I have just registered for landlords insurance with Property Insurance Plus (PIP). They have the best cover and are the cheapest ($270 for 14 months). Their policy also really suits me as it covers non real estate agent managed properties. They are much cheaper than RACV and the level of cover is much better,
But wondering if anyone has made a claim with these guys and did it get paid out without any hassles? Might be great that their policy is much more competitive but if they do not have strong financial backing bit concerned may result in a claim not being paid out? The insurance is underwritten by Guild Insurance Limited
Did you read what you were covered for in the fine print?
Alot of people in the brisbane floods were covered by flood damage. But being covered by flood damage was reneged later in fine print of the contract which said that if the home was within 500m of a river prone to flooding and it wasnt covered.
My partner works in insurance broking and I don't think shes mentioned either of those companies. Ill inquire as to why or why not if she has used them and what there payout rates are.
Fun fact Allianz payout rates are around 89%
Yep I read the PDS, seems pretty good nothing jumped out at me except for the fact that the product and terms seem much more competitive than landlords insurance offered by the likes of RACV etc
Anyone else claimed with these guys?
I didn't keep the brochures but pretty sure when I read them the reason I had to disregard this insurer was because they didn't include excess water from overflow from gutters in the flood definition. Pretty big issue if your properties are in areas of high rainfall.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
My building insurance will cover that, I am using these guys for landlords insurance. Predominantly loss in rent etc
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