FYI we just did the numbers comparing Terri Scheer with EBM.
Both are very good compared with the AAMI et all.
Both include the CRUCIAL RULE of allowing bond to be used for cleaning up and locks, which is very important as others like AAMi do not allow this and put your bond towards unpaid rent first leaving you to pay cleanup.
I.E. Say tenants defaults, gets evicted, leaves it a pig sty, does not hand back keys. You spend $500 cleaning up and $400 carpet cleaning and change locks say $250 , well that is NOT covered by many insurers. AND they do not let you use the bond to cover it. They claim bond as first 4 weeks default. With EBM and TS it is.
However I found two differences between EBM and TS is Terri Scheer in:
Evicting a tenant by court order (which is the common way eviction occur in my experience).
EBM allows
6 weeks tenants defaults (walking out, absconding, notification to vacate AND
court order)
TS allows up to 6 weeks as well for the above but up to
15 weeks for
court ordered eviction.
I raise this as in my three evictions, was the method used because bad tenants use the law to stay as long as possible and it can easily take 15 weeks to get to court order process.
ALSO minot but notable.
EBM allows an additional $
250 towards keys in the event of a C
ourt Eviction only.
TS allows $
250 towards keys in the event the
tenants leaves and does not return the keys in any case.
To me this two items justified the $150 per annum extra cover with TS as typical rent is $300 a week so a potential up to 9 weeks is $2700.
LASTLY
IMO always use an agent property manager.
My agent confirmed the above. He also said that is why when he go to court he ensures there is eviction notice to ensure the 15 weeks applies.
He does not allow the judge to accept keys back on the day and a mutual ending of the lease. A landlord self managing may miss this crucial fact, to their up to $2700 cost.
Regards Peter 14.7
PPS IMO
do not cheap insure unless you have tenant who will never go bad like family, close friend, etc and even then, consider issues like death, injury, damage making it untenable.