and that is what the bond is for...
QBE does not cover accidental damage for landlords insurance
- Thread starter miss green eyes
- Start date
and that is what the bond is for...
What if the accidental damage far outweighs the bond?
What does your RTA say?
Ours says: "the tenant is responsible for any and all damage caused by wilful or negligent action by the tenant, resident or any person whom the tenant permits on the premises."
In the case of a TV, they should have had help carrying it, it was negligence.
So the answer would be any excess would be sought thru the courts, if the tenant didn't voluntarily pay.
That is what I mean. If the tenant refuses to pay, you have to do what you have to. Insurance would be cheaper and easier than pursuing a tenant through the courts.
Yes, but you would still be subject to any excess, and it's still a claim against your name. It's really the same as any other landlord claim in that respect, the tenant is responsible for the loss, so in a perfect world they would simply pay the loss. In reality, they often don't, that's why you take insurance, and the Insurer then has the right to attempt to recover the loss from the tenant.
I guess that is where we will differ.
I don't use insurance, when I don't need to. I'm not ruining my claim record.
But hey, if using your insurance makes you happy...go for it.
You said it better than me. If this situation happened to me, I would claim on insurance and ask the tenant to pay the excess. If it was a smaller claim, I would claim the repair from the tenant or the bond.
Luckily (touch wood) we have not had any issues like this to deal with.
Thanks everyone for your input.
I rang EBM today and they have quoted me a flat fee of $300+. They didn't ask alot of questions, unlike QBE (How much do you want to insure the contents for? what kind of locks do you have? what floor are you on? do you have grilles?).
I am awaiting their quote via email. I have this feeling, like Terri Scheer, their cover may be a little skimpy, since the premium is low and they didn't ask questions.
I rang EBM today and they have quoted me a flat fee of $300+. They didn't ask alot of questions, unlike QBE (How much do you want to insure the contents for? what kind of locks do you have? what floor are you on? do you have grilles?).
I am awaiting their quote via email. I have this feeling, like Terri Scheer, their cover may be a little skimpy, since the premium is low and they didn't ask questions.
If you search these forums I expect you will find plenty of comments regarding EBM's landlord products. They are among the most popular and successful of their type and utilised by thousands of real estate agents and in excess of 100,000 landlords. Having been in this industry for more than 20 years I can assure you the policy is anything but "skimpy", but instead includes many risks that are simply not covered by major Insurer's.
We've been doing this for a very long time and have an enviable track record. Knowing the industry is one of the reasons we can keep premiums to what they are, but I'm happy to charge you more if that makes you feel more comfortable.
Having been in this industry for more than 20 years I can assure you the policy is anything but "skimpy", but instead includes many risks that are simply not covered by major Insurer's.
............but I'm happy to charge you more if that makes you feel more comfortable.
Thanks Brett.
Mmmmm I was a bit put off by Terri Scheer. I looked into them once and their premiums are low, but their cover was skimpier than what was quoted by AAMI and QBE.
Hence why I now view low premiums with a grain of salt.
A further risk is possible rejection of the claim by the insurer and the effect that could have on later claims.
True true.
I am still with QBE at this stage.
Will be either QBE or EBM in the end.
What can I do but hope for the best.
I've done the best I can in regards to tenants - I've picked tenants with a good employment history and good references - I chose them over others who offered me more money but without good employment histories or references (which was part of the reason for offering more money I guess).
I am a very, very risk averse person.
