anyone used this Company for LL insurance? I have been told they don't cover malicious damage by a tenant ? Also I googled them and watched a 2016 Four Corners story of them making up stories not to pay out . If it isn't Accountants, or taxi drivers , its these insurance peoples trying to rip us off!
Yeah I use them... never had to make a claim or really deal with them outside paying a premium. Ownded by CBA
Best to ask the question direct to them. They may claim but only if a police report has been filed for the malicious damage like most insurance companies.
I've made a claim for LL insurance. Tenant damaged my property, insurer provided a cash settlement amount paid out within 4 weeks (would have been sooner but I didn't have time to prepare the required documents) From memory was paid 13 weeks rent, the cost to replace the damage along with 6 weeks rent being the estimated time for the repairs to be completed. Need to ensure that you have selected the 'loss of rent' & 'tenant damage' options when setting up the insurance.
Just finalised an LL claim with Comminsure about a month ago. I was furious with the claim until I offered to assist a new client with a LL claim with NRMA.... Comminsure were a DREAM by comparison. Like most of their competitors, Comminsure doesn't cover ANY cleaning, ANY water costs or ANY damage that isn't proved to be without-a-doubt "malicious" EXCEPT for separate individual accidental claims if you have that cover- note that every single little item of accidental damage (torn screen, broken key in lock, dent in wall) attracts a new excess, making it pretty much pointless. They also don't cover "contents" (carpet, window furnishings, etc.) as standard. They do *technically* cover malicious damage. We tried to make a malicious damage claim for the tenant spray painting part of the house (it was brand new six months ago, I nearly cried!) and the assessor said it was accidental (we had a police report number and the tenants were well known to the authorities). We still made a claim, but it attracted a fresh $500 excess for accidental damage. The rent loss policy wasn't bad, they paid our rent until the new tenants moved in, even though we'd legitimately terminated the previous tenants for rent arrears. The service from their staff was exceptional and they were very switched on. The premium was very expensive ($1,100 for a brand new $480k home in Coomera), but the excesses were more than reasonable ($300 rent loss, $500 building from memory). Though I was unhappy with the underhand policy coverage, it was the best non-specialist-insurer Landlords Insurance claim experience I've had. I could not more strongly recommend to look at a specialist insurer for Landlords Insurance. EBM and Terri Scheer both have stellar reputations, plus there are a couple more to look at if you're really interested. They cover absolutely everything- accidental/malicious, inside/outside, building/contents, rent, water, cleaning, the lot! All for less than $400 a year. ***Professional Note: The subject tenants came with good Real Estate references when we placed them six months ago, but we still had a bad feeling about them. Landlord accepted them against our insistent recommendation. It went bad and we got them out on six months with no cost to Landlord after insurance claims. He's a good friend and still very happy.
