Hi Don and Liz,
Re: Barclay Debt Collectors
No I haven’t made a claim with Barclay, but they have sent out letters of demand to tenants which works very effectively.When I first started in proprty investing (which was only a few years ago) I couldn’t beleave that we are all insuring our tenants. It should be them taking out insurance incase they can’t meet their obligations or they damage some bodies property.
Barclay relize this and make the tenant accountable for all the damage, loss of rent, even cleaning up after they leave.
They have two levels of cover. One is they pay you straight away at a cost of $198. and the other cheaper plan is they pay you when the money is retrived at a cost of $44. NO EXCESS, NO WAITING.
It’s inportant to remember that if you decide to have this instead of Landlords protection, make sure you still have public liability insurance. Particuly with Strarta Titles as the Body Corporate Insurance DOES NOT cover Public Liability Insurance in you lot area.
Web site http://www.barclay.com.au
Have a look, it’s a good site as well.
Hi Wild One,
Thanks for the feedback!
Cheers
[email protected] – Experienced investors living in NZ who can find properties to meet your needs!
Project management also available – finding solutions for problem properties![rolleyesanim]I may have given the wrong site addresss. Sorry, try this one.
I still agree with Dazz
the time it takes to read through their stupid policies to see what is claimable, is better spent looking for your next buy.
I hate insurance companies.
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
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phone 0412 437 582we recently had a ute stolen, the cost of the car was $5K, we claimed it.
It took a private detective to come in and interview every member of our house for 3 hours each before the insurance co paid the $5,000.
Honestly, my time is worth more than that, for a measly $5,000. I would rather go out and buy a new car and not have to go through the b^%%%it of the insurance claims
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
[email protected]
phone 0412 437 582Hi DrX,
Can you name the company that sent out a PI for a 5k car. I will be staying away from them. You are right that is a big time hassel for a work ute.
cheers,
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Originally posted by Dazzling:I reckon if you sat down and did a cost benefit analysis w.r.t. insuring your IP’s, the only event worth insuring is the full on fire scenario, and even then they’ll try their utmost to wriggle out of it.
Insurance companies are in it to make returns for shareholders, not to make life easy[biggrin]
They always have a “WRIGGLE OUT CLAUSE” in the fine print IMO, so they can do exactly that. Sometimes it is cheaper to fight you than pay you.
CATA
Asset Protection Specialist
[email protected]Hi Don and Liz
We have everything insured with CGU, we have reduced some of the policies we now know cant be used unless you can proove specific instances, ie tennants smashing everything within a given time.
sounds like we might have to move to AAMI or something else.
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
[email protected]
phone 0412 437 582Oh Dr X, you are going to hate me. I am a lawyer AND I used to work for insurance companies.
But I’ll redeem myself here. Insurance companies have budgets to meet. Their initial stance (by non lawyers) is to reject all but the most obvious claims. They then (again by non lawyers) try to negotiate to THEIR best outcome. Most clients accept the initial rejection.
Don’t accept the rejection. Dispute it long enough to go through to their lawyers who will then have to do a risk analysis. Is it worth the money they will spend on lawyers to continue to dispute the claim? Usually, if you push hard enough, the insurance company will accept the claim because it is far cheaper than litigating it.
I have made a number of insurance claims for various things and have always ended up having them accepted. I once even got a $12,000 new bathroom when the initial offer was $150 to repair the damaged ceiling in the room below the bathroom.
Just wear them down. Small claims are just not worth their while disputing.
Cheers
K
Thanks Dr X,
Have made a mental note. Just wanted to add one thing to the discussion about my personal experience with insurance companies.
It really really depends on the individuals you deal with when making your claims and the way that you submit your information. You need to be 100% truthful but you need to give the insurance company the information they need to help you.
No point running at a brick wall with your eyes closed and expecting a pleasant result.
Cheers.
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