All Topics / General Property / Landlord Insurance

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of KeithKeith
    Participant
    @twodogs
    Join Date: 2015
    Post Count: 9

    I have had budget direct landlord insurance on 2 rental properties, i have recently had bad tenants and had to have an eviction as a result the tenant did maliciously damage most of the walls carpet and doors. Now i will admit that i did not do due diligence thoroughly enough and thought all apples are the same, having said that i as a landlord feel very let down by the lack of cover and the massively excessive excess fees that came with the policy. So I’m now asking for other landlords to recommend reputable insurers that i should look at for future cover
    price is not really an issue but a balance of price and reliability of service and cover is
    Thanking you all in advance
    Keith

    • This topic was modified 9 years, 1 month ago by Profile photo of Keith Keith.
    Profile photo of BuyersAgentBuyersAgent
    Participant
    @knightm
    Join Date: 2005
    Post Count: 338

    I have had budget direct landlord insurance on 2 rental properties, i have recently had bad tenants and had to have an eviction as a result the tenant did maliciously damage most of the walls carpet and doors. Now i will admit that i did not do due diligence thoroughly enough and thought all apples are the same, having said that i as a landlord feel very let down by the lack of cover and the massively excessive excess fees that came with the policy. So I’m now asking for other landlords to recommend reputable insurers that i should look at for future coverprice is not really an issue but a balance of price and reliability of service and cover isThanking you all in advanceKeith

    Sorry to hear about the poor experience Keith. I have had a mixed bag of experiences over the years, some good and some bad. EBM and MGA are two of the common landlord brokers out there that people (and me) have used, not perfect but read the policy (whoever you choose). I have also had policy with Alliance for a few yrs.

    BuyersAgent | Precium
    http://www.precium.com.au
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    South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au

    Profile photo of Motia GroupMotia Group
    Participant
    @motiagroup
    Join Date: 2015
    Post Count: 3

    It’s important to have the proper insurance policy in order to keep you from unnecessarily losing money or property that may be not possible to recover.

    Profile photo of D.T.D.T.
    Participant
    @dtraeger
    Join Date: 2014
    Post Count: 128

    Unless you’re in a flood area, EBM Rentcover is definitely the way to go.

    D.T. | DT Property Management
    http://www.dtproperty.com.au
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    Adelaide Property Management - whole Adelaide metro

    Profile photo of DeanCollinsDeanCollins
    Participant
    @deancollins
    Join Date: 2015
    Post Count: 376

    Why was it that Budget Direct denied your claim?

    Was it they denied or there were “un recognized limits” that you didn’t understand when you took out the policy.

    As per this post
    https://www.propertyinvesting.com/topic/5006038-chu-landlords-insurance/

    We have CHU insurance that we got via their broker Honan for $340each property. Was surprised how cheap the coverage was compared to what we had been paying elsewhere but have never had to make a claim yet so….a little concerned but we’ll see what happens when it happens 

    Profile photo of lsrenglsreng
    Participant
    @lsreng
    Join Date: 2013
    Post Count: 6

    One of my investment property used to cover under NRMA landlord insurance. The tenant who live there had defaulted on rent about 12 weeks. I made a claim after evicting the tenant. It pretty quick, fully paid, no drama.

    The only problem with its policy is I have to make a seperate claim if I want them to pay for building damage caused by the tenant. Since I have 2 policies ( building and landlord) with the same insurer NRMA. A separate claim mean an extra access fees.

    The lesson that I ‘Ve learnt is never get both building and lanlord policies from the same insurer. $100 cheaper for combining premium is not worth it at the end.

    Profile photo of D.T.D.T.
    Participant
    @dtraeger
    Join Date: 2014
    Post Count: 128

    The lesson that I ‘Ve learnt is never get both building and lanlord policies from the same insurer. $100 cheaper for combining premium is not worth it at the end

    In my experience, I highly recommend getting LL and Building at the same insurer. Otherwise, they’ll try to send you to each other for claiming saying that it belongs to the other’s policy.

    D.T. | DT Property Management
    http://www.dtproperty.com.au
    Email Me | Phone Me

    Adelaide Property Management - whole Adelaide metro

    Profile photo of KeithKeith
    Participant
    @twodogs
    Join Date: 2015
    Post Count: 9

    was just costly in excess fees

    Profile photo of lsrenglsreng
    Participant
    @lsreng
    Join Date: 2013
    Post Count: 6

    Under their landlord policy NRMA have certain amount of cover for building damage cause by the tenant. If the same tenant default on rent and damage the building at the same time. The claim is count as one which only access fee applied.

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