Mortgagee Protection Insurance Recs Please

[missgreeneyes]

Hi.
I have landlord + tenant protection insurance with AAMI for my IP (apartment). I wanted to change to Terri Scheer as the premiums were lower for essentially the same coverage ie 60k. However I discovered there's no free lunch and TS skimps on some things eg malicious damage is limited to $500 (yes, five hundred dollars. no ks or extra zeroes after that).
I am shopping around for mortgagee protection insurance. Any recs? AAMI doesn't seem to do it.
My strata is insured with CHU. Do I have to get MPI with the same insurer as the strata?
Any recs for MPI and LL would be appreciated.
Sigh, it seems they all try to worm their way out of paying you, and if they do pay you, it's hardly anything decent.

 

[westminster]

I use SGIO. I've not had to claim though so I can't say how wormy they are

http://www.sgio.com.au/wa/home-insurance/landlord-insurance

Rent default, property damage and subsequent loss of rent can be costly for landlords.

Landlord Insurance from SGIO protects landlords in WA should the worst happen, with cover for your investment property, contents and rental income. It even covers loss of rent if your place becomes uninhabitable due to damage and protects against rent default and subsequent legal fees.
Additional Content:
What cover do I get for my money?
Why choose SGIO?
What level of cover do I get for my money?
Rent default up to $5,000, plus associated legal costs up to $5,000*^
Theft and attempted theft by tenants – up to $10,000*^
Malicious damage or vandalism by tenants – up to $10,000*^
Listed events, such as fire and storm
Loss of rent up to 12 months during repairs if your tenants need to move out after a listed event has damaged the home^
Liability cover – up to $20million
* We will deduct from your claim four times the weekly rental amount in addition to any excess that applies.
^ A valid rental agreement is required.

 

[Peter_Tersteeg]

Mortgage protection insurance is hardly worth the money, it covers your mortgage for a limited period in limited circumstances. You'd be far better served by considering income protection insurance which can cover your income in the event that you're unable to work. It's far better value for money.

 

[Terry_w]

I think MGE is asking about Landlord protection insurance.

 

[ozsupra]

Try Westpac. I've used them for years, had multiple claims, all without issue and rates are as good if not better than the others. Items covered depends on the level you choose.
A.

 

[missgreeneyes]

I think MGE is asking about Landlord protection insurance.

Hi Terry.
I already have Landlord Protection (LL) with AAMI. I can't say if they're good or bad though. You never know until the day disaster strikes....
But I chose them over Terri Scheer as their level of cover is higher, although they cost about twice the price.
I'm looking for mortgagee protection insurance as well. Someone from Somersoft mentioned it. I would like to be covered in the event something untoward happened to the building, that should normally be covered by the strata insurance - but in the event the strata neglected to pay the premiums, I'm looking to 'close the gap'. I know CHU have it and there's someone on the forum who PMed me their details as well. I'll dig the details out of my PMs if anyone's interested.