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Disappointment with EBM / QBE landlord insurance

Discussion in 'Property Management' started by Joseph, 10th Jan, 2017.

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  1. Tim86

    Tim86 Well-Known Member

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    My parents had a water leak under their house that damages the foundations. Half the house sunk a foot...

    The insurer rejected the claim.

    Parents took it up with the ombudsman and they forced the insurer to cover it. We are talking over $100 000 damage.

    So there is definitely hope when going up against insurers.
     
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  2. Hwangers

    Hwangers Well-Known Member

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    just curious was this the one in Lidcombe developed by ronney oueik ?
     
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  3. Marg4000

    Marg4000 Well-Known Member

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    Not always.

    Our PM and the Terri Scheer rep made a right mess of an insurance claim we had. Details left out, claim amounts incorrect, insurance clauses misinterpreted meant we received about half or less of what we were entitled to.

    Luckily for us hubby is/was an insurance broker and took the complaints right up to some Terri Scheer head honcho in Adelaide who agreed the claim had been badly mishandled and immediately approved the whole claim based on the figures hubby supplied.
    Marg
     
  4. kierank

    kierank Well-Known Member

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    If that happened to me, I would sack the PM (I assume you did).

    I do not handle incompetence lightly. I am happy to pay a PM to do a job. If they can't handle it, "bye, bye" and hire someone who can.

    IMHO, owning investment properties is a business. If organisations/suppliers aren't up to scratch, sack them and find someone who is.

    This is not being tough or brutal; this is life.

    I have, unfortunately, sacked a few PMs over the years. Not proud of it, didn't enjoy doing it but it had to be done.
     
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  5. REAgents are not licensed to handle property insurance. Advising on buying a policy, advising on a policy or handling a claim. At best they should be assisting you to get repairs done and paperwork and onsite access etc and leaving claim to others experienced in field or the owner.

    I would argue its like asking a plumber to fix your carpet and blaming them for a bad job.
     
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  6. D.T.

    D.T. Specialist Property Manager Business Member

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    Advice on which policy to get we don't advise on because 99% of insurance policies are a financial instrument which require financial planning quals.

    Handling claims we can absolutely do. In fact some insurers have been very vocal about preferring claims come from PMs rather than owners.
     
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  7. Joseph

    Joseph Member

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    Thanks Marg. My claim is now with the FOS.

    Talking about timeframes, what really frustrates me was that the IDR process with QBE took over 3 months (which was the reason i involved FOS) to reach the same conclusion. The whole premise of my claim rejection is that there is an engineer's report indicating that the roof was defective.

    I was claiming for rental loss and damaged contents. My damaged content is certainly not defective.
     
    Last edited: 11th Jan, 2017
  8. Joseph

    Joseph Member

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    I agree with you Paul. I felt that my claim was skewed towards justifying that there was a roof defect that i have NO knowledge of. Section 46 was never discussed or explored.

    The roof issue is a strata issue, but surely the contents are the content insurer's issue?
     
  9. Joseph

    Joseph Member

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    Good guess
     
  10. Hedgy

    Hedgy Well-Known Member

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    I'd suggest they are more of a contractual instrument and therefore require legal qualifications
     
  11. D.T.

    D.T. Specialist Property Manager Business Member

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  12. Hwangers

    Hwangers Well-Known Member

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    ridiculous what he did and what he got away with - him and the rest of that auburn mob including one particular infamous deputy mayor

    thats politics for you
     
  13. Brendan_300

    Brendan_300 New Member

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    If you would like a hand wording up a submission to FOS, shoot me in inbox message. I used to be heavily involved in this industry so know the processes, procedures and legislative requirements inside and out. From what you've said, it appears as though this one can be quickly sorted out in your favour.
     
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  14. Angel

    Angel Well-Known Member

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    Let me guess. Strata didn't pay their insurance premiums. Or if they did, strata insurance is invalidated because of the roof and structural issues that we all read about in the media after the storm.
     
  15. Joseph

    Joseph Member

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    Thanks Brendan. I have sent a message to your inbox.
     
  16. dabbler

    dabbler Well-Known Member

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    IAG rejected the claim for damage due to what was said to be building defect, that is what I read some time ago, a bad situation for all owners.