Is anyone able to recommend a good landlords insurance policy that covers loss of rent.
I have been getting some quotes for various insurers, however the cover varies a lot.
For instance, NRMA appear to be the cheapest, however, the large print states they will cover up to 8 weeks rent if the tennant stops paying. The fine print states that if you make a claim they will take out the excess (which is fair enough) but also reduce the claim by 4 weeks rent. Therefore, if the excess is similar to a weeks rent, you can’t claim for the first 5 weeks of loss, and can only claim up to 8 weeks.
I am buying a stand alone house, so the policy must include both building and landlords.
Any recommendations would be appreciated. I have already looked up NRMA, CGU, CommInsure, and QBE.
Thanks,
Simon
Hi Simon,
Maybe your PM can help out. My PM in SA put us with Millennium Underwriting Agencies but I am not sure if they cover all states of Aust. It costs me $223 if that helps.
Kim
CGU has the best LL insurance that I have seen. A bit expensive $560 for 3 bed in qld.
AXJ
Hi Simon,
I am with Westpac – the policy states the “The most we will pay for loss of rent is an amount up to $1000 per week up to a maximum period of 10 weeks”
You can check out the policy on http://www.westpac.com.au/internet/publish.nsf/AttachmentsByTitle/FSR_HomeContentInsPDS.pdf/$FILE/FSR_HomeContentInsPDS.pdf
Hope this helps….
Vivek
Why go around looking for the best prices yourself. Go to an Insurance Broker who has access to all the insurance companies & they will give you the advice on who is the best. It may not be the cheapest but you get what you pay for. It is the way they pay the claim that is the measure.
Thanks everyone for your replies. CGU did look good but it is expensive. I may get in touch with a broker.
Simon
Simon,
I use Terri Scheer for all my rental properties in Qld.They will pay for loss of rent caused by premises left untenantable due to malicious damage to the building & contents up to 52 weeks & for absconding tenant up to 6 weeks.The policy costs approx $250.00 p.a
The website address is http://www.terrischeer.com.au
Hope this helps
Regards
Bozang
Thanks Bozang,
I rang Terri Scheer, however, they are very expensive for building insurance.
Simon
In relation to NRMA. I spoke with them today and the 4 weeks in rent deduction is basically them recovering the bond, as they don’t want you to prifit twice from a tennant not paying.
Therefore, I believe they are the cheapest by a long shot. (For my circumstances anyway)
Simon.
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