Landlords Insurance

[mckeegan]

I read the threads about getting Landlords insurance as soon as you sign a purchase agreement, so I dutifully phoned my insurance broker and got a cover note whilst they sent me out an insurance application form.
After reading the policy booklet I don't really see what I am paying for above and beyond a normal house and contents insurance because you have to pay extra for this and extra for that to cover against all the things a bad tennent might do.
Can any one offer any suggestions on the best insurance, how much I should pay and what to look for ETC:
thanks.

 

[phm]

Hi there.

It might be worth your while having a bit of a look at the search function on the forum.

You will be surprised how much info is there about landlord insurance.

Good luck.

 

[Sunstone]

Dear McKeegan,

Remember insurance companies would never provide a service that they could not make a profit on. And guess where that profit comes from?

Cheers,

Sunstone.

 

[Rixter]

With all type of investing the investor should always minimising risks as much as possible - and landlord protection insurance is just another area whereby you can minimise those risks associated with property investment.

Most good insurers cover the landlord for loss of rent, if the tenant does a runner, baracades themselves into you property, stops paying the rent. It also covers damage caused by the tenant and court costs associated with recouping arrears and evictions.

I use Landlord Plus underwritten by CGU and depending on discount structures can cost you anywhere from $180-$$230 per year , all fully tax deductable. Its cheap peace of mind insurance

 

[liverpoolharryk]

We recommend Terri Scheer Insurance for all our landlords, worth getting a copy of their policy. Have found them excellent to deal with over the years, althought they will only deal through agents. So if you self manage they will not be able to help you.

Victoria's phone number is 1800 804 016

Best of luck

Jarrod
Jarrod Lane Real Estate