The company tried to apply an excess of $300 to each hole and window thereby turning a $2000+ claim to zero for them. They will state it is $300 excess (say) per event and all of the events (holes) occurred at different times therefore the excess applies and wipes out the claim...very clever. Try to get their definition of an event to counter this case or sign a policy with no excess (if you can find one).
 
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Brenton

Reply: 1.1.1.1.1.1
From: Mike .


Re: Landlords Insurance-do I need an agent????
From: Brenton
Date: 5/12/00
Time: 3:16:46 PM

HI I have gone with MGA as my agent is saying that you cant get Landlord insurance unless it is managed by an agent. I will put these questions to my agent to discuss with MGA as they are relative for sure. If i decide to manage the townhouse myself at the next opportuntiy, is there anyway of getting insurance without the management of an agent? regards Brenton
 
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Andrew S

Reply: 1.1.1.1.1.1.1
From: Mike .


Re: Landlords Insurance-do I need an agent????
From: Andrew S
Date: 5/13/00
Time: 8:03:59 PM

Hi Brenton,

I have just checked the policy details on my policy with CGU. They never asked me if I had a managing agent, and there is no mention of it anywhere in the policy document.

Your agent may just be trying to drum up some extra commission.

-Andrew
 
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Jester

Reply: 1.1.1.1.1.1.1.1
From: Mike .


Re: Landlords Insurance-do I need an agent????
From: Jester
Date: 5/27/00
Time: 8:00:46 PM

I went with REI Insurance and there was no requirement for me to go through a managing agent.
 
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Fran

Reply: 1.1.1.1.1.1.1.1.1
From: Mike .


Re: Landlords Insurance-do I need an agent????
From: Fran
Date: 5/14/00
Time: 1:10:31 AM

There are a number of Landlord Insurance's about All insurance companies offer some sort of policy! The policy offered by the Agents is exclusive to them through 1 of 3 companies, the reason for the special deal is that the agents are seen by the insurance companies as professionals. They manage properties for a living, if they stuff up they lose the management, also the agent has access to TICA (Tenant Info Service, black mark here you do not get a rental.)

The policy generally offers longer "Loss of Rent term" Larger "Malicious Damage Payments" Longer "Uninhabital Time Frame" at a lower price, most Property Managers want to sign you up to their policy to protect your interests, REMEMBER THAT BILL YOU FORGOT TO PAY! it could be at the same time your tenants decided to trash your property, the agent is just trying to manage your property professionally.
 
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