Landlord Insurance

[Brazen1]

Hello,

Although I have been a regular surfer of Somersoft for sometime now this is my first post. I currently own three IPs in Townsville and I am looking to cut some fat from my holding costs. I have each IP insured with Suncorp which includes house, a small amount of contents insurance, and landlord insurance.

Can anybody offer suggestions on better insurance options around both in terms of price or coverage?

regards

Mark

 

[BayView]

You need all 3, AND Public Liability of around $20 mill.

An insurance broker would be the best bet.

 

[s_t]

Landlord insurance would normally cover all that wouldn't it? Mine does, though the liability is only 10 mil.

You need all 3, AND Public Liability of around $20 mill.

An insurance broker would be the best bet.

 

[poppy]

I've done a lot of shopping around for my landlord policies and have found that suncorp are usually the best value in terms of price and also offering decent coverage. They even cover my IPs for flood damage and I also get accidental damage for a reasonable price. The excess I have is $300 whereas with some insurers you have to raise the excess to $500-1000 to get a good price. I have three IPs with them plus a car so get a reasonable discount. Last renewal I had, my premium actually went down!

I am in the process of doing a claim with them. Because the property being claimed on is in SA, I have to organise all the quotes and so on myself. However, if the IP had been in Brisbane and some other areas, they say they would have done all this for me - which would have saved me and my PM a lot of effort. The claim hasn't been finalised yet, but they seem OK so far. Because there were some delays with some aspects of the claim, they did a partial payment whilst they were waiting, which I thought was good of them.

I don't have any Ips in Townsville though. I have found that depending on where the property is, there can be discrepancies between insurers. Some insurers seem to be less competitive in some areas.

For example for my PPOR in the ACT, I have found no-one comes close to NRMA for price, and the policy coverage is reasonable. However, for an IP, NRMA only offer $10,000 malicious tenant damage, so I wouldn't consider them for landlord insurance.

 

[Adrian & Amber]

Hi Brazen1

We also use NRMA for our PPOR but were not happy using them for our IP's.

We spent a lot of time looking into both landlords insurance and building insurance, especially the fine print, and decided to go with terri scheer in the end. We found their coverage suited us much better and their rates were very reasonable.

 

[Brazen1]

Poppy, and Adrian and Amber,

Thanks for the info it will give me somewhere to start my comparisons.

Mark

 

[Yerfdog]

I use EBM (www.rentcover.com.au), very reasonable and friendly service.

I also use AON for one of my IP, and made a claim before due to fire damage. Claim process was quick and efficient.

 

[Aaron Sice]

+1 for AON as well - very happy.

 

[yo yo ma]

I currently own three IPs in Townsville and I am looking to cut some fat from my holding costs. I have each IP insured with Suncorp which includes house, a small amount of contents insurance, and landlord insurance.

Can anybody offer suggestions on better insurance options around both in terms of price or coverage?

I use Terri Scheer for the contents, landlord insurance & public liability. I found them to be a bit expensive for the building insurance, so use CommInsure for that. Terri Scheer have a fixed cost of $255pa for Queensland but you must lease through a licenced real estate agent. There is a $20 per property discount for 3 or more properties. I haven't had to make a claim, so can't comment on that side of the business.

http://www.terrischeer.com.au/property-owners.html

 

[boomtown]

Theres not alot of difference between $10 million and $20 million public liability. You are unlikely to need $10 million public liabiliy even in the worst possible screw up.

Professional indemnity though is a different story....

 

[letiha]

I think even $10 million would be more than enough...and this is coming from someone who does personal injury law daily for the past 3 years. Who would have to have the most horendous injuries to even come close to this amount...and yes thats thanks to the insurers themselves.

you'd have to be tetraplegic to claim for that much, and even then you'd be looking at around $5mil.

I know by insurance, property and landlords cost me $40 a month - not a big deal.

 

[Strannik]

well, say family of 3 dying in a fire because of faulty electrical wiring, and relatives suing
would that make up 10M?

 

[yorkiefish]

Hello,

Although I have been a regular surfer of Somersoft for sometime now this is my first post. I currently own three IPs in Townsville and I am looking to cut some fat from my holding costs. I have each IP insured with Suncorp which includes house, a small amount of contents insurance, and landlord insurance.

Can anybody offer suggestions on better insurance options around both in terms of price or coverage?

regards

Mark

hi, i have used ebm and were a bit expensive and now have all my ip with aami, there was about a 50% saving compared to ebm and a better policy.

give em a worl?? worth a phone call.

ta wayne

 

[letiha]

Stratnick.

Nope For a start the child would basically get $0 because nobody is dependant on them, and unless there was surviving children or other dependants there would be no claim for the 2 adults who die.

You can't just claim because someone dies, there has to be an actual economic loss or a dependant such as a child that survives that needs the care of the parents.

I have a case I was working on where both parents in their early 20's were killed in a car accident leaving their 6 month of son to survive, claim for car and both parents earning was $1 million maximum.

 

[sailor]

PM advised that tenants in top unit, noticed the water draining too slowly down their shower...but didn't do anything about it, until it flooded downstairs electrical appliances (toaster, etc).

I asked the PM why they didn't stick some Draino down the hole. (Awaiting reply on that one.)

But PM wants me to claim for damaged electrical appliances on my landlords insurance. I told her I don't do "contents" insurance, so the tenants would have to make their own claim.

Both units are unfurnished.

Am I right? I do think so, but would someone please correct me if I'm wrong please.

 

[plusnq]

My feelings are that contents are the tenant's responsibility unless supplied by landlord.

Cheers

Shane

 

[wylie]

I agree. If tenants value their things, they should insure them.

 

[RumpledElf]

We finally got the place insured with CommInsure. They turned out to be ridiculously cheap compared to what I was paying for the car and PPoR too, so I switched everything over to them.

We have 10K of contents insurance just to cover the tools there as the house is currently vacant. Very nice area at least, so we had no issues in the several months the house was vacant, uninsured and full of our stuff. Had the house been where my PPoR is it would have been stripped and carted away by now.