Landlord's Insurance

JIT

JIT

Hi there,

Just wondering what other people do with their landlord's insurance policies...

I've chosen $400 excess for all of mine.
They all have $10 million public liability cover.
For units/apartments I have 10k of cover for contents/fixtures/fittings/carpets.

Does that seem reasonable?

Not sure if the 10k is too little or too much?

And whether to increase the excess in exchange for a lower premium?

This is with AAMI and CHU, earthquakes are covered too.

Thanks.
 
I've just updated all my property insurance policies and managed to save $589pa. Worth keeping an eye on whether you're getting the best deal.

I've chosen to insure my strata properties with AAMI (previously with Terri Scheer). I was going to insure contents for $10K too but then used their online calculator and spoke to the strata manager to see what their insurance actually covered and it seems $10K was a bit excessive. So they vary from $4K for a 2 bedroom flat to $7K for a 2 bedroom townhouse. Chose a $200 excess.

For non-strata I went with SGIC. 10% of the building insurance amount goes towards contents. Chose a $300 excess.

I have $10 million limited liability too.
 
Watch out for LL insurance....make sure you go with the guys who specialise in this area.

Some of the companies are Terry Sheer, Honan, EBM, CGU....

Some of them can get you with mutiple excesses by defining each section of the claim separately.

I use Honan in VIC, SA,, and Qld for house. Very reasonable...anywhere from $320 upto $400 dollars. Use the package one...I use the LL and building one with a value up to 200k for buidling replacement. Their policies also cover accidental damage and have $100 excess on most claims.


JIT said:
Hi there,

Just wondering what other people do with their landlord's insurance policies...

I've chosen $400 excess for all of mine.
They all have $10 million public liability cover.
For units/apartments I have 10k of cover for contents/fixtures/fittings/carpets.

Does that seem reasonable?

Not sure if the 10k is too little or too much?

And whether to increase the excess in exchange for a lower premium?

This is with AAMI and CHU, earthquakes are covered too.

Thanks.
Click to expand...
 
HI,

What i found high excesses for all of them and some LL Insurance not have the building covered??

So who got the best deal out of known ones?


Excesses

RentCoverUltra Section

Loss of Rent Nil
Malicious Damage $400 Per Claim
Accidental Damage $400 Per Event
Theft by the Tenant¹ $400 Per Claim
Legal Expense Nil
Owners Liability Nil
Contents fire and perils $100 per claim
(earthquake - $200)


Building and Contents Section

Each & Every Claim (except Cyclone) $100 all States
Cyclone $500
 
I used to have policies with a lower excess until I did a few calculations on the AAMI site and now I think a higher excess makes sense.

I usually choose the $1200 excess which ends up around $350 for the policy which is landlord and building to replacement value. If you choose a policy costing around $1,000 and have a $500 excess and then make a claim you will have spent $1500, if I make a claim it will cost me $1550 so not much in it.

However if I don't need to make a claim I am about $650 pa better off. Multiply this by 7 properties and it makes a big difference to my annual outgoings and saves me $4550. So far in the last 5 years I have not had to make claims on any of my properties. In 10 years I could have saved $45,500 if I am still holding only 7 properties, I might be holding 14 and saving nearly $100,000! Of course the figures won't stay the same for the 10 years but you get the idea?

These policies include the $10,000,000 liability cover.

I think you would be unlucky to need to make a claim on all properties in one year!
 
sparky23 said:
I used to have policies with a lower excess until I did a few calculations on the AAMI site and now I think a higher excess makes sense.

I usually choose the $1200 excess
Click to expand...

Thanks sparky23, I am swaying to this idea of upping the excess too...

Anyone else choosing a higher excess on their policies?
 
GIO Insurance or HiCommInsure

Hi,

I look at Cannex website it appers to me GIO is the best for Vioctoria, CommInsure is the best in Aust.

Some of the posts state legal liability is $10M, GIO gives more if I am correct.

I think GIO pricing is attractive too. Any advice on GIO insurance ?
 
I have two with GIO, on $500 excess They are both headed "Investor Home and Contents Insurance" one at $380 for $257k insured and the latest $587 for $245 house and $47 contents. When I enquired the difference, it turns out the first one is not for contents. If the house burns down from the kitchen, I would have thought they would have to replace the kitchen, but will now have to find out if kitchen (inner) is listed under contents. It looks like with the first policy, they would only build you a new house and not outfit the interior as it would be classed as contents. Pain in the butt all this as I will now have to spend hours on the phone sorting it out. Will certainly ring a few others youall have mentioned
 
How much should you really pay for Landlord's insurance? I've got 2 properties.....one is insured with NAB/Allianz (Home Building only) for $500.

I'm looking at various Landlord Insurance policies for my other property and most seem to come back around the $700-$900 mark for a period property 2 bedroom.

Should I even worry about contents for a period home? Is there any point insuring for like $10k? And what about excess?

Is there anyone paying less than $500 for complete landlord's insurance in inner Victoria, 2 bedroom?
 
Celica make sure you also have tenant protection insurance as part of your policy as with some insurers this is not included.

skylynx check whether AAMI is in your state and you can play with the on-line calculator and adjust excesses as you see fit, see my example earlier in the thread.
 
realinsurance

Has anyone checked out realinsurance.com.au? I rang them today, and they appear to be a bit cheaper then Aami and CGU which I hold now.
 
I arranged cover with NRMA today. I don't know all the ins and outs yet (will know more when the PDS arrives - it has a 21 day cooling off period if I don't like the fine print). But in summary:

Property: 3BR Victorian semi in a major town in Southern NSW

Cover: Combined building/landlord. 260K, up to 10% of which can be used for contents (kitchen, bathroom, carpets and curtains), includes landscaping etc. I erred on the generous side for the cover - I don't think a smallish 3br/1bath need really cost that much to rebuild, but it's a narrow block with one shared wall, so I figured there may be special architecture or engineering needs.

Includes malicious damage by tenant or tenant's guests (not sure about vacancy during repairs) and rental default (including free legal advice about chasing arrears. Other inclusions that I can't remember off the top of my head - the only red flag was there was no specific mention of malicious damage by others (ie vandals).

I took a $500 excess - there was only $50 difference all up between a $300 and a $750 excess. The excess for rental default only is $300 standard no matter what excess you take for everything else.

Premium: $520ish, down to $470 with loyalty discount (I have home & contents on our PPOR, 2 x green slip, 1 x comprehensive, 1 x third party property with them, and have been with them for nine years continuous with another seven years before that).

Dee
 
eastside said:
Has anyone checked out realinsurance.com.au? I rang them today, and they appear to be a bit cheaper then Aami and CGU which I hold now.
Click to expand...

I also just got a quote with realinsurance.com.au and found it to be $100 cheaper than what im currently paying. Does anyone know much about this company?

Is it worth getting contents insurance as well as LL building insurance? Its a very basic home, no furniture. Are kitchens/bathrooms covered under building insurance, or does this fall under contents?
 
Ellmay said:
I also just got a quote with realinsurance.com.au and found it to be $100 cheaper than what im currently paying. Does anyone know much about this company?

Is it worth getting contents insurance as well as LL building insurance? Its a very basic home, no furniture. Are kitchens/bathrooms covered under building insurance, or does this fall under contents?
Click to expand...

Yes i'm in the same boat. These myriad of choices are doing my head in...don't know which one, so hard to decide.
 
Real Insurance - Landlord Policy

I have just taken up a new policy with Real Insurance today and it has saved me a great deal on just the one property. My cover under their Landlord Insurance for a 4 bed, 2 bath, dbl garage home iN Sandstone Point Qld is as follows;
$295,000 - Building Cover (Includes everything, including all internal fixtures including, air conditioners, tiles, dishwasher, kitchen in full, bathroom in full, security doors, etc)
$5,000 - Contents Cover - to cover internal blinds and carpet. I believe this is enough for these items.

Total Cost of my policy was $338 with a $300 excess. I was paying $591 with AAMI with a $600 excess so this represents a great saving on just the one policy. My motivation for looking is that AAMI have taken 10 weeks to deal with a storm damage claim to one of my other QLd properties so i don't believe they offer a premium service.
My cover with AAMI was unlimited building cover with tenant protection. The only difference with the two policies was that the REAL insurance cover does not provide rental cover, however you can choose this if you like. I have tenants who pay on time so it did not offer any value to me.

I spent approx 4-5 hours on this today and I will be swapping my additional 6-7 policies with this insurer in due course.

Thanks
Matt
 
Some good some bad feedback r/e this insurer. Like all insurers they have a tendancy to accept your money however when it comes to a claim they can be a little difficult to deal with. I have currently experienced this with AAMI.

My research was based on comparing the policies and looking at some discussion forums r/e this company along with other insurers. Like anyhthing it can always be a risk however, if I can save approx $2000 per annum across a number of policies it certainly captures your attention.

On a simple comparison of the two policies i think it represents pretty good value.

Thanks
Matt
 
My only worry would be that it is a company that I have never heard of, prices are not too bad though. My experiences with AAMI have only been good and I prefer to have the full protection which didn't work out much different anyway with my properties when I checked with the other company.
 
celica said:
I have two with GIO, on $500 excess They are both headed "Investor Home and Contents Insurance" one at $380 for $257k insured and the latest $587 for $245 house and $47 contents. When I enquired the difference, it turns out the first one is not for contents. If the house burns down from the kitchen, I would have thought they would have to replace the kitchen, but will now have to find out if kitchen (inner) is listed under contents. It looks like with the first policy, they would only build you a new house and not outfit the interior as it would be classed as contents. Pain in the butt all this as I will now have to spend hours on the phone sorting it out. Will certainly ring a few others youall have mentioned
Click to expand...

Kitchen is not classed as a contents, it is part of building coverage.
Appliances like stove and dishwasher, on the other hand, depend on whether it's mobile or fixed.

Best thing to do is look up your PDS: http://www.gio.com.au/gio/pdf_files/pds_investor_insurance.pdf page 18 :)

This does not constitute advice, so if you want one, call 13 14 46 and ask, call center should operate 24/7. :p
 
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