Landlord insurance for private lessor

[propertydeal]

Hi Everyone,

I am having issues with an insurance policy and was wondering if anyone has any recommendations on insurance companies insuring private owners....

Some of them dont like me to self manage.

Any advice would be appreciated.

Rgds
Luc

 

[jaycee]

I do not use a property manager.

I have Rent Cover Ultimate. Provided by broker EBM has been good so far.

Costs me $255 per year per property.

 

[wylie]

We've had policies with Commbank, Westpac and several large companies. We self-manage and have never had a problem finding a policy, but most do require that we don't allow tenants to roll from a fixed lease into a periodical lease.

 

[tvadera]

Wow, I am using EBM Brokers (Rent Cover Platinum) and I am paying 862$ per year.. Looking at theose figures, time to change the insurance provider

I do not use a property manager.

I have Rent Cover Ultimate. Provided by broker EBM has been good so far.

Costs me $255 per year per property.

 

[wylie]

I do not use a property manager.

I have Rent Cover Ultimate. Provided by broker EBM has been good so far.

Costs me $255 per year per property.

I'm assuming this is for the "landlord" cover only, and not building insurance as well?

Wow, I am using EBM Brokers (Rent Cover Platinum) and I am paying 862$ per year.. Looking at theose figures, time to change the insurance provider

We have two houses under one policy and it is about $1500 for both but that is for building insurance, public liability etc, plus landlord cover. I did shop around and couldn't get landlord cover any cheaper from anyone I called.

 

[jaycee]

I'm assuming this is for the "landlord" cover only, and not building insurance as well?



We have two houses under one policy and it is about $1500 for both but that is for building insurance, public liability etc, plus landlord cover. I did shop around and couldn't get landlord cover any cheaper from anyone I called.

Assumption is correct. $255 for landlord insurance only. 1 x IP the building insurance is part of strata fees (CGU) / 2nd IP, the 3 owners on the site pay a combined building insurance (QBE) / 3rd IP I pay building insurance with SGIO.

 

[DistinctPM]

Try www.honan.com.au - here is some info they sent me, I haven't used them before so this is not a recommendation (do your own checking)

Some of the key points of our policy are: -
Coverage for Accidental Damage and Malicious by a tenant.-
Up to 18 weeks loss of rent Default-
Up to 52 weeks loss of rent if uninhabitable due to an insured event.-
$20,000,000 Public liability cover -
A standed $100 Excess on all claims

 

[theperthurbanist]

Terri Scheer cover self managed PM, as do EBM/RentCover (as already mentioned). Both offer good policies that are well catered to landlords. Just make sure you read the fine print and make sure they cater well to YOUR needs.

 

[jenni_nextplace]

EBM and Terri Scheer seem to be the big players focusing on Landlord insurance.

They charge more for private landlords than if you went through a real estate.

 

[brettc]

EBM and Terri Scheer seem to be the big players focusing on Landlord insurance.

They charge more for private landlords than if you went through a real estate.

That's certainly not correct.

Terri Scheer has a different policy if you are self-managing, not sure how the price stacks up but the policy conditions are different.

EBM RentCover is the same price and features regardless of whether it is through a real estate agent or self-managed.

 

[brettc]

Wow, I am using EBM Brokers (Rent Cover Platinum) and I am paying 862$ per year.. Looking at theose figures, time to change the insurance provider

As others have stated. RentCoverPlatinum is inclusive of a building policy (as well as tenant-related risks etc.) therefore suitable for single dwellings such as houses, and therefore the premium varies depending on the sum insured for the building.

RentCoverUltra includes the tenant-related risks as well as up to $50,000 contents (carpets, curtains, blinds, light fittings etc.), and is a standard premium dependent on the State the property is in.

 

[ZachAnSel]

As others have stated. RentCoverPlatinum is inclusive of a building policy (as well as tenant-related risks etc.) therefore suitable for single dwellings such as houses, and therefore the premium varies depending on the sum insured for the building.

RentCoverUltra includes the tenant-related risks as well as up to $50,000 contents (carpets, curtains, blinds, light fittings etc.), and is a standard premium dependent on the State the property is in.

Hi Brett,

What about duplex without strata title, is RentCover Platinum the right product to cover the insurance?

Assuming RentCover Ultra fit for unit/townhouse.. please advise, ta

 

[brettc]

Hi Brett,

What about duplex without strata title, is RentCover Platinum the right product to cover the insurance?

Assuming RentCover Ultra fit for unit/townhouse.. please advise, ta

Yes the RentCoverPlatinum policy is the right one. I assume as they are non-strata you own both units? This allows you to insure the building as a whole but apply two landlord policies, one for each unit as they still need to be insured as separate risks. Essentially you would have one building policy and two RentCoverUltra policies, but it would all be be built into one RentCoverPlatinum policy.

These days duplexes can be a little tricky, I would suggest you call 1800 661 662 and ask for Luke who will be happy to discuss it with you, just mention that you have been referred to him by me from the Somersoft forum and explain your circumstances.

Any problems feel free to let me know.

 

[Joel]

Yes the RentCoverPlatinum policy is the right one. I assume as they are non-strata you own both units? This allows you to insure the building as a whole but apply two landlord policies, one for each unit as they still need to be insured as separate risks. Essentially you would have one building policy and two RentCoverUltra policies, but it would all be be built into one RentCoverPlatinum policy.

These days duplexes can be a little tricky, I would suggest your call 1800 661 662 and ask for Luke who will be happy to discuss it with you, just mention that you have been referred to him by me from the Somersoft forum and explain your circumstances.

Any problems feel free to let me know.

Hi Brettc,

What is the complication with duplex's? I am currently looking at getting insurance for both halves of a duplex. They are on a plain strata title (not survey) and I own both halves. I have called up you 1800 number and got a quote for a RentPlatinum (1 building, 2x LL insurance), should I call up and double check that this is an appropriate policy? Also is there a way to get flood covered with your policies?

Thanks,

Joel

 

[brettc]

Hi Brettc,

What is the complication with duplex's? I am currently looking at getting insurance for both halves of a duplex. They are on a plain strata title (not survey) and I own both halves. I have called up you 1800 number and got a quote for a RentPlatinum (1 building, 2x LL insurance), should I call up and double check that this is an appropriate policy? Also is there a way to get flood covered with your policies?

Thanks,

Joel

Hi Joel

In your situation it's simple enough as you own both units. The complication is where there is two owners and no Body Corporate. Ideally the two owners will combine to get the one building policy, but that doesn't always happen, so then each owner tries to insure their building portion themselves. This can be a real problem with for example common walls. By insuring your half (and many insurers won't do it at all) there is no guarantee that the other owner will insure correctly and wish to rebuild etc. It can potentially get very messy.

As you own both units, even though they are strata, there is not a problem with what you are doing.

 

[glenn123]

Hi Brett,

Recently signed a contract for a duplex IP (non strata , freehold), but i only own one part of the duplex. I wan't aware of this complication before signing the contract, what are my options? thanks

EDIT: The property will be managed by a PM

 

[brettc]

Hi Brett,

Recently signed a contract for a duplex IP (non strata , freehold), but i only own one part of the duplex. I wan't aware of this complication before signing the contract, what are my options? thanks

EDIT: The property will be managed by a PM

Hi Glenn

I would suggest you give Luke a call, 1800 661 662 and ask for him, it would be best for him to speak to you to make sure he gets the facts right and will be able to assist you accordingly. Any problems let me know.

 

[glenn123]

Thanks Brett. Luke was very helpful. I will be signing up soon.

 

[MichaelGilbert]

Hi Everyone,

I am having issues with an insurance policy and was wondering if anyone has any recommendations on insurance companies insuring private owners....

Some of them dont like me to self manage.

Any advice would be appreciated.

Rgds
Luc

Hey Luc,

Sounds like Brett's all over it. I have found EBM pretty good over the years.

How are you going to find tenants?
Sounds like you may be interested in a system I have been building for the last 2 years. I'd be interested to see what you think - Rent My Estate.

 

[brettc]

Thanks Brett. Luke was very helpful. I will be signing up soon.

No problem Glenn, if you have any problems let me know.