micro brain dump: Landlords insurance

[Danni]

For a first time self managing rental property owner, I've had to do a bit of research into obtaining landlord's insurance.

The contenders were:

* RentCover Plus
* MGA
* PropertyOne

MGA fell off my list because they only deal with registered real estate property managers.

PropertyOne didn't have high enough cover for most items, didn't have accidental damage and refused to send me detailed policy. Basically, what's on the brochure is supposed to have been the policy.

RentCover, will send a detailed policy; I can cancel the policy within 30 days, has higher level of claims and has the option to select cover for accidental damage ( as well as malicious damage). On top of that, they were very professional in answering all my questions in great detail.

Consequently, I'll be selecting RentCover.

Cheers


D.

 

[natmarie73]

I'm in the same boat and after reading this post checked out Rentcover Plus Ultra. I think I will go with them also.

 

[Sim]

What about CGU ?

 

[natmarie73]

Sim, I checked out CGU as my property managers to be use these guys but their brochure seemed to point out a hell of a lot of exclusions such as accidental damage by tenants, their children and their pets. I phoned the call centre and these exclusions were confirmed so I asked what they actually did insure against and it wasn't as much as I would like. The bloke on the other end of the phone was pretty rude too.

The RentCover mob have lower premiums, higher excesses but the one thing I liked was that malicious damage excess was only charged once per claim, not per event, so excess is not charged for every seperate hole in the wall so to speak.

Also, they cover accidental damage by tenants, their visitors and children in the same policy as malicious damage and have an "extra" for identified risks such as fire or storm etc which you would usually need household cover on. It seemed to me the best cover for the price they charged.

 

[gss]

landlord insurance

I use national australia bank "investors insurance", best we could finf after weeks of research.

 

[natmarie73]

Thanks gss, I have just phoned the nab re this but unfortunately they don't cover for accidental damage by tenants, only malicious damage. However they do have a strata mortgage insurance cover which will pay out your mortgage if the unit/townhouse gets wrecked by an insurable event eg fire, vehicle impact etc. They pay the mortgage and the body corp insurance pays to rebuild the unit. Sounds good to me!