So I have been comparing landlord insurance as mine is due for renewal now.
Finaly decidingto go with one of the big banks.
Paying $1200 atm but NRMA quoted $2100
Others came close to the $1500 mark.
U guys have any advice?
PS Covers rental loss etc
Landlord Insurance Comparison-They Amaze Me !
grabngo on 25/04/2015 - 08:07
Comments
I hear u .
The renewal came in at $1350
Car insurance go with bingle or youi etcHow about Terri Scheer or EBM, they are quite popular choice for landlords?
I am pretty sure my LL policies are around $220 each per year? I moved from Terri Scheer to another company, so I know there are at least 2 at a MUCH cheaper rate (for a typical residential property).
Having said that, first time in 14 years I tried to make a claim this year on a cracked glass cooktop (tenant stated it was not their fault)- the claim was declined on the basis that "another" insurance policy would cover the item (ie the body corporate building insurance, which was much more difficult to claim on and had a higher excess) - so be careful to read the fine print. The old "we'll cover you as long as you don't have another insurance policy which covers the same thing, but we'll take your annual premium anyway" line didn't wash well with me.
Yeah I hear you there. I put in my first claim and landlords (Aon who are usually pretty good from what I hear and are well priced) said they won't cover loss of rent while house is getting fixed up cause building insurance will pay for it. Means I have to pay 4 lots of excess for the one claim. It's BS I let loose at the lady about how they run things and she totally understood where I was coming from but her hands were tied.
Ps which company did you transfer to?
I did the shop around earlier this year for my first time requiring landlord insurance - all the usual suspects you mention above, but also don't forget the non big 4 banks. I ended up going with Suncorp as they had everything I was after, competitive price, and after 15% multi policy discounts (I moved some contents and car cover over at same time), they ended up significantly the cheapest
Recently got a Landlord policy through Terri Scheer and was $365 for $60,000 cover.
I did the research last year. Ignore all the insurers. There are only 2 to consider as mentioned from few other people: Terri Scheer or EBM.
Mine worked out best with Terri Scheer.
Did your renewal come in at $1200?
Call your current company and ask if they can do better, when they say they can't tell them "ok, you will leave it for now, you're still shopping around".
I recently got my car renewal done through Budget (which was $750~ on renewal - they were still the cheapest at that rate) but when telling them I would shop around they dropped $150 off down to $600 flat. It's amazing what a little conversation can make.