Terri Scheer insurance - building cover

[ned261]

I've heard lots of good things about Terri Scheer, but what's with their building cover? - it only seems to cover loss or damage by tenants, and not things like fire or water damage

http://www.terrischeer.com.au/media/lpppds_mkt171_06_08.pdf

My IP is a strata unit which like most has it's own (ie. the body corporate's own) building cover, so if the tenant burnt the place down from a cooking fire or decided to overflow the bath tub for an hour or two, would things like electrical wiring, paint, polished floors, cupboards or non-shared internal walls be covered by either TS or the body corporate's building policy??

Thanks.

 

[Witzl]

I think that's something you need to discuss with your Strata and Terri Scheer.

 

[ned261]

Thanks Witzl, I realise that every policy is different, but what I meant to say with regards to the building insurance taken out by body corporates was - generally, in the experience of those here in the same situation, who have researched their building insurance, do most strata building policies out there cover this, or not?

Also many forumites seem to use Terri Scheer so I was hoping that someone might be aware of the intricacies of the policy .. and that they could confirm that I am reading the PDS right.

 

[Perp]

ned, landlord policies can be all-in-one, covering building insurance (such as that which would be purchased by an owner-occupier) plus landlord-specific risks, or they can be separate. I believe this policy is intended to insure only those elements which are specific to being a landlord, and you also need separate building insurance.

The building insurance held by the body corporate would usually cover those items that are excluded by the landlord insurance, but of course you should confirm that this is the case.

The longer I've owned IPs, the more inclined I am to use an insurance broker for all my insurances. They're across exactly these kinds of issues and can ensure you have seamless coverage. If something is missed, they have professional indemnity insurance to cover you. And they don't cost you anything; as with mortgage brokers, they receive their commission from the seller of the services.

 

[BMW308]

try EBM as I think they have what you are looking for called RENT COVER ULTRA- They are very good as well

http://www.ebminsurance.com.au