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  • Avatar of diclemdiclem
    Member
    @diclem
    Post count: 537

    Hi everyone,
    I realise that this subject has been covered before, but I need to clarify something.
    I am trying to get landlord insurance but am having a little trouble as most companies want the property professionally managed and mine is not.
    After doing a search I found most people recommended Rentcover for insurance, however in their policy wording I find that they do not cover malicious damage caused by tenants….In their table it says:
    “You are covered for Malicious Acts BUT NOT….loss or damage intentionally caused by a tenant, a tenants visitors or family.”[glum]
    Can anyone explain this to me?

    Sue [biggrin]

    “Be careful not to step on the flowers when you’re reaching for the stars”

    Avatar of redwingredwing
    Member
    @redwing
    Post count: 2,733

    maliceill will or spite
    maliciousintending evil or unkindness,spitefull or moved by hatred!!

    i for one am having problems seeing the difference diclem?

    is this an ‘out’ for the insurer?

    have you tried CGU ?

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

    Avatar of PurpleKissPurpleKiss
    Member
    @PurpleKiss
    Post count: 580

    Sue,

    I can’t see the differnce either, I’ve just gone through the brochure they send out and it says malicious damage by tenants is covered as well as accidentail damage (which includes the tenants who do unauthoirse painting – not sure how that’s accidentail but won’t complain etc).

    I think it might be worth a phone call to clarify, and then perhaps post the answer so everyone is aware as many of us do have this insurance. I can’t see the part you are referring to at present so can’t really help any further.

    Good luck and looking forward to hearing what you may find out.

    Regards
    PK

    Avatar of diclemdiclem
    Member
    @diclem
    Post count: 537

    Thanks for the replies, will ring and find out what they say. The problem is, do I trust what they say over the phone against what they have written in their PDS?
    I downloaded the PDS from the internet, so it might not be up to date I guess.
    Will let you know what they say,
    Sue [biggrin]

    “Be careful not to step on the flowers when you’re reaching for the stars”

    Avatar of diclemdiclem
    Member
    @diclem
    Post count: 537

    Ok, I rang to clarify….and now I am more confused!
    Basically, over the phone they say that contents and rentcover are both covered for malicious acts by the tenant.
    If you would like to see the section that I am referring to you can download the PDS from their website (The Ultra Contents policy)
    On page one under “Significant benefits and features…have a look what it says at dot-point Malicious Acts.
    Also look at the table on page 5 under malicious acts…..I’m still not clear on the whole thing.
    Anyone made a claim through rentcover for a malicious act?

    Cheers,
    Sue

    “Be careful not to step on the flowers when you’re reaching for the stars”

    Avatar of MJTMJT
    Member
    @MJT
    Post count: 80

    Sue, I don’t know about Rentcover, but oru insrer certainlly doesn’t mind if the IP is managed professionally or not.

    .. and yeah, can’t see the difference.

    better check the wording of mine. I think it was pretty straight forward.

    Matt

    Avatar of elika7264elika7264
    Member
    @elika7264
    Post count: 160

    Hi,
    if unsure[angry2], why not put all your questions in writing to your insurer. Find out if they have a unit fielding questions from the public. Be as specific as possible, so that any replies are unambiguous. If you still don’t get satisfaction, isn’t there an ombudsman for insurance that you can contact to get the matter resolved.[blink]

    By the way — your question has prompted me to look at my insurance policy (with CGU). Good move to read it thoroughly now — too late once you have to make a claim and then find out the policy is inadequate.[blush2]

    Hope this helps.
    Helen[cap]

    Avatar of diclemdiclem
    Member
    @diclem
    Post count: 537

    Hi Guys,
    Just thought I’d give you an update.
    Rang rentcover again today, I think I got a clearer response this time.
    This is my take -
    The actual “rentcover” part of the policy is covered for malicious damage by the tenant.
    eg. Tenant burns down the house on purpose, you are covered for the rent until your place is fixed/ livable again…max 12 months cover.
    In the “ultra” part of the policy i.e. contents section, malicious damage by the tenant is not covered.
    So if the tenant burns down the house on purpose, you are covered by for the rent, but not replacing the carpets, etc.
    I have taken out the policy now anyway. I don’t think malicious damage is an issue with our tenant but you never know, I guess.

    CGU – the only reason I didn’t go with CGU is because their policy includes building insurance as well which I had already taken out at settlement (Two months ago, before tenant)

    Hope I didn’t confuse you all more,
    always check the fine print [biggrin]

    Sue

    “Be careful not to step on the flowers when you’re reaching for the stars”

    Avatar of PurpleKissPurpleKiss
    Member
    @PurpleKiss
    Post count: 580

    Ah yes, that makes sense although I had to reread it several times. I found this in their brochure, perhpas it might make it clearer:

    * RentCover Plus – Protection against most tenat-related problems such as Macilious Damage and Theft caused by tenants, Accidential Damage, as well as almost every Loss of Rent Situation.

    * RentCover Plus Ultra – A unique policy that includes all the features of RentCover Plus, combined with a $50,000 Contents policy protectin you against defined risks such as fire, storm, water damage etc. Items covered within this policy, inlcuing carpets, curtains, blinds, light fittings and propertry owners liability, are not necessarily covered by Body Corporate Insurance or Building Insurance.

    I’m comfortable that I’m adequately insured, however, if you still have doubts you can cancel a policya nd get a refund for the reaminder of the year and take a new policy out somewhere else.

    Regards
    PK

    Avatar of DomoDomo
    Member
    @Domo
    Post count: 76

    I am starting to look at Landlord insurance & am currently reading Product Disclosure statements.

    RentCover Plus Ultra
    Covers malicious acts ( but not by you or by tenants or their visitors )
    The above line is from the document which I downloaded yesterday.

    If the above is correct then what is the use of malicious acts cover. I have seen one house trashed by tenants , is that considered malicious ???[confused2][confused2]

    I will be reading some other Product Disclosure statements as I need to select an insurer.
    If anyone has any info that can help make a decision please let me know !!!!!

    Avatar of diclemdiclem
    Member
    @diclem
    Post count: 537

    Hi Domo,
    Did you read my last post?
    I admit it may be a little confusing [biggrin]
    Best bet is to give them a call and get them to explain it to you.
    Good luck,
    Sorting out insurance is no fun,
    Sue

    “Be careful not to step on the flowers when you’re reaching for the stars”

    Avatar of MJTMJT
    Member
    @MJT
    Post count: 80

    Hello Hello,

    I have mentioned this on another topic but our Landlord Insurer is Hollard Insurance 1300360190.

    I copied the following from their website about the product. [grad]

    Our Landlords Cover policy offers cover for loss due to fire, flood and other similar perils, including theft and malicious damage caused by your tenants, plus we will cover you for loss of rent following an insured event.

    You can also choose our optional Rent and Legal Expenses cover for protection against interruptions to your rental income.

    Special features include:

    Cover for furniture, carpets and blinds (contents cover)
    Cover for landlord’s fixtures and fittings (home cover)
    Cover for accidental breakage of glass
    Legal liability up to $10 million
    Rent and Legal Expenses option covers you for:

    Loss of rent if your tenant defaults
    Loss of rent if your tenant fails to surrender possession
    Loss of rent if your tenant vacates without notice
    Legal expenses incurred to minimise loss of rent
    * The cover is subject to limitations, exclusions and excesses.

    One good thing I noticed in the booklet is that it is easy to understand. Things like “flood” are clearly explained and I can’t seem to finda any grey areas.

    Hope this helps.[thumbsupanim]

    Matt

    Matt

    Avatar of DomoDomo
    Member
    @Domo
    Post count: 76

    Thanks to all for the information.
    I started reading Insurance Product Disclosure Statements [baaa] ( How exciting )!!!!!

    I have decided to go with Terri Scheer as I found the information to be set out in a clear logical way plus it had a few extra’s which some others didn’t have.
    It is always a risk in doing something you haven’t done before & by being able to understand things reduces the risk slightly. As more experience is gained hopefully any risk is reduced further.

    So the journey continues & thanks to all in this forum I am now one step closer to my first investment property. [biggrin] [biggrin]

    Avatar of blossomozblossomoz
    Member
    @blossomoz
    Post count: 9

    We have 2 properties insured through Terri Scheer & am about to insure Number 3. We receive a reduction on multiple properties.
    Blossomoz
    still learning

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