G’day guys and girls
Does everybody have landlord insurance to cover rent during vacancy periods??? What are the pro’s and cons and what does it cost. My PM said they r quite pricey.
Cheers
Coops
Hi CoopsT
I have landord insurance and it costs me approx $200 per property. I does not however cover “rent during vacancy periods” (would be fantastic if it did)!
What it covers are things like malicious & accidental damage ($500 excess per incident); shortfall in rent arrears if a tenant leaves (the amount covered depends on the reason the tenant left) and also covers if a tenant leaves during a fixed term lease – again the period of time you receive cover for depends on circumstances of the tenants departure!!!. [winking]
Most of these insurance policies are generally only available if you are using a PM. I’m in Qld and the broker I use is MGA Insurance Brokers in Toowong, they are underwritten by GE & QBE Insurance.
Hope this helps. [sunny]
Yasna & Simon
Hello
I have landlord insurance through a company called RentCover (underwritten by EBM – see http://www.rentcover.com.au)It covers rent if a tenant leaves prior to the expiry of lease as well as malicious…the usual stuff
This particular insurance do offer vacancy BUT only after it has been vacant for over 90days, which is a very long time to have property to be empty…I would hope that in that time you would try and do everything in your power to get the place rented…even if it means lowering the rent….
I am not 100% sure what the terms and conditions in making a claim (perhaps you have to show that you have done everything in your powers to get it rented before they make a pay out) so you will need to read product disclosure statement and there is a $500 excess as well..
Hope this helps
Hi CoopsT,
I have Landlords insurance with CGU and my policy is due for renewal very soon. It only covers rental vacancy if the premises are untentable, so no it doesn’t cover rental vacancy.
Hope this helps.
Cheers,
Gatsby.
[“Sometimes the hardest thing to do in life is often the best thing to do”]Hi Guys
Cheers all for your help…..I did a bit of hunting (including rentcover.com) and ended up finding a place that cost $234 per year….It was interesting how different some of the policies can be but I am happy with the terms I got.
Again the help is much appreciated.
Coops
Coops,
Glad to hear that you were able to you were able to find what you wanted.
Kind regards,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
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