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Choosing landlord insurance

Discussion in 'Property Management' started by Perp, 5th Jul, 2015.

  1. Perp

    Perp Well-Known Member

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    This feels somewhat like telling people to suck eggs, but we also see the same mistake made over and over, so I'm going to say it:

    Choose your insurer based on what they cover, and their reputation for claims handling, rather than price.

    There is no point buying the cheapest policy if it doesn't actually cover what you need it to cover.


    The problem is that at the time you're buying a policy, price is highly visible, whereas how they'll respond to a claim is much less visible, even though it's the only thing that matters when buying a policy.

    This is true for any policy, but particularly true for landlord's insurance. Car and home insurance policies (with the possible exception of flood coverage) are largely the same, and only differ in ways that most consumers will never experience, or in ways that people are aware of (e.g. agreed vs market value, etc.).

    Landlord's insurance, however, differs markedly between policies, and we frequently see forum users who find out that the policy they had is essentially worthless when they find themselves in a position of needing to make a claim.

    With landlord's insurance, you really need to find out what your policy covers, and what their reputation for claims handling is, before you choose a policy.

    Thus endeth today's sermon. :cool:
     
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  2. WestOz

    WestOz Well-Known Member

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    lol hallelujah Minister Perp! care to list a few worthy contenders for consideration, that cover Nationally?

    And I love eggs ;)
     
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  3. Perp

    Perp Well-Known Member

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    I think it'd be worth speaking to @brettc from EBM. I've never used them, but have heard good things about EBM.
     
  4. WestOz

    WestOz Well-Known Member

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    Oh :( from your sermon I got sucked in that perhaps unlike others your a minister full of experienced factual knowledge.

    Thanks anyway, next time I'd appreciate red wine and a stale piece of bread without fornication please ;)
     
  5. Perp

    Perp Well-Known Member

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    I've had lots of landlord insurance policies, but my primary expertise is in home and contents. I've read thousands of forum posts on the subject, and my impression - over all those thousands - is that EBM are the best, or equal to the best, with regards to coverage and paying claims.

    You could also find some candidates using the Canstar ratings here: http://www.canstar.com.au/home-insurance/landlord-insurance/ The limit to these ratings, though, is that they don't take include all insurers - e.g. EBM aren't included, alas - and it only compares coverage, not claims payment history. But it can be worthwhile for developing a shortlist.
     
  6. Investig8

    Investig8 Well-Known Member

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    +1, message Brett he can sort any concerns you have out. We are with EBM.
     
  7. property world

    property world Well-Known Member

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    Alot from SS seemed to be with Terri Scheer is that because they were the cheapest? Anyone had any experiences with them?

    Any recommendations for building insurance?

    Im assuming i need both building and landlord insurance when tenants are occupying?
     
  8. DiligentPM

    DiligentPM Well-Known Member Business Member

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    We are with Terri Sheerer and would love feedback from anyone who has made a claim from this company as to date we have not made a claim yet
     
  9. WestOz

    WestOz Well-Known Member

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    Also consider a small amount for contents to cover carpets, curtains, air-con, dishwasher etc
    Perhaps also consider a small contents amount to cover carpets, curtains, air-con, dishwasher etc etc
     
  10. Perp

    Perp Well-Known Member

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    Landlords insurance is usually precisely that - contents of the landlord, plus "tenant risks", i.e. arrears, malicious damage, etc.
     
  11. Hodor

    Hodor Well-Known Member

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    I most recently went with EBM, they weren't the cheapest going. Reading reviews on some of the cheaper options I was happy to pay the 15% more in my case.

    Only thing I didn't like is they wouldn't set up an automatic yearly or monthly direct debit. You need to manually renew it each year. If anyone has managed to get ongoing automatic debits I'd like to hear it.
     
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  12. Perp

    Perp Well-Known Member

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    @brettc - are you able to explain what this is about?
     
  13. WestOz

    WestOz Well-Known Member

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    Hmmm? was in a bit of a rush organising my insurances for loan, may have doubled up but when getting building (strata) & landlord quotes from aami I was told contents (mentioned above) wouldn't be covered without some contents insurance.
    Been very busy with work, hopefully get time to research the recommendations above (EBM etc) this weekend.
     
  14. jim1964

    jim1964 Well-Known Member Premium Member

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    I have 5 EBM policies,to date i have claimed 4 times over different issues,if all your paperwork they want is in order,claims are usually 7 days no fuss,no dramas,best $300 you will spent.. Terri Scheer we have one policy,have not had a claim as yet with this one......i did have massive dramas with TS a decade ago,they burnt me big time...................................
     
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  15. brettc

    brettc Well-Known Member Business Plus Member

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    Of course the policy itself automatically renews each year, but at this stage the payment is not automatic for the renewal unfortunately. So an answer in two parts:

    Now - we can provide monthly payments through a facility called "premium funding", at this stage the payments do not automatically roll over each year, you effectively have to "apply" each year. It's more designed for big $$ business insurances more so than this type of cover.

    Future - we are investigating the automatic rollover of payments. The problem is some people like them and others don't and it is likely we have to go one way or the other, either have the auto or not. It would be interesting to hear peoples comments on whether they prefer to have the payments automatically continue on renewal or prefer to make that conscious decision every 12 months (of course no matter what you can stop after 12 months but would have to actually advise us).
     
    Last edited: 14th Jul, 2015
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  16. Chilliblue

    Chilliblue Well-Known Member

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    Brett, as a heads up, we had to change the date of two of our policies so that all renewals arrive on the same day as well as to add an additional property. The service we received was fantastic. Quick and easy.
     
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  17. Hodor

    Hodor Well-Known Member

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    Thanks. I prefer the rollover. I like to set and forget.

    Good to see the info I previously received was accurate too.
     
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  18. spludgey

    spludgey Well-Known Member

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    Do EBM still offer the first two months free? I got a quote this morning, but there wasn't anywhere to put the promo code in.
    I'm talking about this thread, in case anyone wasn't aware of it.
     
  19. Chilliblue

    Chilliblue Well-Known Member

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    The offer only applies to a new property being insured. If you call them they will apply the discount.
     
  20. Emoi

    Emoi Well-Known Member

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    Reports from a Property manager I know in Rockhampton are that Terri Scheer were the worst for house and contents insurance with the recent cyclone, flat out refusing claims for cyclone damage citing poor workmanship.
    She said the best for paying and starting were AAMI and Westpac