Hi All,
In case others weren’t aware AAMI has just released a new Landlord Protection policy (started 11/8/05).
Only found out about it as I was shopping for insurance on our newest acquisition.
This new policy apparently covers same as previous landlord policy plus rent defaults, malicious damage, etc. It appears that with the extra coverage the premium only increases (in our cases anyway) about $20-30pa. For example, on one of our props we have $200,000 bld cover and ‘previous’ landlord cover – cost $309pa. New package quoted at $330 (or there abouts – waiting to study policy before checking exact $’s)
Anxiously waiting for policy doc to arrive to check whether I understood sales staff correctly.
As I said to sales staff it does sound “too cheap” for the level of coverage.NB: I couldn’t find this new policy on AAMI’s website as at 11/8
Might be worth looking into – good luck
Ray
To begin and not succeed is not to fail
To never try is to failThats an expensive landlord insurance.
I think it is outstanding value if it includes the existing building insurance cover of the current AAMI landlords policy (which is basically building insurance for a property you rent out rather than live in). This upgrade would eliminate the need for seperate policies on building and landlords insurance if it is as you understand it Ray. Interesting…
Kind Regards,
SonjaYap, just signed up on the weekend and the policy details are in the mail. It looks like a great deal as I have 2 leases on 1 property, the sale girl indicated that the tennant protection insurance (I think that what they called it – building + landlord) will covered the 2 leases. I have quotes from other insurers, the landlord insurances alone for the 2 leases is around $500. AAMI premium is only $290 with $1000 excess.
Is the $1000 excess on the landlord protection part as that sound a bit steep.
I presumed so. But you can choose the level of excess that you are comfortable with. Of course, it will be reflected in the premium.
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