terri scheer vs aami (LLI)

[TheCamel]

So, I'm looking at LLI, and my property manager has suggested Terri Scheer, said there is no other way to go. (possibly gets a commission, who knows, i'm organising it myself so they won't necessarily know of the referal)

TS want $285 PA. (20M Liab.)

AAMI currently do my personal contents and comp. vehicle insurance, and want $194PA. (10M Liab.)
aami based their quote on my estimation of contents, but TS seem to have a basic, flat rate..


Are there any thoughts or suggestions on which way to go ?

 

[Mr. Fabulous]

Yeah. Read the fine print. Either that or save your time/sanity and go see an insurance broker. I'm sure you won't have any trouble getting references on here.

Mark

 

[Dis]

TS does a stand alone product for tenant protection (I think that is the $285 one).

AAMI only do landlords' tenant protection if you already have landlords' building insurance with them. This may not be possible if you are in a body corp using another company.

Just had this issue with a relative's IP

 

[DavidMc]

TS does a stand alone product for tenant protection (I think that is the $285 one).

AAMI only do landlords' tenant protection if you already have landlords' building insurance with them. This may not be possible if you are in a body corp using another company.

Just had this issue with a relative's IP

That's strange... I've got AAMI 'Tenant and Contents' on my Villa unit (with Body Corp providing the building insurance).

 

[DavidMc]

I'd also be keen to know who people prefer (and perhaps details of any insurance brokers).

 

[Glucose]

DavidMc,
Perhaps you could do a poll? It would be interesting to know which insurers people find best.

 

[Xenia]

PM's recieve kickbacks from Terri Scheer so sometimes they recommend it for their $20 kickback (we pass ours onto our clients, somehow a total $20 is not really that motivating for us!!!)

TS has a unique landlord policy that does not take the bond into consideration when working out a claim, others discount the claim amount by the bond amount and pay out the rest. CGU will work out a phantom bond even if there isnt one and discount claims down by that amount

The only problem I see with TS is that they do not do just building or public liability. I don't have landlords insurance on any of my properties because I believe that risk can be minimised by proper management and rent arrears is something that I can afford to take, rebuilding a house after fire damage is another story. I cannot use TS insurance because they only lanldords insurance or a combination of landlords with building but not just building insurance!

 

[poyner]

AAMI vs Scheer

I have also been looking at the differences between AAMI and Scheer (and a couple of others). One thing that I've noticed is that AAMI seem to cover for a maximum of 13 weeks loss of rent rent when you don't also have building insurance with them. Most of the other insurers seem to offer 52 weeks.

So if there's a cyclone/fire/earthquake/major damage and the IP is unrentable the differences in rent covered with AAMI could be quite significant. Have others noticed this? Has anyone ever claimed over 13 weeks loss in rent? What was the reason?
Cheers

 

[slingshot]

Hi Poyner,

Ive been with NRMA for years and Im just about to change all to TS. All round I believe its a good deal. My girlfriend is a property manager and she swears by TS, claims/ payment quick and no hassles. The premium is a little higher with TS than I pay now and I believe that you need to pay up front (ie no monthly payments) but for me the benefits outway those 2 issues. Still looking into it but Im fairly certain I'll go with TS. 13 weeks is a long time but I guess thats why you insure.
This is my opinion only and your situation may well be different.

Good luck
Slingshot

 

[Joe D]

LL Insurance - Proof in the pudding

I have Landlords policies with TS, AON/CGU, EBM/QBE and others.

Premium is much of a muchness in all cases with premiums varying between $215-250 pa.

Despite all the discussion on which is the best - the proof is really in the pudding (ie. when you need to make a claim).

Levels of cover and value for money are important, but these quickly mean nothing if you have trouble in making a claim.

Fortunately, I have only had to make one claim via my PM on AON/CGU policy (with no problems) however, most of my PMs promote TS. Not sure whether this is based on performance or kickback, but really who cares, since PM will need to follow up on any actions anyway.

Get cover , but don't sweat it.

 

[poyner]

Thanks for your input guys...

Premium is much of a muchness in all cases with premiums varying between $215-250 pa.

This is the odd thing you see.... I've got 5 online quotes now.... 4 of them were in the range you specified but AAMIs is only $107.

Despite all the discussion on which is the best - the proof is really in the pudding (ie. when you need to make a claim).

Levels of cover and value for money are important, but these quickly mean nothing if you have trouble in making a claim.

Too true.... and from what I here both AAMI and TS seem to have good service on claims.

From what I can gather,

AAMI - 1/2 price premium, includes flood protection, new for old replacement, but only 13 weeks loss of rent.

TS - recommended by forums, 52 weeks loss of rent, no flood, loss of rent on death of tenant and hardship, simple to understand.

It's all very confusing....

I understand what you say about not 'sweating it' but you also need peace of mind that things will be covered if required.

 

[GinB]

Its quite funny to read this thread as I spent most of this afternoon ringing for quotes on Landlord insurance. I came across a broker in Melbourne sounds very similar to what Terri Sheer cover in their standard policy for the same premium ($285 pa). Just briefly the cover includes;
$50000 contents - $50 excess
$50000 Malicious Damage caused by Tenants - $200 excess
$20mil. Pub. Liability
15 weeks Rent Default - $100 excess
$5000 Legal Exp.
Theft by Tenant $5000 - $50 excess
Loss of Rent due to defined events 52 weeks
Accidental damage $2000
Death of Tenant 15 weeks

All other cover - NIL excess

I do use them for one of my IP and actually forgot that i even had them. I have not so far had to make any claims and they were actually sourced out by our Property Manager & recommended to us. Their name is Bricher Insurance Brokers located in Blackburn South. I will probably use them again for our other IP due for settlement in a couple of weeks.

So far they seem to have the better coverage for their premium compared to some others like CGU & RACV or NRMA.

Cheers,
Gina.

 

[cosy]

HI ,

Looking for LLI and bit confusing with the figures you guys talking lol.

when i go online and put my details as below i got following s what i did wrong?

My First IP and 35 yrs Old 3 bed room home?


POLICY TYPE: Landlord Insurance

Situation: WANTIRNA SOUTH VIC 3152

Excess: $100 applicable to Buildings and Contents



Cover Sum
Insured
Basic
Premium*



BUILDINGS Building $ 150,000 $ 229.66

(including Replacement Benefit)

CONTENTS All other Contents $ 10,000 $ 15.54

Special Contents NIL



LOSS OF RENT $ 15,600 $ 15.19

RENT DEFAULT AND THEFT BY A TENANT $ 83.43

LIABILITY Limit $ 20,000,000 $ 56.70

WORKERS
COMPENSATION
NOT INSURED



Total Basic Premium $ 400.52
Fire Service Levy $ 68.77
Goods & Services Tax $ 46.93
Stamp Duty $ 51.63
Total Amount Payable $ 567.85
Monthly Instalment $ 47.32

* The premiums quoted are valid at the date of issue only.

 

[MJK]

AMMI does the building and landlord protection (or contents and landlords, for body corps) whereas TS just does the Landlord protection. So if you use TS you have to get your Building elsewhere thus doubling up if you use AMMI.

TS does 20mill liability
Ammi does 10mill liability.

At the moment I have both AMMI & TS on all properties but may drop the TS, but I wish AMMI did 20Mill liability.

MJK

 

[Debt Junkie]

A young lass at work contacted an insurance broker who suggested Suncorp. A few phone calls to various other insurers determined that they offered the best deal (for her) - and it came in as cheaper than her current broker (Comminsure). They also offer a multi-policy discount of 10%.

However, as has already been stated, you can't be sure until a claim is made & paid ...

DJ

 

[Welcome]

A young lass at work contacted an insurance broker who suggested Suncorp. A few phone calls to various other insurers determined that they offered the best deal (for her) - and it came in as cheaper than her current broker (Comminsure).

I just got some insurance through suncorp and they had the best deal by a long way! Broker I went through was http://www.obins.com.au/ and was all very easy & quick. Hope that helps.

But like others say (again), once Ive made a claim, I hope I still have +ve things to say about Suncorp

 

[Mike F]

The only problem I see with TS is that they do not do just building or public liability. I don't have landlords insurance on any of my properties because I believe that risk can be minimised by proper management and rent arrears is something that I can afford to take, rebuilding a house after fire damage is another story. I cannot use TS insurance because they only lanldords insurance or a combination of landlords with building but not just building insurance!

Hi Xenia,
I agree, and I am not concerned too much about loss of rent etc, however i am a little concerned about public liability. Being in a strata group i have had to take out a contents policy (with AAMI) to get public liability cover. I am not realy interested in the contents cover either, but I have not found a public liability only cover. Are you aware of any?

Thanks

 

[cgw]

I just changed fm AAMI to TS on my Strata Unit. AAMI said they will not cover malicious damage by a tennant, if they damage the buildings. AAMI said to claim it off the Body Corps Insurance, which is RAA.
I rang RAA, they said they do not cover tenants damage.
TS will cover malicious damage to the building up to $45K, regardless if it is covered by the Body Corp.
So confusing.......

 

[bennido]

Hi cqw,

I am looking around for LLI and AAMI has a very good deal. And it does cover malicious damage by a tenant.

I still have a few more insurance companies to get quotes for, but so far its the best.

 

[Raddles]

Hi there
we have AAMI on some of our properties but I noticed they have recently changed their policy to basically increase the excess by not allowing you to claim the first 4 weeks loss of rent.
We have had to make claims on landlord insurance due to 2 lost properties in the Canberra bushfires - we were with Wesfarmers who did look after us - except for the swimming pool in one of the properties - where they suggested it could be repaired - it had to be removed - it was too damaged in our opinion and due to the planning changes - a new set up on the site was necessary - so the pool had to go
thanks