I have a few days til settlement and looking for a good company for Landlords insurance. I know, I know, I've left it late but who do people use?? Rough Costs? Traps?
Hi there
have used both Wesfarmers and AAMI for landlords insurance – Wesfarmers was getting a bit pricey and AAMI looked like they had a good replacement policy for the property (AAMI has an online quoting system which is cheaper than over the phone)I have had to make claims from both insurers before – and both have been good to deal withOne of the best policies around for landlords insurance is teri scheer. The reason why I like it is because they dont expect you to use the bond money in claims for damage. The bond is there for you to claim for other things if you wish to.
You can only insure properties through TS if it is professionally managed. The pitfalls are that the policies are one size fits all, they are one price for all properties (around $250 for landlords insurance), so they tend to be cost effective for higher end properties but too expensive for lower end policies.
If you are in SA, I would be happy to send you out some information on TS policies.
The other thing to look out for is that agencies that recomend TS are paid a referral fee (or kickback) from TS some of them (like us), will discount their clients policies by the amount paid in referral fees, ie they pass the payment to the client and don't keep it, some disclose it and keep the payment and some agencies don't even disclose that they are paid a referral fee. The thing that concerns me about that is you have to question whether the agent (or pm) is recomending TS insurance because it is best for your type of property or whether they just want the payment from TS and don't care what policy you use!
Hi Mall,
When looking for Landlord Insurance I went over the PDS of maybe 6 or 7 companies. On a spreadsheet I wrote in what each company offered for each service (if at all) and the total cost of each. It was a pretty long list and took a bit of time but in the end the choice was clear for us. Setting everything out on a spreadsheet was a bit time consuming but in the end it gives a really clear picture of what's on offer and helps with an easy visual comparison of policies.
What's right for the goose is not necessarily right for the gander. Take all suggestions put to you and then closely examine the frontrunners to see who offers you the best deal.
Good luck,
Artps. we went with NRMA NSW
Artaud do you still have that spreadsheet? Id like to see it, even without the companies in it but with the headings etc that would be useful for a few of us here.
My Property Manager has asked me if I'm taking out Landlord's Insurance – still not sure, as I assumed if you had a property manager on the job that it wouldn't be as necessary?!
Thoughts please?
SQ
suzieq wrote:My Property Manager has asked me if I'm taking out Landlord's Insurance – still not sure, as I assumed if you had a property manager on the job that it wouldn't be as necessary?!Thoughts please?
SQ
You absolutely must have it!
It's a couple a hundred per year, but is tax deductible and worth every cent. The P.M doesn't stop the tenants from doing damage or doing a runner.
The insurance covers you against this and more.
There is AAMI, Property One, and various others. Do a google search, or ring your lender – sometimes they provide it, or ring your insurance broker if you use one. Even the P.M might be able to suggest someone.As L.A. Aussie said Landlord insurance is a must. You don't know if a pipe is going to burst or the tennants damage the place because the RE agent isn't sitting in front of your place all day very day.
I originally went with a broker my work used, but not being able to contact them when renewal time came around made me try Terri Scheer. TS policy seemed good & is one of a couple suggested by RE agents. Because I was in a hurry to get cover I went with them & did an analysis later. I spoke to a broker associated with one of my managing agents & finished up with CGU and ahve since t/f all of my properties to them & they have arranged a common expiry date under the one policy. Including the building insurance I'm about 10%-15% better off price wise & have broader & better cover (for my properies, but this may not apply to you.) The broker has been great & always returns calls & emails promptly.
Contact some brokers to see what they can advise & compare what you are offered.
HaddoHi,
I've had a look and can't find my spreadsheet but it may be on the old computer so I'll have a look.
Basically what I did was to put the various companies at the top and then features in the left hand column. The way I built it was to go through the first PDS and list all the features it offered. I then repeated for the second PDS, adding any additional features as I went. After the first two or three PDSs I had a pretty good view of the full gamut of features offered.
I've got a day off tomorrow so I'll have a look through the old computer. If I can't find it I'll see if I can't knock one up on Excel and then post a link to an uploaded version of it if anyone's interested.
In fact, that's an interesting idea. I'm sure there are tons of us out there that have various homemade spreadsheets and miscellaneous templates for IP-related stuff (I've certainly got a few). I wonder if we could convince the powers that be to work out how to store this kind of stuff linked to the forum so it can become part of the community resources here. I'll post in the suggestions section and we'll see what happens.
Cheers,
ArtThanks guys, I shall be hooking up with someone tomorrow regards Building insurance and will go the Landlords as well, sounds like a good plan.
SQ
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