I have had budget direct landlord insurance on 2 rental properties, i have recently had bad tenants and had to have an eviction as a result the tenant did maliciously damage most of the walls carpet and doors. Now i will admit that i did not do due diligence thoroughly enough and thought all apples are the same, having said that i as a landlord feel very let down by the lack of cover and the massively excessive excess fees that came with the policy. So I’m now asking for other landlords to recommend reputable insurers that i should look at for future cover
price is not really an issue but a balance of price and reliability of service and cover is
Thanking you all in advance
Keith-
This topic was modified 8 years, 7 months ago by
Keith.
I have had budget direct landlord insurance on 2 rental properties, i have recently had bad tenants and had to have an eviction as a result the tenant did maliciously damage most of the walls carpet and doors. Now i will admit that i did not do due diligence thoroughly enough and thought all apples are the same, having said that i as a landlord feel very let down by the lack of cover and the massively excessive excess fees that came with the policy. So I’m now asking for other landlords to recommend reputable insurers that i should look at for future coverprice is not really an issue but a balance of price and reliability of service and cover isThanking you all in advanceKeith
Sorry to hear about the poor experience Keith. I have had a mixed bag of experiences over the years, some good and some bad. EBM and MGA are two of the common landlord brokers out there that people (and me) have used, not perfect but read the policy (whoever you choose). I have also had policy with Alliance for a few yrs.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
It’s important to have the proper insurance policy in order to keep you from unnecessarily losing money or property that may be not possible to recover.
Unless you’re in a flood area, EBM Rentcover is definitely the way to go.
D.T. | DT Property Management
http://www.dtproperty.com.au
Email Me | Phone MeAdelaide Property Management - whole Adelaide metro
Why was it that Budget Direct denied your claim?
Was it they denied or there were “un recognized limits” that you didn’t understand when you took out the policy.
As per this post
https://www.propertyinvesting.com/topic/5006038-chu-landlords-insurance/We have CHU insurance that we got via their broker Honan for $340each property. Was surprised how cheap the coverage was compared to what we had been paying elsewhere but have never had to make a claim yet so….a little concerned but we’ll see what happens when it happens
One of my investment property used to cover under NRMA landlord insurance. The tenant who live there had defaulted on rent about 12 weeks. I made a claim after evicting the tenant. It pretty quick, fully paid, no drama.
The only problem with its policy is I have to make a seperate claim if I want them to pay for building damage caused by the tenant. Since I have 2 policies ( building and landlord) with the same insurer NRMA. A separate claim mean an extra access fees.
The lesson that I ‘Ve learnt is never get both building and lanlord policies from the same insurer. $100 cheaper for combining premium is not worth it at the end.
The lesson that I ‘Ve learnt is never get both building and lanlord policies from the same insurer. $100 cheaper for combining premium is not worth it at the end
In my experience, I highly recommend getting LL and Building at the same insurer. Otherwise, they’ll try to send you to each other for claiming saying that it belongs to the other’s policy.
D.T. | DT Property Management
http://www.dtproperty.com.au
Email Me | Phone MeAdelaide Property Management - whole Adelaide metro
was just costly in excess fees
Under their landlord policy NRMA have certain amount of cover for building damage cause by the tenant. If the same tenant default on rent and damage the building at the same time. The claim is count as one which only access fee applied.
-
This topic was modified 8 years, 7 months ago by
You must be logged in to reply to this topic. If you don't have an account, you can register here.
