Forums / Property Investing / Help Needed! / Landlord’s Insurance due. Any better options out there?

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  • Profile photo of theresajleachtheresajleach
    Participant
    @theresajleach
    Join Date: 2006
    Post Count: 24

    My property and landlord's insurance seems to have gone up quite a bit this year (2011).
    I have two 6 year old small houses on a subdivided block in Tailem Bend, South Australia.
    Both are tenanted and an agent is looking after them for me. My next bill for both these is $989 (total) with Calliden (Australian Unity).
    I would be grateful for any suggestions or views on this.
    cheers and thanks from Theresa

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404

    I use Terry Scheer for most of mine.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Grab a few quotes – Terry Scheer, Onepath (ING) and Real Insurance are generally quite competitive.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of DAMPropertyDAMProperty
    Participant
    @damproperty
    Join Date: 2011
    Post Count: 44

    I use EBM Insurance. 

    DAMProperty | DAM Accounting Services
    https://www.damaccountingservices.com.au

    Profile photo of twafytwafy
    Member
    @twafy
    Join Date: 2011
    Post Count: 6

    I use Terry Scheer too, I did get a cheaper quote one time from my car insurance company but comparing all the features, I decided to leave it with Terry Scheer cuz they specialise in land lords insurance, of course I alway get a requote every year to make sure i'm getting the best value for $

    Profile photo of theresajleachtheresajleach
    Participant
    @theresajleach
    Join Date: 2006
    Post Count: 24

    Thanks everybody for your comments. I have just requested a quote from Terry Scheer and will follow up on other companies
    as suggested.

    Profile photo of lucigooseylucigoosey
    Member
    @lucigoosey
    Join Date: 2009
    Post Count: 42

    Just wondering if someone can provide some advise on the type of insurance required for a new landlord.

    I just purchased a Strata title 1 bedroom apartment. What  type insurance should I be taking out for this? Is it only landlord insurance or some other as well?

    Thank you in advance

    Profile photo of xdrewxdrew
    Participant
    @xdrew
    Join Date: 2010
    Post Count: 479

    Lucigoosey,

    House and Contents insurance should be what you are looking for. Make sure you go through the property and take into consideration what the place could lose and what it would realisticly cost to replace it. I had my H&C Insurance pegged at 8k replacement for a couple of years on one property until i realised i had about 20k worth of kitchen and bathroom fittings to lose on.

    Your Body Corporation/ Owners corporation should be covering the common areas. Make sure they are .. and that payments are kept up to date.

    Profile photo of qldminer11qldminer11
    Member
    @qldminer11
    Join Date: 2011
    Post Count: 8

    we manage our own property does anyone know of a company that will give us land lords insurance most we have found only insure you if it is managed by a agent

    Profile photo of TayloredPropertyTayloredProperty
    Member
    @tayloredproperty
    Join Date: 2005
    Post Count: 14

    Terri Scheer are without a doubt the most comprehensive policy I have ever come across. Its $265 per year per property, and there is multi property discount so it goes down a bit too. They just pay out in more cases than bank related products.

    If you are privately managing, the best one I have seen was through SGIC, but of course have not made a claim or anything like that with them, but it looked to be a much more comprehensive policy for private management.

    Profile photo of InstepInstep
    Participant
    @propertyinvestorqld
    Join Date: 2015
    Post Count: 3

    Avoid TSI for property insurance. They may have been good in 2011, but were bought by Suncorp. My experience was ABYSMAL (and still is – one claim for storm damage has been going on for 7 months) Find another insurer!

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    You have to watch out for how some of the insurers cover “contents” in unfurnished rental properties. Contents would be your carpets and window coverings basically. As an example, EBM has a standard $50k coverage on these, which is astronomical on say a 1br unit. Thus one example of where high insurance premiums come from.

    I find AAMI to be fantastic for dwellings that they’ll insure. GIO’s rates are good on not-so-conventional properties, but they are very painful to deal with.

    CGU is always great for a balance between pricing and quality of service.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

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