I got a yes when I bought 2 years ago, don't know if they have changed their rules since then, Haven't got around to looking into it yet.
Westpac Landlord Insurance
- Thread starter BoatBoy
- Start date
I got a yes when I bought 2 years ago, don't know if they have changed their rules since then, Haven't got around to looking into it yet.
You live and learn (and learn)... I hadn't realised that some insurers wouldn't cover periodic tenancies. Does anybody know what the logic of that is? I can see that obviously the calculation of damages of absconding tenants would be the same, but that can be accommodated.
If a tenant starts on a periodic tenancy, I can see there are some risk issues, but surely if they've already completed a fixed term then roll onto a periodic tenancy, I don't see why they're inherently higher risk.
If a tenant starts on a periodic tenancy, I can see there are some risk issues, but surely if they've already completed a fixed term then roll onto a periodic tenancy, I don't see why they're inherently higher risk.
Heres the page from Westpac
I am thinking it may be worth opening a thread with screen dumps of the various good points / bad points clauses by various insurance companies as a comparison.
I have a few PDS from different crowds so I might start one over the next few days
Dave
I am thinking it may be worth opening a thread with screen dumps of the various good points / bad points clauses by various insurance companies as a comparison.
I have a few PDS from different crowds so I might start one over the next few days
Dave
Attachments
If a tenant starts on a periodic tenancy, I can see there are some risk issues, but surely if they've already completed a fixed term then roll onto a periodic tenancy, I don't see why they're inherently higher risk.
I have an attitude today, but I believe it is to create a loop hole so they don't have to pay claims for people who don't read the fine print even if they have faithfully paid premiums believing they would be covered.
Regarding fixed term only, how do you make your tenant re-sign when their lease expires? Fixed term does only benefit the tenant in my opinion but even so there are still many who won't sign. Having said that my periodic tenants have been there for 7 years, only the first year was fixed term! That's 72 periodic months with no vacancies.
Regarding Westpac, I've got my guy asking questions about it. Will post when I find out more. Their price seems good actually, one of the cheaper options.
Just heard back from my Westpac bank manager.
Unfortunately the insurers told him that no, the periodic tenancies are not covered because they are not backed up by a lease.
So, I have to cross Westpac off my list. Turns out Allianz is slightly cheaper so I'll move my insurances to Allianz now.
Unfortunately the insurers told him that no, the periodic tenancies are not covered because they are not backed up by a lease.
So, I have to cross Westpac off my list. Turns out Allianz is slightly cheaper so I'll move my insurances to Allianz now.
What?
A periodic lease is still a lease; it's just of indeterminate length. How ridiculous!What?
Could still be referring to a periodic lease that started that way, as against a fixed term lease that has rolled over. Would be interested if anyone could clarify...
That's what I thought, and I told them so. He came back again with the answer that we would be covered as long as the lease has a condition stating that at the end of the term it will continue on a month by month basis etc.
This looks ok to me, especially since I just found out that Allianz does not cover any flood, water or leak damage which is pretty damn lame in my opinion. Especially with the kind of storms that Sydney has from time to time.
I think I will go with Westpac and try to put them on a short lease anyway.
All I need now is the ex-tenants nuts in a jar and I can die a happy man
Dave
Well sounds like you have the PM,s to handle that request as well
Glad it all worked out well for you Dave
cheers
Yadreamin
Well, after many lies and broken promises by Westpac, today the money was deposited in our account.
This is 3 months after the claim was started, the work was done quickly, but getting the cash for lost rent was like getting blood from a stone.
They "claimed" initially that the delay was caused by the overload from the Vic. fires, even though the work had been done and tenants were in before the fires started.
Then they used every delaying tactic that a debt defaulter could use even tried "The cheques in the mail" and "Are the A/c details correct" with us, and it wasn't until I gave them a large dose of "seriously pissed off Dave" that they got their s___t together.
But, we made all our payments diligently like good little PI's, but I do wonder what would happen if we stopped and used the excuse that we needed the funds from them to meet our obligations.
Apart from that, the Westpac LL insurance experience was good.
Dave
This is 3 months after the claim was started, the work was done quickly, but getting the cash for lost rent was like getting blood from a stone.
They "claimed" initially that the delay was caused by the overload from the Vic. fires, even though the work had been done and tenants were in before the fires started.
Then they used every delaying tactic that a debt defaulter could use even tried "The cheques in the mail" and "Are the A/c details correct"
with us, and it wasn't until I gave them a large dose of "seriously pissed off Dave" that they got their s___t together.But, we made all our payments diligently like good little PI's, but I do wonder what would happen if we stopped and used the excuse that we needed the funds from them to meet our obligations.
Apart from that, the Westpac LL insurance experience was good.
Dave
Dual occupancy IP - insurance query
Thankfully, that was a good outcome from Westpac, Dave, albeit the 3 month wait.
We're considering using Westpac home & contents and landlord insurance for our next IP.
We're looking at getting access to the property prior to settlement to carry out repairs and some basic reno - painting, hang curtains, fix toilet shower tiles and we'll have insurance cover from when we go unconditional.
My query - in the unlikely chance of anything happening (break-in etc) whilst we have our tradespeople/hubby/me working, prior to settlement, will we be covered ?
Second query - ours is a dual occupancy - 2 bedder and 3 bedder, the 2 bedder is being vacated prior to settlement which will allow us to do the work, while the tenants in the 3 bedder stay. Will we need 2 separate landlord policies or will both dwellings (under single roof) be covered under the one policy ?
Thanks
Thankfully, that was a good outcome from Westpac, Dave, albeit the 3 month wait.
We're considering using Westpac home & contents and landlord insurance for our next IP.
We're looking at getting access to the property prior to settlement to carry out repairs and some basic reno - painting, hang curtains, fix toilet shower tiles and we'll have insurance cover from when we go unconditional.
My query - in the unlikely chance of anything happening (break-in etc) whilst we have our tradespeople/hubby/me working, prior to settlement, will we be covered ?
Second query - ours is a dual occupancy - 2 bedder and 3 bedder, the 2 bedder is being vacated prior to settlement which will allow us to do the work, while the tenants in the 3 bedder stay. Will we need 2 separate landlord policies or will both dwellings (under single roof) be covered under the one policy ?
Thanks
Landlord Insurance
Hi, I have a "loss of rent insurance" policy, which is not mandatory but it's a handy little add on. It gives you cover up to 20% of the buildings sum insured to ensure you won’t be out of pocket if damage or repairs make the property uninhabitable. I found an online insurance company (that I now use) who specialise in landlords insurance. http://www.simplelandlordsinsurance.com/ they have different types of cover for all sorts of insurance, and the one time I unfortunately did have to make a claim they dealt with it swiftly and in a professional manner.
Hi, I have a "loss of rent insurance" policy, which is not mandatory but it's a handy little add on. It gives you cover up to 20% of the buildings sum insured to ensure you won’t be out of pocket if damage or repairs make the property uninhabitable. I found an online insurance company (that I now use) who specialise in landlords insurance. http://www.simplelandlordsinsurance.com/ they have different types of cover for all sorts of insurance, and the one time I unfortunately did have to make a claim they dealt with it swiftly and in a professional manner.
Pommie insurance company, not to sure how usfull/less they will be in Oz.
Thanks anyway for the link (-;
Dave
