Any advice on which company you guys think are the best for landlords insurance? I want value for money in terms of the level of cover (not too many tricky little get out clauses) and a company that pays out claims without argument. Insurance isn’t worth a fly in a pie if they won’t pay out.
Any advice on which seems to be the most popular company will be much appreciated. Thanks.Hi Hunt,
If you do a search on this forum you will find lots of info on landlords insurance. It’s been a popular subject. From memory “Rentcover” seemed to be very popular try rentcover.com.au.
good luck,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
CGU, Terri Scheer(Brisbane based), there are a few, some will not insure for you if it is self managed.
J.
Hi
We have used the National Bank’s landlords insurance, no complaints.
G
1st Post, here goes.
I did a comparison a few years ago and more recently and found CGU appeared best. Since then I have made a claim. Had some tenants punched holes in walls, then I found out that a significant excess applies to each hole (not per entire 1 claim), or at least each damaged room or area. Am now trying to prove due to having to wait for tradesman to complete repairs I could not tenant the IP for X weeks before I claim loss of rent. Suffice to say I have not been happy with CGU when it came to making a claim.In any case, my thoughts are now tracking to canceling with CGU evaluating some other Landlord insurance products or self-insuring. ( I.e.) for what I have paid in landlords insurance premiums over the years I could have covered this cost many times over. The only issue is if you have a big claim (hypothetical) i.e. 6months lost rent & $$$. Could I cover it with out insurance(Risk)? Versus the chances of that happening with a Professional IP Manager keeping eye on property (mitigation)?
Just some of my experience and thoughts.
Cheers
Have_FunSomething similar, and cheaper, is offered by Barclays – from memory its about $60 a year cheaper than comparable policies. It’s a “debt recovery” service rather than an insurance policy per se. My understanding is that Barclays buys the debt from you, and goes and recovers it from the tenant. Has anyone else used this?
The debt recovery option may be a good complement of self insuring, but I wouldn’t advice anyone to self insure.
In my opinion CGU is good, providing you have a small excess. They do pay._________________________________________
“What you want in your life occasionally shows up…
what you must have… always does.”
……….– Doug FirebaughMay God Prosper you.[biggrin]
Marc…http://www.chosen4u.com/?acegood old nrma now offer landlords insurance. ive always found the nrma to be H E L P ful….
Now that you mention it, I heard something about that. They added this product recently. Must check them out.
Also Rencover seem to be specialised and promise a lot of things on their webpage. Worth to check it out too. I just sent them an e-mail asking for a quote for all my properties, may be tempted in offering me some discount hehe.[cap]_________________________________________
“What you want in your life occasionally shows up…
what you must have… always does.”
……….– Doug FirebaughMay God Prosper you.[biggrin]
Marc…http://www.chosen4u.com/?aceI was using Terri Scheer Ins Brokers however have also had some difficulties with claim, ie., $500 excess for accidental or malicious per incident (they claim that cigarette burns in carpet after final inspection indicates that these were individual incidents per room and therefore $500 excess applied for each room). Therefore not worth claiming!!!. Plus they have approx $180 excess on loss of rent after deduction of bond for cleaning, repairs, etc.
Have now switched to MGA Insurance Brokers (underwritten by GE & QBE). Approx $210 per property (discount given for 4 or more properties) and no excess on loss of rent (will use any left over bond as their excess). $500 excess still applies for accidental or malicious damage. Malicious damage must be reported to the police or they will not pay (applies to most companies) and usually if big claim then need to get an assessor out before undergoing any repair work.
Hope this helps. Bye for now
Yasna & Simon
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