I used to be with RentCover pre-covid. However, they no longer offer landlord insurance. They were pretty good as covered for loss of rental for tenants leaving early due to covid.
Just curious if anyone recommends any other landlord insurer?
Recommendation for Landlord Insurance
yjun355 on 14/04/2021 - 12:21
Comments
Go search ONLINE since you obviously have that capability
Just type Landlord insurance AU
Or use one of the comparison sites since thats no doubt your next question
I recommend "Compare the market"Here is the link in case you don't know how to search:
https://www.comparethemarket.com.au/home-contents-insurance/…
Stay the faq away from EBM insurance they are cancer
I thought RentCover was an EBM product?
I got no idea
I agree - avoid EBM.
Haha, an agent is recommending EBM and wants to get us a quote from them… thanks , I will now avoid.
What was it that makes EBM 👎?
had a claim in an old investment property few years they did everything they could to not cover it then when they were liable they did everything they could to cover 'as little' as possible. ie yes you are covered for rain damage but only to xya extent etc
you dont want that BS when you are claim you want someone who is going to be like not problem will get a builder out assess it and get them to hire contractors to fix it.
Thank you for this feedback, definitely need a straightforward approach when it comes to these matters.
I had a tenant that stopped paying rent for almost 5 months and it went to the tribunal 3 times. Eventually we got the sheriff in to kick them out, and EBM delayed claim payment for as long as they possibly could. I also claimed for damage to the kitchen benchtops as they had gouged them, and damage to the slow drip watering system. They delayed settlement of the benchtop payment and refused to pay the claim for the watering system that the tenant had destroyed. But that wasn't the main issue. The main issue was that I had to go to the insurance complaints board (or whatever it was called) to get them to pay. They still wouldn't pay, so I called them. They had the gall to tell me that their "computer lines" to the insurer were down so they couldn't settle the claim.
Even when I told them that I was a network engineer, who used to work in the insurance industry (which is absolutely true) they still kept trying the excuses. I asked them how long their "computer lines to the insurer" were down - they said a week, with an ETA of a week to get it all working again. I then told them that it's unacceptable to have such a poor service from a telco, and that I'd be happy to help get it fixed with their telco. However they still kept trying on the same excuse. Called the MD of EBM and he also tried the same excuse. Wrote them a letter. They paid up some of the claim, but it shouldn't be that hard.
When I was screening property managers for my current property a few years later, they tried to convince me to go with EBM. I advised the agent to try lodging a claim with them, and then see if they'd recommend them again.
For my new place, I'm with Allianz - building and landlord insurance in one policy. Haven't had to claim (yet) so I can't vouch for their claims service. Remember, it's the claims service that separates good from bad.
Check who your mortgage is with if they offer insurance. Switched to BOM, and they offered insurance for 35% off. I've previously been with CGU, and AAMI. I've only ever made a claim with CGU and would NOT recommend them. Was extremely difficult, and i wasted so much time getting everything sorted through them
I've always found Terri Scheer to be really good pricing and cover a wide range of things like the issues you mentioned e.g:
Insured Events Sub-limit
Absconding tenant - Up to 20 weeks loss of rent
Defaulting tenant (by court order) - Up to 20 weeks loss of rent
Defaulting tenant (by termination notice) - Up to 20 weeks loss of rent
Failure to give vacant possession - Up to 28 weeks loss of rent
Death of tenant - Up to 15 weeks loss of rentI pay about $350 a year.
They will refund if tenant moves out early?
If tenant moves out early that should already be covered - tenant will pay break lease fee plus rent until new tenant is found (depending which state or territory)
Ozb love Terri Scheer but I'm with AAMI, they are $200+ cheaper per year than Terri Scheer and I haven't had any issues with claims yet. Plus both AAMI and Terri Scheer under same people.
I did quote with AAMI. to double check we do both Building and Contents insurance right? so if they damage the wall, etc.
Always read the PDS, usually contents are the things if you put the house up side down, things that fell off + carpets, curtains and blinds.
Recommendation for Landlord Insurance
Yes.
I don't know what it is with landlord insurance but it has gone up $100-150 for every year that I have had my rental and I have never made a claim. No new landlord insurance policies will cover loss of rent now due to covid. I did a quote for a basic 1 level brick home with Terri Scheer and it comes out at over $1700. This seems ridiculous but they are all about that price.
What!!! Are you sure you are looking at landlord insurance. I am paying around $300 in Victoria for each of my properties.
Who are you with MrHyde
Terri scheer
I use GIO; they seem to cover most things
Does it even pay to buy an investment property right now? According to a realestate agent in my area, the empty rental units have gone from 100 to over 200 in recent months. I see For Lease signs popping up like mushrooms. Can't be a good sign for any investors with high mortgages.
Depends where you are.
Exactly. Can't even find a rental in some places in QLD. Must be the "Most liveable city in the world" has lost it's shine somewhat after the total incompetency of the premier.
I've got "Landlords Value Plus Extra Protection" from SGUA.com.au (via RE agent in WA). My last renewal was $260/yr. It's been going up ~$10/yr for the last few years.
The website breakdown of what is covered is quite poor (to me). The scanned brochure I get emailed has a much more readable table.
I've never made a claim so can't comment on that aspect. Almost did a couple of times, but it was for things around the excess limits so just paid & claimed on tax instead.
Good luck finding rent default from any of the providers if youre changing.
From my investigations this is no longer being offered if moving from 1 provider to another. Ive now had to do 8 LLords ins renewals and the ave increase has between 20-25% so Ive shopped around, none were offering rental default, so I was stuck with the hefty increases if I wanted that included in my policies
Check RACQ, I'm pretty sure they offer rent default. They stepped away from the Landlords Insurance space for most of last year but are now offering coverage again.
We used Terri Scheer, but never renewed, just applied for a new policy every year to avoid the increase in price. No issues with it.
Had the RE apply for loss of rent when a tenant stopped paying rent (whilst out of lease) until they moved out. Terri Scheer paid it out no issues (I feel the issue was with the RE's actions, but that's another story)
Anyone have experience with property insurance plus? They seem to have a decent product, however I am just concerned with some of the wording.
Also interested. I always had landlords insurance, and in two instance when I've had to claim (soil movement structural plumbing issue, psycho destructive tenant) the insurance company either didn't pay (first issue) or dodged substantial amount of payment claiming fair wear and tear (I would love to rent their house and give it some fair wear and tear!).
Ask your agent not just for recommendations, but for testimonials from other landlords on their books who have made a claim and are happy.
Not many to choose from, so you're probably gonna get screwed when claim time comes. Sorry.
who were you with on the first and second issue?
Thanks
Ask Mr Google
Its that easyTry Shielded Insurance Brokers, they deal direct with the underwriters. Record the call whenever dealing with any insurance company. They do. They will use it against you but will not use it to support your claim without a court order. Make sure when they say your call is being recorded for "quality assurance puposes" that you tell them the same LOL
interested too.
the loss of rental due tenants no able to pay is important