building & Landlord insurance recommendation

I have a combination of another insurer for building insurance and EBM RentCover insurance. The EBM policy has a false and misleading name as they would not cover for lost rent. They refused my claim and were not at all helpful. Be warned.

 

I didn't think you could get EBM's building and contents without the landlords insurance?

 

I assess premiums each year and have building with Allianz and landlord with EBM where the building premium is materially different between insurers. Otherwise building and landlord both go with EBM.

In some properties EBM can be 50% more expensive on building in my portfolio

 

I would rather have both policies with one company to avoid a situation of companies passing the buck between each other at claim time. Worth paying a little extra for IMHO

 

Terri Scheer has generally been good with paying out. What has the experience been with EBM?

 

After speaking to EBM today they don't cover structural issues in their policy even if they are unknown. This is a real shame as everything else is really good but quite a risk to take if there is something wrong with the building or roof that you don't know about...

 

We use Honan for landlord insurance. $340pa for each property.

Never had to claim so cant give advice good or bad but policy covers everything we wanted as are for Strata apartments so less to cover than freestanding houses etc.

 

Who does offer specific policy coverage for unknown structural defects ? Isnt it a general exclusion like maintenance ? You buy it, you own it and its your issue.

eg GIO...loss or damage without you being able to reasonably establish an incident covered by your policy took place at a certain time and date.

 

Unfortunately with insurance there will always be cases where people don’t get what they would like, or possibly expect, it’s the nature of the beast as it can be a difficult area to understand for many. In saying that it is one of the most regulated industries in Australia with very well documented policy terms and complaints processes, so if an Insured doesn’t agree with a settlement, and believes the Insurer has not acted by the policy terms, there is a very clear process to follow, which ultimately includes an external independent review.

No doubt it would be great if an insurance policy could cover every event known to mankind however if that were the case it would be unaffordable and no-one would insure. Hence there are specifically set down risks and events that are covered.

There are, for the record, millions of dollars of claims paid for rent loss under the RentCover policies every year.

 

Not really ;-) You would be surprised some do - AAMI state that they cover unknown structural issues.

 

We want to get Landlord and Building with contents. We had Honan for couple years as Gio etc was coming expensive bcoz property is in regional NSW (South Coast).

Last year they matched the quote ww received from someone else but this year no luck.

So I will ask Mrs to call EBM abd Allianz bcoz Coles, Honan, Budget Direct, Woolies all expensive