Just wondering if you guys new good landlord insurance provider?
I was recommended Terri Scheer (seems to be suncorp). However, their quote was $441 (30,000 coverage). I have never looked into it.
Allianz was $115 but it seemed dodgy as it was more of content insurance with simply Landlord Insurance title.
Must mention this is an apartment in a strata building.
Any thoughts?
Thanks. Updated. I must mention this is an apartment in a strata building. So, 30,000 seemed more than enough. Cover for Flooring, Tile, Kitchen Appliances. Actually, not sure if they cover damange to wall. I suppose that is probably most common claim.
Checked Somersoft forums?
Thanks for link. Browsing now. COuldn't find anything. Good forum for reference though in future.
Thanks. I had chat with them. It seem they are best. Their quote was $345 as I dont need to get building cover since it is apartment. Couldn't find anything wrong. Terri Sheer on other hand are $441. I just need to do last comparison to see what is the difference. $100 is still a lot. I am hoping Terri Sheer extra $100 is for building which I dont need.
You are correct in your judgement, the general insurers just take a home policy and dress it up for landlords.
I am a long time Somersoft forumite, I have heard nothing good about the general insurers offering LL insurance.
Go with a specialist landlord insurer (Terri Scheer and I think EBM lead the pack).
I am with TS for my properties, it was a while when I made that decision but I believe it had something to do with their policy when a property could not be rented or you were taking court proceedings against the tennant.
Certainly Somersoft will have a wealth of information on the topic.
Thanks I was browsing. I think I am close to pick one. Just doing $345 from EBM and $441 for TS. Need to see full difference. See my earlier reply.
I recently discovered Somersoft. On side topic, I am actually in process of ditching my property manager and managing property myself. I think I'll start a general thread for it. But any tips. What I need to do. It is total first time. Not sure what documents, etc.
Check to see what the coverage is for rent default, as that would be the most likely reason to claim, followed by coverage for theft or malicious damage by tenants. Unless you personally know the tenants then you could just get contents insurance for your fittings and fixtures if unfurnished.
Re the side topic, would the terms of insurance include whether or not it was managed by yourself or an agency? If so, make sure you declare your intentions/ ask about potential consequences when you take out the policy, i.e., do they need to be notified immediately, will it incur a greater premium etc.
Assuming that you actually meant 30K (i.e. thirty thousand dollars, not thirty million!), that isn't much; unless of course you're planning to knock the house down and rebuild it sometime soon anyway/ don't care about the actual house. In other words, 30K would cover replacing goods nicked in a pretty severe burglary, or the costs of rebuilding/repairing, say one room after a very mild house-fire, but if you had to rebuild the entire house after a fire, 30K would be nothing.
Most houses would cost an absolute minimum of $150K to rebuild, if they were destroyed by fire.