Hi
Has anyone had experience with good insurances and any insurance company's you recommend to stay clear from. We've been with one company for years and have only recently put our first claim in. It took months and months of constant follow-ups to receive anything back and it was very minimal. (Eg. The tenants ripped all the blinds of the windows and the insurer wouldn't cover it even though the tribunnal proved it's malicious damage). We are looking to change companies.
Is there any insurance company that you have dealt with that offers a landlords' policy and also includes maintenance cover? I've heard of it but can't find it anywhere.
Thanks!
Insurance is like anything you get what you pay for.
Some of the premium companies may charge more but they can be much easier to deal with come claim time.
Insurance companies have taken a hit in the last year with the Bush Fires, Storms and QLD flooding x 2. They are like any other business when times are tough they do what they have to do to save money. They do this by tightening up on claims and make the customer jump through more hoops produce more evidence and documentation until in their eyes hopefully the customer gives up.
I'm with EBM Insurance for my strata units. The price is $330pa each property (up to $999pw rent). Anything over $1000pw goes sky high. Just did a claim last year for $20K damage to my apartment. They paid out $14,000 + I got to keep the rental bond of $3,800. They paid for new blinds in one room that were scratched. No hassle at all with them. They even paid the rent for the 2 weeks to fix up the place.
Thank you both for your responses. EBM sounds great. Gosh, $20,000 damage…It's amazing what tenants can do. I'll definately contact EBM as soon as I finish this email. Sincere thanks again.
Hi may I ask which insurance company you are with. If you cant say online, perhaps PM? thanks
Lumley insurance is also good, I have had 2 claims threw them and both times they paid out, this was not for property tho, it was something totaly different but still were very good, I do have my properties with them tho
EBM specialize in Landlord's Insurance, especially for strata units. My IP that are houses are insured with Suncorp, but luckily no insurance claim yet.
Hi
What a great site. I didn't know you could send PMs but worked out how to do it. (I only signed up yesterday so am still working all this out).I've contacted EBM since my last post last night and should hear something back soon. Their website information seemed pretty good. I didn't realise they were brokers. So do they actually find another insurance company or is a person insured through EBM? I'll check out Lumley and Suncorp too but am tending to lean towards EBM due to a proven history as written by DannyDe (I'm not keen to lose thousands again).
Thanks again to everyone for your posts, I really appreciate the time you've taken to respond.
Hi blackhotel,
I know its an old thread but just wanting your opinion on EBM as I currently have 1 EBM policy on a strata unit and considering using them again on new purchase with is a house – approx $650 p.a which includes Landlord, Building, Contents up to $50k. Price is cheaper than competitors, I looked at Terri Sheer for LL and NRMA for Building and it was a far bit cheaper. Is the cover comprehensive enough to cover houses? I have looked at the PDS and it seems to have more inclusions than other insurance providers.
I have one house that is insured through EBM and the rest are with Suncorp as those properties are in QLD. With insurance for a (house) rental property, I don't take-up contents insurance as the place is not furnished. It's a question I put to my insurer last year and asked what does the contents include and it was more if the property was furnished. My insurance quote went from $643 down to $314. I also increased the excess to $5,000. I have allot of properties insured and I have saved heaps by increasing the excess on all of them. It's just a strategy I use for keeping my insurance premiums to a min.
I currently use EBM for my properties. Haven't looked at the docs for a while but I believe they are underwritten by QBE. One of the main reasons I chose EBM was the 'accidental damage' which a lot of policies don't cover. Sometimes the bond doesn't cover tenants 'accidents' which can't be classed as malicious.
Simon.
Thanks black hotel and Simon.
Just one thing with the LL policy – The up $50k contents cover on fixtures and fittings is automatic with the Landlord Policy so my insurance is only in the $300 price range.
I agree with you Simon – Always best to get cover with 'accidential tenant damage' as alot of insurers wont pay up if you only have 'malicious damage' as they try to weeze their way out of it on a technicality.
Thanks for the opinions guys.
Jac
Hi All,
Just FYI it is true that in a lot of policies, deliberate damage by tenants or their guest is not covered – and would need to be purchased as an option, (Allianz & QBE come to mind to name a couple) And there is usually a limit on this, of approx $10k. Obviously, if it falls under one of th 'insured events' that is different. SImply put, make sure you ask questions, and much more importantly……read the PDS.
Cheers
HI v8ghia
EBM who LL policy is underwritten by QBE – Malicious damage or theft by tenants as well as Accidential damage to both building & contents or any unauthorised home alterations is up to $50k.
Although always best to go through PDS and compare between insurers.
STAY AWAY FROM QBE, had a claim for fire on a vehicle, the same time the final repayment was due. The finance Co wanted to be and was paid out by me. QBE 's solicitors made up a heap of lies as to why they shouldnt pay, after about 2yrs of hassles and court cases, QBE had to pay. But they refused to pay me they said they had to pay the finance company even though the loan had been paid out. The finance company said they had no authority to give the money to me and they dont know why QBE sent it to them. All QBE would say is you will get your money eventually, but do abslotely nothing. After 3 years I got a call from a new employee at the finance company saying there books dont balance and they owe me some money. Had a claim for property at the same fire with CGU . No problems. Assesor came out almost immediately asked what I thought was the cost of damage even though slightly inflated, said that sounds fair and I had the cheque in two weeks no questions asked. Yet QBE wondered why I didnt renew my policies with them.
Forgot to add it is crap to say you get what you pay for , as QBE policies are at premuim prices.
you are saying right there are lot of problem in searching the best insurance company in the market. i will recommend to check the each detail of the condo insurance company before hire it…
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