Hi guys
Trying to get a landlord's insurance for my IP
Its a two bedroom apartment in high density (100 units) apartment complex.
I've tried woolworth landlord's insurance online but won't let me insure when I selected content and building?
Is this because I can't insure building part as its already insured by strata?
Am I suppose to just get content insurance? For appliances and damages to the walls etc?
Just doing boring normal renting to a tenant. But I can't seem to find something that would cover damaged tiles, floor boards, walls etc.
Tiles and floorboards are usually covered under contents. Walls and ceilings are usually covered by building insurance.
I am an owner occupier in an apartment and had a leak last winter, and the various components above were covered in that way.
Please check with your strata management if the building you are in is already insured via Strata.
If the property is tenanted then you don't need contents insurance as you don't have any belongings in the house.
You may want Landlords insurance which covers rent and damage events.
Contents Insurance for the Landlord may still be good to have as it covers items like carpet, curtains/blinds which are usually not covered by OC insurance.
I used to be with EBM until they increased my renewal by 40%. I hadn't signed up under any promo and not affected by floods or fires, no claims either.
It could be normal practice that I am unware of, still ended up switching away from them.
30% increases with EBM were due to the increase in rent default. All LLords Ins providers that include rent default as part of the policy signifincatly hiked their rates when the govt started putting restrictions on landlords eviciting tenants during covid. No providers are offering rent defualt on new policies so you either suck it up or take the risk your tenants wont skip out with rent owing.
Thanks for the insight. The increase for me was well before Covid.
Shame they aren't offering their Ultra or Platinum covers still :(
On the woolworths quote page you select the type of landlords cover you require before you even enter your address. Maybe Woolworths dont insure your address. Test it with another address.
Strata do cover the building insurance but it wont cover damage tenants do to strata property.
Landlords insurance is notorious for not paying out, some insurance companies are better than others. Terri Scheer used to be considered the best until it was bought by Suncorp. I've had a good experience with them but not everyone does. EBM have a terrible reputation.
Make sure you understand the cover and exactly what is covered. Malicious damage cover does not include accidental damage. Things you mention like flooring are sometimes considered building and other times not dependent on if it was installed as part of the building construction or laid by the owner.
Since covid, policy prices have increased a lot, consider being self insured if you have a good property manager.
You only need contents, tenant damage & rent default. Strata insures the whole complex so youre already paying for this in your qtrly fees
Seriously check the PDS very carefully as when I renewed my landlord insurance last time they had removed a heap of stuff and replaced it with contents and that bit me in the arse big time when a claim was rejected. I used a broker in the end and was able to secure a good deal with one of the local insurance providers.
Seems many of the providers are using COVID as an excuse to make changes. NRMA is well regarded, but recently they've removed protection for rent defaults for new customers. Then you have cheap providers like AAMI who don't cover a lot of things under "accidental breakage" such as shower bases that are very expensive to fix.
CUA
Assuming you have a mortgage with your IP, check your mortgage provider if they offer landlord insurance. I’m with BOM, and when we refinanced about a year ago, their coverage and price was what I was looking for
Have a read of the pds. Usually with landlords insurance the building insurance covers landlords contents up to a point. Probably all you need. May not help if you are renting a fully furnished property. If you are try an insurance broker. They usually get you a good price ( the first year). They are good at hunting down the less common policies.
If you are doing airbnb you maybe already covered https://www.airbnb.com.au/help/article/279/what-is-the-airbn…