LPI for $216.....

From: Alan Hill

During recent discussions on Landlord Protection Insurance I mentioned I was getting a quote from Westpac(currently with CGU for $280). This I've done, and Westpac come in at $216 for Sydney. Certainly best upfront quote I've seen.


-$30000 for Malicious Acts
-$10000 for Theft

Landlords fittings,fixed carpets and window coverings.
-$10000 for Malicious Acts
-$10000 for theft

Loss of Rent.
-To $1000/week for up to 6 weeks if tenant leaves early etc.
-To $1000/week for up to 52 weeks if access denied.

Legal Expenses.
Up to $1000

Legal Liability.

NB. Excess is $500 compared to $400 with CGU though.

Just another source that may be of interest to some.

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Reply: 1
From: Nigel W

Alan will they insure for owners who manage their own properties or do they insist upon "professional" management by a RE agent?

(I can never understand this - most property managers would be lucky to look at the property once a year!)
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Reply: 1.1
From: Alan Hill


I fully understand your "professional" quote! :) :)

No, Westpac said they are fine with owner management but as always a lease and bond MUST be in place.

They further reduce their risk by ensuring the bond is fully accessed before they have to pay anything. In fact, if for some reason you put a bond in place that was less than what it should be, they will base insurance payments on what the Bond should have been. Fair enough I suppose.

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Reply: 2
From: John Student


Thanks for the information.

I am currently with CGU and paying at $280 at the moment.

I heard that if you have 2 properties, CGU will charge you cheaper for the second one, is it true?

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Reply: 2.1
From: Alan Hill


Yes,that's my understanding too.

Mind you I did e-mail them as well as phone them once about that issue and I got two different answers! Maybe I should have made three contacts to get that decider!

I have heard from at least one other they received the discount though, so if at first you get a 'No', keep trying.

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