landlord insurance
- Thread starter Celeste
- Start date
first IP is with GIO at $297.66 for a $220K property/building and includes landlord insurance and loss of rent.
Just got a quote from them (GIO) also. $317.49 per year. $300K for the building, $300 excess and includes landlord insurance and loss of rent of $350-ish pw for IP2.
Our PPOR and both mine and the wifes car is with them as well so we should be getting a good rate.
Never claimed the property ones so can't comment on that side of it... My non at fault motor vehicle ones were smooth.
I think I've had a similar thread with Psyk previously.
Must say I agree with Minx to a large degree - and this is my opinion only as I can only speak from my experiences...
As ex-cba and in the group for near enough of 10 years and one of the higher insurance sellers of comminsure when I was there..
they put a lot of stuff in the policy but they find great ways of wrangling out of it. If i had known what tossers they are to deal with I wouldnt have pushed them so much.
Claim lodged 22/11. Settled and paid 13/3.
They dont work weekends
They dont return phone calls, emails, faxes
too overworked
not enough staff
they dont follow up tradies to make sure work is done or status updates
they dont follow up period and leave it to you
In order to drag the claim out
They'll claim a 97% payment ratio but it isnt the full whack
etc
This is after the staff in the branch and other places who work for cba tell you its claimable but then CI says its not - or thats a seperate excess. you have to remember the nice kid in the branch who sold you the policy (could have been me even!) isnt the same guy who does the claim.
My thinking. Dont waste your time with comminsure. At the end I wanted them to pay up which they did but the day after the cheque cleared the policy was cancelled.
Again, just my 2c but I dont recommend them. Not after my own experience.
So dont let the price sway you - saving 100 or 200 bucks for an insurance company who takes 3-4 months to come good - its a waste of everyones time.
Must say I agree with Minx to a large degree - and this is my opinion only as I can only speak from my experiences...
As ex-cba and in the group for near enough of 10 years and one of the higher insurance sellers of comminsure when I was there..
they put a lot of stuff in the policy but they find great ways of wrangling out of it. If i had known what tossers they are to deal with I wouldnt have pushed them so much.
Claim lodged 22/11. Settled and paid 13/3.
They dont work weekends
They dont return phone calls, emails, faxes
too overworked
not enough staff
they dont follow up tradies to make sure work is done or status updates
they dont follow up period and leave it to you
In order to drag the claim out
They'll claim a 97% payment ratio but it isnt the full whack
etc
This is after the staff in the branch and other places who work for cba tell you its claimable but then CI says its not - or thats a seperate excess. you have to remember the nice kid in the branch who sold you the policy (could have been me even!) isnt the same guy who does the claim.
My thinking. Dont waste your time with comminsure. At the end I wanted them to pay up which they did but the day after the cheque cleared the policy was cancelled.
Again, just my 2c but I dont recommend them. Not after my own experience.
So dont let the price sway you - saving 100 or 200 bucks for an insurance company who takes 3-4 months to come good - its a waste of everyones time.
Psyk
That's interesting. Just signed up with GIO yesterday. Mine a lot dearer - 150K building + landlord insurance is over $400.00 with excess of $300.00 - AND I have two other policies with them.
Wonder why so much difference? Does postcode matter that much?
PM me if you want to provide details. I might have another little discussion with them - I haven't paid yet!
That's interesting. Just signed up with GIO yesterday. Mine a lot dearer - 150K building + landlord insurance is over $400.00 with excess of $300.00 - AND I have two other policies with them.
Wonder why so much difference? Does postcode matter that much?
PM me if you want to provide details. I might have another little discussion with them - I haven't paid yet!
I'm paying $550 with GIO and signed up yesterday. $0 excess, $216k building, $20k contents, $320 week rent.
I found comminsure very expensive getting quotes $850+ for simular with $300 excess. Remember they also charge the excess onto rental default, after taking the first 4 weeks rent.
I would say Terri Scheer would probably have the best policy, for another $100, but with them I couldn't go monthly and didn't have the 25% safety net. with GIO, they wont cover rent if the building is made unlivable outside a lease agreement. ie in between tenants. Terri gives you 90 days to find a new tenant.
Plus I had a claim with Terri years ago and they paid quickly and paid the whole amount as expected.
I found comminsure very expensive getting quotes $850+ for simular with $300 excess. Remember they also charge the excess onto rental default, after taking the first 4 weeks rent.
I would say Terri Scheer would probably have the best policy, for another $100, but with them I couldn't go monthly and didn't have the 25% safety net. with GIO, they wont cover rent if the building is made unlivable outside a lease agreement. ie in between tenants. Terri gives you 90 days to find a new tenant.
Plus I had a claim with Terri years ago and they paid quickly and paid the whole amount as expected.
read the policy and see if you like it. Compare to other policies. There is no benefit using the agents policy.
Some agents use Terri Scheer, and from experiance, they are very good.
What do you mean they are very good? Do they pay promptly and with no fuss? What are their rates like compared to other insurance companies?
I saw this, but if i go through a real estate agent, do they offer a discount on this?
Other landlord insurance offers 10 weeks default in rent... they only offer 6.
I just got a quote from Terri Scheer today on landlords insurance for one of our IP's which is now due for renewal.
Landlord Insurance Qld $255
Building Insurance (200k) $506
Total $761
My current Allianz insurance covers LL and building $368
Looks to me like Allianz is the clear winner?
Cheers,
Bazza
Hello, my first post! I have been using the site only a few weeks now but it has been most helpful....
Has anyone used EBMs RentCover Platinum? - this is for landlord and building insurance. I got a quote for $560 combined which seems a lot lower than the quote I got from CGU of around $750.
I'm tempted to just take their landlords insurance and look for building somewhere else....it's a bit overwhelming...
Has anyone used EBMs RentCover Platinum? - this is for landlord and building insurance. I got a quote for $560 combined which seems a lot lower than the quote I got from CGU of around $750.
I'm tempted to just take their landlords insurance and look for building somewhere else....it's a bit overwhelming...
For those saying they use NRMA... yes they provide a good price but they only cover $10,000 due to malicious tenant damage (last time I checked)!
Other insurance companies provide malicious tenant damage up to the amount insured.
I think NRMA provide great cover for a PPOR for a good price. But not for IPs!
Other insurance companies provide malicious tenant damage up to the amount insured.
I think NRMA provide great cover for a PPOR for a good price. But not for IPs!
Just be careful. At one time I came across a great, cheap policy but it had one catch - didn't cover for burglary/theft etc when the property was not furnished enough to be occupied. This was with Australian Unity, I don't know but I have a feeling they may use the same underwriters or be in some way associated with Allianz.
To me as a landlord, a policy that does not cover me whilst in between tenants is not acceptable.
I'll throw another name into the mix - EBM Insurance.
$260 or so a year - specialists in LL insurance and could answer every "what if" I could throw at them.
www.ebminsurance.com.au
$260 or so a year - specialists in LL insurance and could answer every "what if" I could throw at them.
www.ebminsurance.com.au
Wouldnt everyone just be looking for the best cover/policy as apposed to price as this is all tax deductible?
Just like looking for the agent that charges the least - same same
How many claims have you had Chatto?
