Hi everyone
I was wondering if any of you have had any experience with Landlord’s Insurance in QLD.
I’ve been given 2 to choose from – Barclay MIS and another (which I can’t find at the moment-very messy workspace!).
One is from $44 per year and the other is approx $220 per year.
As I am new to IPs and this is our first in SE QLD, I have no idea of which one, or perhaps if there is some other company that we should go with.
Basically I want one that does what it says… going after the tenants to get your money back, cover any damages over and above the bond, etc. I don’t want to find out a year down the track that we have made a costly mistake that could have been avoided.
Any advice and stories of past experiences would be greatly appreciated.
Thx, Mary
[
]Hi Mary B, I have IP in south east Qld. I use MGA Insurance brokers P/L – Toowong Qld – phone 38761224. They paid up for me when a tenant refused to. I took a while for he processing but there was no arguments from them. In the instance of tenants defaulting though the eviction has to take place through the courts for the insurance guys to recognise the rent in arrears payment.
Also they have always been friendly etc and good natured on the phone that always helps I find as they will refer you on if they cannot help. Oh and don’t forget which ever one you choose read the small print.
Caddy [8D]Hi Mary
We have several properties in Brissie and we pay about $220/year. We use a company called Aon but CGU and Terry Sheiffer also does it. Talk to your realestate agent who rents out the property to see who they use.
If you have multiple properties it is better to deal with the insurer straight as you get a discount.Erika
Hi Mary Erika and Caddy,
Interested in this also.Has anyone had to make a claim because of Tennant damage and how good were their insurers in coming to the party? [
]Rita
Caddy here, I have not had to make a claim for damage but when I made the claim for the rent in arrears MGA did checkwith me if I had any thing to claim under the damage clause. Sorry I cannot help you furher than that.
Caddy[8D]Hi All
We have had no problems with insurers paying for damage. Our realestate agent has a good history with the insurer so all goes fairly smooth.Erika
Thanks Caddy222 and Erika for your replies. I appreciate it.
Is it your recommendation that if we go with the Insurer that the realestate agent uses ($220 per year) it would be better as they have a relationship and therefore things get done?
Hi all,
I just finished a conversation with my RE agent about insurance. Her opinion was that Barclays was mainly a debt collector and would cover the cost of getting rent from tennants who default. We chose to go with CGU who we insure all our IPs with. The cost is $80 ayear for loss of rent in case of fire etc and then the cost of default, damage,theft by tennants etc. was covered by a different amount depending oon rental income. Hope this helps.
TheresaHi all,
I just finished a conversation with my RE agent about insurance. Her opinion was that Barclays was mainly a debt collector and would cover the cost of getting rent from tennants who default. We chose to go with CGU who we insure all our IPs with. The cost is $80 ayear for loss of rent in case of fire etc and then the cost of default, damage,theft by tennants etc. was covered by a different amount depending oon rental income. Hope this helps.
TheresaHey there Mary,
I hav a house insurance policy with the Commonwealth that also has Landlords insurance linked to it. i remember that it was the cheapest option by far here in sydney when i was making the phone calls. If i remembeer right they also gave a discount on the home insurance?? its been 10 months but lol so i may be mistaken.
44 py sounds VERY cheap… what exactly does this buy? sounds sus to me….
do your research, call around and read the fine print!
Hope this helps!
Jason
Thanks for all your replies.
We can’t get Landlord’s insurance with the house insurance as the IP is a townhouse… the body corporate pays and selects the insurance for all the townhouses in the complex.
The $44 from Barclays does appear to be more like a debt collector. I think I will do a bit of research first. I’ll let you all know if you are interested in what I find.
Thanks again for the replies.
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