- JP888Participant@jp888Join Date: 2009Post Count: 19
I'm seeking advice from fellow forum members concerning landlord insurance. My first IP is almost at handover stage and I need to organise an insurer in the very near future.
Recommendations, prices, comprehensive deals, things to look out for, etc. Anything that could add value to my decision would be much appreciated.
JonJacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539
I always go with AAMI for properties they are happy to insure. Have had to make a substantial claim in the past and it was smooth sailing. Could have been quite debilitating if they tried to wriggle out of paying for anything.
Remember to insure the building and also to get landlord insurance with the tenant protection added extra to cover the likes of rental default and malicious damage.Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069C2Participant@c2Join Date: 2002Post Count: 518
Check which companies your property manager or agents use and inquire how they go at getting claims accepted.
They may get a kick back from whom they suggest but they also have to let you know this.
Go over your coverage very very carefully and anything you are not sure of double check.
Remember insurance agents are not there to help you and will probably look for any loop holes not to pay a claim.Lesley KMember@lesley-kJoin Date: 2013Post Count: 1
I would like to hear from those with experience in making a claim on landlord insurance.
I had to evict my previous tenants for rental arrears (around 3 months through QCAT to get them out), the house was trashed we filled a 10m3 skip bin with rubbish. Holes in walls, modified carport, carpets totally wrecked, front door stuffed plus two security door locks broken…the list goes on.
CBA Landlord insurance inform me I am not covered for "housekeeping" (this is what they call rubbish, filthy walls and carpets) so my daughter and I had to clean the filthy rubbish ourselves plus re-paint entire house and replace the carpets. Believe me I dry retched the whole time!
It is over a month now since I put my claim in and all I get from the insurer is "we have not had time to look at your claim".
Does anyone know of a general timeframe when insurers get around to settling the claims? I do not even know whether they have accepted it. Basically my claim is for loss of rent. rental arrears and repairs to modified items.
Cheers and thanks for sharing your experiences.donxxxParticipant@donxxxJoin Date: 2007Post Count: 9
Who did you insure through?
They sound like someone we should avoid?
DonDippaMember@dippaJoin Date: 2012Post Count: 15
I am currently going through a claim at the moment with GIO, they cover first $4000 of rent owed and malicious damage, everything else they call house keeping. I am not that impressed at the moment.
Lessons learnt, ask about pets, even if you say no to pets, if the tenant gets an animal and it trashes the house you are not covered. Only holes are covered not scratches or dents in the wall they call that poor house keeping. I will be looking are AAMI after this claim and also have been told CGU are good, but don't quote me.
When asking about what is covered really make sure you cover every possible extravagant scenario.