landlord insurance
- Thread starter Celeste
- Start date
Hi Celeste,
Great to see you back again.
I use a couple of insurance companies for Landord Insurance.
AON Landlord Property One & Terry Scheer Landlord Preferred Policy.
I havent had a claim through Terry Scheer as yet to see how good the process is however I have had a couple of claims through AON with no problems what so ever.
They covered my loss of rent, repairs to the property, PM & Court legal costs to evict the tenants, and advertising costs to find a new tenant.
Hope this helps.
Great to see you back again.
I use a couple of insurance companies for Landord Insurance.
AON Landlord Property One & Terry Scheer Landlord Preferred Policy.
I havent had a claim through Terry Scheer as yet to see how good the process is however I have had a couple of claims through AON with no problems what so ever.
They covered my loss of rent, repairs to the property, PM & Court legal costs to evict the tenants, and advertising costs to find a new tenant.
Hope this helps.
I haven't finalised the Landlord Insurance for my IP's yet, but ING was on my shortlist as the best premium (paid monthly) for the options I chose. The online calculator was very easy to navigate.
See an insurance broker who can find you the best coverage at the best price and inform you of the stuff you don't think about. Generally free or a nominal fee (they work on trailing comissions like Mortgage Brokers).
Many people think they get it cheaper going through the insurance co's directly. Many people are wrong.
Quick note on fees from a broker:
Many people think they get it cheaper going through the insurance co's directly. Many people are wrong.
Quick note on fees from a broker:
I was going to go through GIO but read the terms and conditions and their policy only covers a FIXED term tenancy. Ie, not a periodic tenancy. Even if you plan to keep re signing tenants to a fixed term lease this is dangerous because if they refuse to resign the tenancy automatically reverts to periodic and during that period you are not covered.
I am with Comminsure, as per GIO I read every word of the terms and conditions and am satisfied with the policy.
comminsure seems to be twice the price!
GIO does cover up to 14 weeks of 'unable to access property' rent.
yes, reading the fine print, CBA seems to have the most features and least exclusions.
Terri Scheer seems to also be good quality policy, but they don't have the 'total building cost' protection which covers building costs in excess of your 'estimate' building replacement cost. GIO also had this and called it 'safety net' So you need to remember to add demolition cost and a 25% buffer ontop your building value.
GIO doesn't cover loss of rent outside tenancy agreement ie in between tenants.
I can't remember the exact quote from GIO but they and comminsure were on par in terms of pricing. Interestingly my comprehensive car insurance was $500 cheaper per year with comminsure than the same policy under GIO.
My premium is around $700 with comminsure which covers the building at $300k, rent at $530pw, 20k contents, and covers theft, accidental glass breakage, fusion, loss of rent, malicious damage or theft by tenants... excess $300.
This does seem to be twice the price of oracles insurance, although both GIO and Comminsure (the only two insurers I received quotes from) gave me very similar quotes.
I have to wonder how NRMA can afford to insure landlords insurance including the building for $350. On our PPOR the building only insurance alone costs this much.
edited to add... I just got a quote from NRMA for buildings only and it came out at $370.
Last edited:
I would never ever use comminsure ever again. I can't talk about making landlord insurance claims with them, however I can talk on behalf on making a total loss building claim (funnily enough due to tenants). Comminsure are a business and will play hardball to come out better and pay you less. In my case the claim was significant and was handballed to another company (emplotyed by them). The crap that this guy sprouted (on behalf of comminsure) to reduce my payment was disgusitng. I played hardball right back and threatened to take it to court and provide evidence from a structual engineer (bf at the time), land soil testers etc. They gave into some degree, however for a total loss we were still given 15k less than what the insured policy was for. On principal i my business will never go to comminsure ever again.
Edit: I didn't take it to court as lawyers etc would not be worth the hassle for the 15k. This experience really made me open my eyes about the insurance world.
I'm with NRMA too. I've done the ring around with GIO, ING AAMI Comminsure and a few i've forgotton now but have found them cheapest and best. Had to have excess of $300 on most properties though, but the difference in most of my insurances was around $200 each property when I last compared! I found it hard to believe too.
Haven't heard of Terri before these posts and haven't tried Suncorp or CBA.
Don't forget the price of insurance depends on where your property is. MY insurance on one NSW property compared to a Sunshine Coast property is over $200 in difference.
Haven't heard of Terri before these posts and haven't tried Suncorp or CBA.
Don't forget the price of insurance depends on where your property is. MY insurance on one NSW property compared to a Sunshine Coast property is over $200 in difference.
Im with GIO was surprised at the cost it was only $280 per year with 100 excess for building and landlords insurance this is for a 3 bedroom house in Sunshine Melbourne. I think it was $18 less to have a $300 excess. I have my car and PPOR insurance with them too so apparently I get a discount.
i just got a quote from mine. comm insure. $626/year, excess $500, after wealth package discount.
land lord insurance, inc building $200k, rental loss $300, for a property in frankston south. this seems like very expensive in comparison to the others quoted on above. can anyone tell me what do they have on their property in frankston south ?
or should i be looking somewhere else ?
Thx in advanced.
land lord insurance, inc building $200k, rental loss $300, for a property in frankston south. this seems like very expensive in comparison to the others quoted on above. can anyone tell me what do they have on their property in frankston south ?
or should i be looking somewhere else ?
Thx in advanced.
