Your claims experience with insurance

[bubbleroo]

Hi all,

I am looking for new insurance company to cover my investment properties. Landlord & building covers. From experience there will be no problems until one make claims with these companies. So only want to hear from those who had actually made a claim with the recommended company. Terri Scheer is very popular on this forum but have not read about their claims process. Please share your experience.....especially the bad ones.

Bubbles

 

[Hulkster]

We have insurance with CommInsure - the CBA's insurance arm. Made our first ever claim a few weeks ago. Was asked to provide damage estimates at first point of contact and replied I was not a roofer so had no idea what repairs would cost. The call ctr person must have indicated $800 and when the quote came back at 1500 the next CSR insinuated I was trying to defraud them.

A complete lack of contact - I was never able to get updates on where things stood etc and the staff were quite rude so they won't keep any of our business.

 

[Queen Bee]

I'm with AMI Insurance in NZ. Don't know if you have them over there. Had problems because the tenant had caused numerous damage (small things) but the insurance company said they would be all different claims (i.e. 12 excesses). I disputed this but they said they would have all had to have happened at different times and I should be doing property inspections every 6 weeks. They paid out a measly $500 in the end for all claims.

The woman at the office was a cow.

Cheers, QB

 

[Jacque]

Great insurance companies!

Great idea Bubbles!
Let's hear those good stories from those wonderful and reliable insurance companies, who take our money yr in yr out but also provide efficient service and peace of mind.
After reading a few threads on this topic now, I think it would be great to hear from those who've had GOOD experiences, as opposed to rotten. So far, CGU isn't looking too healthy (as is CommInsure). Terri Scheer is yet to be tested, apparently?
So, can ANYONE actually recommend a company?

Sorry I can't help. All mine are with CGU and response time has been far from adequate or reliable. But I won't bore you with my bad service stories. Let's hear some GOOD SERVICE ones!!

 

[Queen Bee]

The only good insurance experience I've ever had was with IAG when I claimed for Public Liability insurance for my business. But then they should be good with premiums at $120 a month.

A worker did some damage to a customers kitchen. They were actually very good, kept me informed throughout the whole process. Don't know much else about them though.

AMI where my rental and personal house insurances have been diabolical. Which makes me think I shd probably ring IAG and see what other services they can offer me!

Cheers, QB

 

[MJK]

For Building insurance we use AAMI. I have not had to claim on these policies but have on the AAMI car insurance a couple of times and can say they are fantastic with car claims.

Re the Landlords Insurance I'm with Terri Scheer. There is not an abundance of companies that will do landlords is there? Lets hope TS scrubs up OK, I have not tested them.

Great idea for a thread.

MJK

 

[skater]

I have a lot of mine with Elders Insurance. Can't say how good they are with a claim, as I haven't had one yet, but the premiums aren't that bad.

 

[marc1]

I had 5 claims with CGU, all outstanding. As an ex-Qantas staff I'm supposed to have some sort of "Blue ribbon" deal with them (not sure if it is just bull dust or real perk).

So first claim a retaining wall for some $5000. Despite some initial misunderstanding of the legislation for retaining walls and that they are not fences, the pay came quick and no problems, assessor was professional and down to business.

Second the glass of my slow combustion wood heater broke. (This policy had no excess) settled over the phone, no questions asked, cheque in the mail.

Third, burglar had inside knowledge of our purchase of a digital TV and DVD from the shop, ( in the times when it was a novelty and very expensive) and broke in, two days after purchase taking only those two items.
Insurance paid for every cent of expense for repairing the damage to doors and window, sent a tradesman to do all the work, a wholesaler of electric good called us to provide assistance with the choice of a replacement and shipped our choice of TV and DVD we never touched our cheque book. (several thousand dollars)

Fourth, my electric planer gave up it's ghost, (burned) whilst working at home and the fusion clause of my home content policy paid for the repairs (a couple of hundred from memory), one phone call, posted the repair receipt and cheque is in the mail

Fifth, my daughter broke her violin bow (in mysterious circumstances she cannot recall It is a signature bow valued $3500 and listed with the violin as valuable item on the policy. A simple phone call on a Saturday to register the claim, and I had an assessor chasing me on Monday attempting to call me whilst on meetings on my mobile 3 times just to tell me to send them a quote for repair or replacement of the bow, and not to worry.

All my investment property are with CGU Landlord policy, but for one that is with NRMA home + some local landlord policy, the one you get through your RE agent.
I did not get around to change that one yet, but I have a quote from CGU that is cheaper than NRMA home + the other landlord policy

What can I say? for me it is CGU or bust.

 

[bubbleroo]

Hi Marc1,

From your experiences, CGU is great ! I found their response time to be superb because they do promise to 'settle' your claim within 7days. Their staffs were very sincere. I just can't accept their explanation for the excesses they applied to my claim. Marc1, what I noticed was that all your incidents were single event....wait until you have a MULTIPLE events on ONE claim, then the excesses start to hurt.

Prior to CGU, one property was with CommInsure. I had to make a claim for storm damage on the roof. I rang the general number to lodge the claim. It tooks a few days to get the right person to come out to inspect the damage, then another few days for him to go back to the office to sort out his paperwork. A few more phonecalls to his office to get an update but he's never in & a few messages later he came back with the ok to fix. As Hulkster had mentioned, total lack of contact !

I went to enquired about Westpac landlord insurance today. The excesses & premium look attractive but when i throw the same scenario (many holes & carpet filty, rent default) to the officer she was uncertained about the outcome, then she rang the 'expert' & it turns out their wording should have said 'excess per event' NOT 'excess per claim'.

 

[Macca]

I have 2 policies with CGU, have had only 1 claim for storm damage, but 3 different trades used.

All was handled by PM, with only one excess being paid, claim settled promptly
so no complaints from me.

 

[Kenny]

Hi Everyone,

To throw my 2.2c in, we are with CGU back from when being an HCF member actually gave us a discounted rate. Unfortunately, it also seemed to give us discounted service over the phone. The call centre folk were unable to explain many elements of the policy to our ignorant selves eg. when does tenant damage apply, flood/rising water differences, loss of rent clauses and calculation of building value for old IP's.

Having said all that, they are prompt in the regular debits for premiums.

Regards,

Kenny

 

[Jacque]

So it appears that CGU have a bit of a monopoly as far as landlords insurance is concerned? Does anyone have any other company they can recommend, based on claims experience?

Surely someone has had a claim go through Terri Scheer?

 

[scott]

Had a very small claim for a broken window with CGU. Had it fixed straight away but forgot about until tax time. Saw the receipt about 6 months later I thought why not. made a phone call,faxed the receipt a cheque the following week.
Scott

 

[bubbleroo]

Update...

Still haven't accept their offer of the payments as yet, feel ripped-off about it. But what i did checked again was how CGU calculate my carpet damages :-

CONTENTS Carpet $ 511.50
I have inclined an contribution allowance of 25m2 @ $56.46 per m2
= $1411.40 less two $450 excesses ($900 total excess) as we are
contributing to two rooms. I believe this is a fair contribution given
that the majority of the damage is as a direct result of tenant neglect &
wear & tear which is not covered under the policy.

Well, I've measured the 2 rooms & it wasn't 25m2 (surprised).. its total 40m2 so I've popped her a question seeking for an explanation how she got her measurement. That was 2 days ago & still no explanation.

Aside from CGU, still haven't got any feedback about Terri Scheer. C'mon there must be someone who made a claim in the past months.

Bubbles

 

[Queen Bee]

Just wondering what people pay for the insurances. I pay for 3 houses, one's got malcious damage as well $89.90 per month. I got a quote for an insurance policy through a place in Auckland that does Landlord Pro Plus and the quote for the same properties came back at $189.00 per month.

Thought that was a bit steep.

Cheers, QB

 

[luckyone]

I have a policy for a unit in Canberra through Terri Scheer. It costs me $260 a year and has $20mil of public liability insurance which I like just in case anything ever happens.

 

[alexlee]

AON and Terri Scheer

I use AON for most of my properties. I've had a few claims over the years (one that sticks out is a tenant punching holes in the walls, etc) but AON paid up very quickly. By contrast I used to be with Elders and they needed a small claims court judgement (took me months) before they paid up.

Also have a policy with Terri Scheer. They only insure properties managed by licensed real estate agents, though.

 

[Tibor]

I've used Westpac General Insurance. After some storms in Brisbane the agent got the repair done and they paid in a timely manner. I was happy with their service and had to contact them only once.

 

[dwyerfam]

Bubbles

Here's another insurance company that you could check out (if you have not already done so).

www.rentcover.com.au

I don't know how much they cost compared to CGU (I am with them too!) but your post has made many of us (well it did to me) be more aware of the pitfalls with insurance company claims. Thanks.

(No wonder how they can have their name on those lovely tall buildings in most cities! - a hint from my dad, years ago re life insurance matters).

Danny D.

 

[Tandella]

So it appears that CGU have a bit of a monopoly as far as landlords insurance is concerned? Does anyone have any other company they can recommend

For landlords and liability insurance we use MGA, underwritten by Lumley :
http://tc40.metawerx.com.au/servlet/TForms?command=changePage&page=309
We haven't had to make a claim as yet, but our PM swears by them, reckons they are prompt, reasonable, and has been with them for years.
Premium is $235 for 12 months.