Letter from residential PM

Dear <deleted>

How are you?
I would like to update the tenants situation to you.
I talked to the tenants and found that their financial situation is changing.
They have lived there for more than two years.
Now, they pay the rent up to date, but not in advance and I have to chase the rent.
They keep the house well.
However, I am just thinking that if you have landlord insurance?
In my understanding, the landlord insurance cover the rent rears, the damage from the tenants..etc.
I heard that the insurance cost about $285~$350 a year.
I heard some bad stories that happened in other complex from the residential managers meeting, so I think it is important if you think about the risk.
Because when the financial situation changed, I am afraid of the risk of rent rears and damage of the house as well.
Compare to the risk, the insurance premium is not expensive.
Would you like to consider about the this?

The following is the link to landlord insurance. You can contact them, if you need any assistance, I can help.

http://www.terrischeer.com.au/

Kind regards,

<Deleted>

Okay, english is not the on-site residential managers first language and we do actually have LL insurance, but what do you think of the above?

I'm reading a few things into it but may be off track
 
Okay, english is not the on-site residential managers first language and we do actually have LL insurance, but what do you think of the above?

I'm reading a few things into it but may be off track

I'd bet it's purely marketing / advertising and not much else.

Who manages your properties? All my properties are managed by LJ Hooker and i have this same rubbish emailed to me pushing the "Terri Scheer" products.

Just thought i'd give you my angle on it.

Cheers

Rooster
 
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I'd bet it's purely marketing / advertising and not much else.

Who manages your properties? All my properties are managed by LJ Hooker and i have this same rubbish emailed to me pushing the "Terri Scheer" products.

Just thought i'd give you my angle on it.

Cheers

Rooster


Yes, that was one of the thoughts :)

The on-site manager, there is about 40 odd townhouses in the complex a mix of privately owned and rentals
 
Are you obliged to use this manager ?
Sounds like they are just covering themselves.
IMO if the tennants aren't paid up in advance, then they should be issued with breach notices. This is the only tool we, as landlords, have available to us. If this hasn't been done, then the PM is displaying a lack of Due Diligence.
Myself, being a more cynical type, would be concerned.
Possibly the PM can see the writing on the wall, and being on site, wants to remain the "nice" PM and not upset people with breach/eviction notices.
I'd be looking at replacing the pair of them, if possible.
 
Basically it is good advice, but I suspect they are after the commission.

If you want LL insurance (trust me, you do) then do your own research and choose your own insurer.
Marg
 
Terri Scheer, were one of the early people to come up with a policy, that covered for rent arrears, as well as malicious damage. Since then, I think a few insurance companies, have started to match some of the items covered. We still think that it is a worth while polict to consider, and suggest our LL's have a good look at the policy of any cover they are considering. I dont think its applies for applise, a bit like phone plans, they may look the same on the surface, but look a bit deeper ... just for thought.
 
Terri Scheer, were one of the early people to come up with a policy, that covered for rent arrears, as well as malicious damage. Since then, I think a few insurance companies, have started to match some of the items covered. We still think that it is a worth while polict to consider, and suggest our LL's have a good look at the policy of any cover they are considering. I dont think its applies for applise, a bit like phone plans, they may look the same on the surface, but look a bit deeper ... just for thought.

Doesn't Terri SCHEER just use a CGU policy :confused:

<edit>

Found this post via the SS search function (2007)

one more thing for terri scheer policyholders....

Vero Insurance recently purchased terri scheer. (Suncorp recently purchased VERO, but thats another story).
You may notice the policy change at renewal from QBE to VERO, so be aware.
terms and conditions may change (for better or worse, not for me to say).

good on terri, a lovely lady, a great concept and has done very well with it all. policy's a bit thin against higher end landlords, but serves a great purpose.
 
The Terri Scheer policy is underwritten by an insurance policy, however it is not one of their stock standard ones. They take out the "master policy" and then invite landlords to participate. Again, it is my understanding that it has, or at least had, some unique items of cover. Others may not have upped their game, but get a copy ot their policy disclosure documents, and compare before you make a decision.
 
Honestly, the comms for the insurance is bugger all.
I asked their BDM if I could pass that onto the clients as I have nominated with the TICA insurance policy - but they don't do that as yet.

I honestly don't know why the letter was written :) they should have your insurance details on file at start up anyway.
 
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