Landlord's insurance - trying to find some!

[NigelW]

From: Nigel W


Hello All

I rang an insurer, who shall remain nameless, the other day to arrange landlord's insurance for a block of flats I'm purchasing. You know - to cover loss of rent in a variety of tenant related circumstances. Only to be told:

"Is there an on site manager or is it managed by a real estate agent?"

"No" I said "I'll manage them myself. I do a far better job than any property manager - cause its mine!"

"Well we only give landlord's insurance where there's an onsite manager or a real estate agent manages the property"

Me: "That's @#$%ing ridiculous! Half the real estate agent property managers haven't even seen the properties they manage! Explain to me why you don't want my money?!"

I wasn't able to elicit any response.

SO people...any ideas, apart from QBE (oops I said it) as to whom I can get some cost-effective landlord's insurance from?

Cheers
N.

 

[duncan_m]

Reply: 1
From: Duncan M


Set up a company, call yourself an agent.. pay yourself a wage.. Then you claim they are managed by an agent.

Duncan.

 

[NigelW]

Reply: 1.1
From: Nigel W


Duncan

I like your lateral approach!

But:
1) about $1000 to grab a shelf co
2) ongoing fees to maintain co
3) to honestly call myself an agent wouldn't I have to be a registered real estate agent? Remembering insurance contracts are uberrimae fidei (of the utmost good faith) I couldn't "hoodwink" the insurer - not that I'm suggesting that's what you're suggesting.

On a cost/benefit/risk basis I might be better to save the cash and hope!

Thanks for the feedback though.

I was hoping someone out there might have obtained this type of insurance at a reasonable price.

Cheers
N.

 

[WebBoard]

Reply: 2
From: Kevin Forster


Try some of the banks - CBA and NAB have landlord insurance. They probably are a bit more up with these sort of circumstances.

The above mentioned company is not a good one - I cancelled an insurance policy with them after I had to make a claim and the rigmarole I had to go through to get it done. That was car insurance tho.

Kevin

 

[The Fence]

Reply: 1.1.1
From: Thorpey !


Try CGU Insur.
I got a policy with them through my lender(Aussie). It was heaps cheaper than direct with CGU. They have a few agents they go through, ask your lender.

Thorpedo.

 

[WebBoard]

Reply: 3
From: D R


Hi There,

Try the NAB or Colonial.

They will give you Landlords insurance no worries.

Basicaly if you use a managing agent then that will save you 10% on the premium.

So buy doing it yourself is costing you an extra 10% then otherwise.

Cheers

DR

 

[michaelg]

Reply: 4
From: Michael G


AON have a policy, but I do think the catch is that is it bought via an agent, sorry

Michael

 

[WebBoard]

Reply: 4.1
From: Andrew S


The AON policy is actually insured with CGU. You can arrange a policy through REI Insurance Brokers who are a division of AON.

-Andrew

 

[WebBoard]

Reply: 4.1.1
From: James Doherty


Try using a broker, they usually have contacts and the will go into bat for you about managing the property itself, plus the will only goto the ones they know who will insure you. Saves all the mucking around speaking to idiots.
JD