landlord insurance

From: Tracy Lee


Hi

I am looking for a rental income protection insurance product. If the rental property becomes vacant, the insurance will pay the weekly rent until it becomes tenanted. I have just searched through the archives on the topic of landlord insurance and only found landlord insurance that covers malicious damage, tenant defaults, etc.

Thank you for your help.

Tracy
 
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Reply: 1
From: Duncan M


I dont believe such an insurance product is available.

Duncan.
 
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Reply: 2
From: Robert Forward


Hi Tracy

Visit this website

http://www.cgu.com.au/personal/landlords.shtml

QUOTE (from website)
Optional loss of rent cover
CGU's Landlords Residential Property insurance provides optional cover for the loss of rent following accidental damage or accidental loss to your buildings.

If your property is so badly damaged that it can't be lived in, CGU will pay you the lost rent until the buildings can be lived in, for up to 12 months.


Optional rent default and tenant damage
If your tenant defaults on rent or leaves the building before the end of the rental period, or is legally evicted, the policy can provide cover for lost rent until the property is re-let up to $3,000.

In addition, cover is available for theft by tenants and legal costs you incur in taking action against the tenants. Surprisingly, many other policies do not cover this!
UNQUOTE

They do coverage for rental loss, but please read the paperwork attached to see if this is what you want. I do use CGU myself, and have had very good service, but I do not promote CGU's products.

In other words seek independent advise.


Cheers
Robert

The Sydney "Freestylers" Group Leader.
 
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Reply: 2.1
From: Duncan M


<a target=_new href=">http://www.cgu.com.au/personal">>http://www.cgu.com.au/personal</a>
>/landlords.shtml

I think what Tracy is after is an insurance policy that will pay her rent if she cant find a tenant, even if the place is neat and tidy, habitable and hasnt been trashed by a Tenant etc..

The CGU policy will only pay up for the loss of rent following accidental damage or accidental loss to your buildings, tenants trashing etc etc..

Duncan.
 
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Reply: 3
From: Marina .


HI,

Landlords Plus pty ltd in Richmond
94294866 offer this type of a service

This was in time magazine and it works like this. This info is all from the brochure.

this is the first rental income protection plan of its kind in australia

If a property is returning $300 p.w., this represents a total of 46800 potential rental income.
The price protection over 3 years is $2700 which is less then the cost of car insurance they state.

the benefits are 100% rental protection, shortfalls in rental returns and market lows, devestating vacancies, malicious damage, vandalism, undue departure of the tenant, rent loss following damage by tenant and public liability.

this is all 100% tax deductible.

This works out to about $900 p.a. minus the standard landlords insurance of 203. this equals 697 minus a tax refund again.
So you have rent for 52 weeks of the year guaranteed.

i think this is what you are looking for Tracey.

I found it in the archives.
 
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Reply: 3.1
From: Sergey Golovin


Is it same mob?
Telephone number seems to be same.



COVERLID & DAVIES REAL ESTATE PTY. LTD. 166 Swan Street, Richmond 3121 Melbourne, Victoria, Australia. Telephone: +61 3 9429 4866 Facsimile: +61 3...



Serge.
 
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Reply: 3.1.1
From: Marina .


Sergey,
It is the same mob.

Have you had any dealings with them?

Any opinions on the product?
 
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Reply: 4
From: Michael G


Tracey,

Landlord insurance, is there to cover lost of income due to the property being untenantable due to damage.

I doubt insurers will pay loss of rent to poor location or downturn in market :p

You could always set up your own insurance policy, pay yourself a fee each month into an account or better yet, ensure you find good places commands a high demand.

The only thing that I know of that came close was The Investors Club, "no tenant, no problem" idea, which was a pool of funds drawn from sales to cover rent loss.

Goodness knows how sustainable it would be in later years?

Michael G.
 
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Reply: 4.1
From: Sergey Golovin


No Rusty,

I did not deal with them, but I am cross-reference freak.
Say it otherwise second opinion, other point of view or information from other source is always valuable to determine your "position on surface".


Serge.
“Salty”
 
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Anonymous

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Reply: 4.1.1
From: Anonymous


What about the REI Product?
 
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Anonymous

Guest
Reply: 4.1.1.1.1
From: Anonymous


No Im not this is a serious question . How does it compare with/ what is the competition. The REI product is the only one i know of that deals with Malicious damage
 
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Anonymous

Guest
Reply: 4.1.1.1.1.1.1
From: Anonymous


Thankyou for your input Michael
 
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Sim

Administrator
Reply: 4.1.1.1.1.2
From: Sim' Hampel


I believe that CGU's policy has recently been updated to cover malicious damage as well (optional extra as part of the rent default and tenant damage option)

 
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Reply: 3.1.1.1
From: Peter Teiermanis


I am interested if anyone has any information they can add to this question posted last year. Are there any products in the market place that offer some sort of rental protection plan if a rental property becomes vacant and some percentage of the rental say maybe covered for some period of time?
 
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