insurances, building, rent default, i need urgent info please

[jasonp3]

I need some answers asap before monday about insurances for rental properties.

can anyone tell me what sort of insurances they have
and what sort of claims they have made

eg rental default insurance
building
contents
maliscious damage

which companies have the rental insurance or ones specific for rental properties.

Have you had to claim and how have you found it

I have $450 excess on my building insurance so unless blinds, carpets, windows, washing line, cost more than that to repair it hasnt been worth me claiming.

I'd like to hear more of others experiences, and of experiences with rental default insurances and which companies put that out and if you claimed and how it went please

thank you.

Jason

 

[nhg]

CBA insurance.
3 claims. - 3x missed rental in 2 years. ~$20k.
Pretty basic. Just called for a claim number, authorised my agent to take care of it and passed the job on.

I was going to put one in for malicious damages but it was easier, quicker and cheaper to just fix it myself.

Things to look for in tenant-insurance are: (there is an existing thread on this btw)
- how many weeks missed rent
- do they include the bond money or can that be used for cleaning, and paying bills etc (when they aint paying rent, I promise you they ain't paying bills either)
- what if they put up a fight at tribunal and it goes for months and months, are you covered for that period
- do they pay for changing locks, etc.

Shopping around for the cheapest insurance is the most illogical thing I've ever heard of. What is the point of saving $100 if they won't pay up when you need it. May as well throw $$$ out your bedroom window.

The best are Terry Sheer and EBM I believe.
Check out: http://somersoft.com/forums/showthread.php?t=90428

 

[Perp]

I have $450 excess on my building insurance so unless blinds, carpets, windows, washing line, cost more than that to repair it hasnt been worth me claiming.

Sure, but another consideration is if the entire property is destroyed - e.g. by fire - how much it would cost to replace all of those.

 

[TMNT]

I have ebm, alliance, and a larger one,

but after doing my first insurance claim , im finding that most dont include water/elec bills etc.

I get the agent to take the bills out of the bond first, but do most insurance companies do this? frankly, if they arent paying rent, they arent going to be paying anything else!

seems ridiculous,

oh and dont get me started on how they never include cleaning!! Had one tenant, use the house, inside and out as a rubbish bin and toilet, and they refused to pay for cleaning!!

 

[marg4000]

oh and dont get me started on how they never include cleaning!! Had one tenant, use the house, inside and out as a rubbish bin and toilet, and they refused to pay for cleaning!!

It's not only cleaning, rubbish removal is also not covered. We had a tenant who littered the yard with car parts and we were concerned that we would be left with mounds of junk. Fortunately he took everything with him.
Marg

 

[Salvatore1]

Hi Jason,

I have been a property manager for 10 years and the best company for landlord insurance and the easiest to deal with has been Terri Scheer 1800804016, very competative prices.

 

[Salvatore1]

Sorry Jason,

I forgot to mention Terri Scheer are one off the few insurance companies that allow you to use the bond for the cleaning and then you can claim the rest in full minus excess if any.

 

[mumbai]

Also, check EBM. I believe it has all that Terri Scheer covers plus more for less premiums

 

[handyandy]

Salvatore1 recommendation has to be suspect. Joined in June and total of 2 posts recommending Terry Scheer.

Is Terry Scheer suddenly paying for guerrilla marketing?

 

[Salvatore1]

Call me on 02 94801054 and you will see I am a property manager

 

[Sez]

As a property manager Terri Scheer, EBM and Property Insurance Plus have been the best to deal with. PIP actually cover some cleaning and things that other companies don't I believe, well worth the look.

 

[NicW]

I havent compared detail in PDF yet but have heard Terry scheer doesnt pay out as much for an 'event' compared to others. Could this be why they are also about $200 cheaper?

Currently I have AAMI whom I am leaving as they have removed cparpets, curtains etc and you now need to take out extra insurance to cover it, and about another $200 for the privilege. Rip off. So be aware if you have AAMI and the three letters at the start of your policy number have recently changed.

I am looking at Westpac (about same price as AAMI, but not liking AAMI), CBA and Terry Scheer. Interested in others comparisons. thanks for your knowledge.

 

[Sez]

I would be very careful with any insurance policies that aren't landlord insurance specialists. In VIC if a tenants lease expires and they don't want a new lease, they don't have to sign one and we can't kick them out for staying on a month to month tenancy. A lot of the big banks and general insurance agencies will only cover you in the event that the tenant is on a current fixed term lease.

For example, you have a tenant in a property for 3 years, the first 2 years they sign a lease and the 3rd year in the property they don't and are on a month to month or periodic tenancy, if they stop paying their rent in the 3rd year when there isn't a fixed term lease in place and do a runner you may not be covered for various things (or anything) with a policy from someone who doesn't specialise in landlords insurance.

Read the fine print but go with someone that knows their stuff.
http://www.pi-plus.com.au/
Have a look at these guys .