I would like some suggestions on which insurance companies are good or bad and also what I should look for in the policy. Thanks
Hi Lila77
Due to the Financial Services Reform Act we cannot recommend insurance companies or policies, however many of our clients use AON, EBM insurance and Terri Scheer for landlord insurance policies.
Hi there Lila77,
The landlord suggestions above have been popular with my past clients and investors as well.
You need to check that the policy covers rent arrears, damage and third party damage meaning something a guest of the tenant may do.
Check what the excess is on a claim as some divide up the claims into parts and charge excess on each individual thing, eg. painting, carpet replacement, electrical damage. These may each hold and excess as they are treated as seperate claims even though they all happened with the one tenancy. This can prove a little pricy and you can be a bit out of pocket. You need one excess per tenancy so that all damages and rent arrears are covered with one excess.
If you ask questions you may find one of the above insurance providers is what you are looking for…..!Enjoy, Future Wealth
Thanks for these suggestions and the list of what to check for.
Is there anyone who actually use the insurance and have made claims that could tell me about their experiences.
I usually use Real Insurance – they let us self manage, seem reasonably priced and the service so far has been pretty good.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Lila,
AAMI, NRMA (RACV) and Allianz are all ok for basic Land lord policies. I use AAMI mostly, but if y ou want all the bells and whistles Terri Scheer seem to be the pick if premiums are no option and you want better cover. It's all relative.
Just make sure you have (some charge extra) rental income/default protection and check the major differences.
The main issue with the basic ones I find is that there is a maximum of $10,000 cover for intentional damage by the tennant…..which lets face it would be no good if you ever got a tennant with vandalistic tendencies. THat is the main issue with the cheaper cover, and of course any 'flood' cover, as it varies. I am noticing premiums are well up this year especially in 'flood areas'.Cheers
lila77 wrote:Thanks for these suggestions and the list of what to check for.Is there anyone who actually use the insurance and have made claims that could tell me about their experiences.
Yes I have made a calim for malicious dmage and rental loss with Terri Sheer. Like all insurance companies they go through the process of trying to deny the claim. I found them to be fairly aggressive, officious and non responsive with my claim. I got some bucks in the end but wasn’t that impressed but I do know that all insurance companies are crap when it comes to a claim.
Cover for pet damage is also something to look at, GIO state that if myself or the tenant authorize for an animal to be at the address then the damage that animal does is not covered, so to summarize, if as a landlord I say no pets and the tenant decides they want a horse, they let that horse inside and it trashes the house, then I would not be covered for a cent……….Food for Thought.
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