HI All,
Any recommendation for getting the landlord insurance?
MI
Any recommendation for getting the landlord insurance?
MI
landlord insurance
- Thread starter MelbInvester
- Start date
Hi MI,
If you want a broker, I am using Aaron Green 0477122109 and am happy to recommend him. He's a friendly guy, happy to make home visits and will take care of everything in the event of a claim.
Cheers,
Currently making a claim with AAMI for a tenant in arrears and malicious damage, and I would not recommend them. First of all my annual premium is $1100 which has an excess of $900, which doesn't seem very reasonable. They also don't cover the first 4 weeks of rent arrears, will not cover the maliciously damaged carpet (they claim this is wear and tear), and are being really slow to make other repairs to the building. It's taken almost 6 weeks for them to get the builder out there.
I have heard good things about Terri Sheer and their policy quoted online is approx $850 per year with a $500 excess. I will be changing to them shortly.
I have heard good things about Terri Sheer and their policy quoted online is approx $850 per year with a $500 excess. I will be changing to them shortly.
There are a stack of threads on this subject including one just a week ago at http://somersoft.com/forums/showthread.php?t=96965 , so it may pay to do a search on insurance and read some comments.
There are simply so many policies out there, and there can be a lot of difference between them, so you need to take care. I will say that a specialist policy is in my opinion more likley to give you a better result should you need to claim, than those from some of the general insurers.
There are a whole lot of reasons why and again you can read these by doing a search. Also note that not all the specialist policies will necessarily be available from a general insurance broker.
check the PDS
I was looking into EBM insurance and I think you need to be careful... on page 5 of their PDS it says they don't cover Flood!
http://rentcover4-px.rtrk.com.au/files/pdf/Forms & PDS/rentcoverultra_pds.pdf
I've always gone with Suncorp because of this reason - they were one of the only companies that paid up in the QLD floods.
I was looking into EBM insurance and I think you need to be careful... on page 5 of their PDS it says they don't cover Flood!
http://rentcover4-px.rtrk.com.au/files/pdf/Forms & PDS/rentcoverultra_pds.pdf
I've always gone with Suncorp because of this reason - they were one of the only companies that paid up in the QLD floods.
I was looking into EBM insurance and I think you need to be careful... on page 5 of their PDS it says they don't cover Flood!
http://rentcover4-px.rtrk.com.au/files/pdf/Forms & PDS/rentcoverultra_pds.pdf
I've always gone with Suncorp because of this reason - they were one of the only companies that paid up in the QLD floods.
That's quite right at this stage, it is on its way in but we are going to a lot of trouble to ensure that people who do not have a flood risk (which is the majority) are not being penalised to suit those who do have a flood risk, remembering that "flood" is a very specific risk and not required inmany areas. It's very different from water damage caused by storm etc. It's a very complex issue as so much of Australia had previously not been mapped properly for flood risk.
Theres about 6 companies making this claim to fame.
$300 is for Landlord Insurance.
Home/Building Insurance is paid by the Body Corp/Strata.
All the fine print.
I found that PDS sets out details of duty of disclosure when applying for the insurance, together with the terms and conditions of the insurance, including its limitations and exclusions.
Check following exclusions from insurance: ( This is the catch !!!!)
Loss or damage caused by:
? arcing, sparking, scorching, burn marks or melting
where there has been no flame
? heat, soot, smoke or ash unless your building or
contents have caught on fire
? caused by any flammable substance kept at or
brought onto your home or site if it is in breach of
statutory regulations, or
? irregularities in the power supply unless there is
visible evidence of a lightning strike.
Loss or damage caused to a heat or fire resistant item
such as a heater, dryer, cooking appliance or iron, if it
ignites or combusts.
i'm with Westpac and their PDS much nice and clean. But no claim so far.
Check following exclusions from insurance: ( This is the catch !!!!)
Loss or damage caused by:
? arcing, sparking, scorching, burn marks or melting
where there has been no flame
? heat, soot, smoke or ash unless your building or
contents have caught on fire
? caused by any flammable substance kept at or
brought onto your home or site if it is in breach of
statutory regulations, or
? irregularities in the power supply unless there is
visible evidence of a lightning strike.
Loss or damage caused to a heat or fire resistant item
such as a heater, dryer, cooking appliance or iron, if it
ignites or combusts.
i'm with Westpac and their PDS much nice and clean. But no claim so far.
I have reviewed most policies - 3 times more insurers than I realised provided LL insurance.
I have found that the specialist insurers have the most complex policies - trying to cover more results in more exclusions - it's understandable to limit cover to what is intended. The result is sometimes that you get extra cover in one area but further exclusions in a different area due to new exclusions which cover all areas. Sometimes they end up excluding what they did not mean to as well - it can get very complicated.
I find that the better "general insurers" give the best overall cover at a reasonable price. AAMI provides the simplest to understand policy by far (when I last reviewed) but it is a very basic policy with limited cover - below what I consider is the minimum required for a landlord.
I have found that the specialist insurers have the most complex policies - trying to cover more results in more exclusions - it's understandable to limit cover to what is intended. The result is sometimes that you get extra cover in one area but further exclusions in a different area due to new exclusions which cover all areas. Sometimes they end up excluding what they did not mean to as well - it can get very complicated.
I find that the better "general insurers" give the best overall cover at a reasonable price. AAMI provides the simplest to understand policy by far (when I last reviewed) but it is a very basic policy with limited cover - below what I consider is the minimum required for a landlord.
