Greetings friends, I am taking over management of a property from a former agency and I was bewildered to learn that the landlords insurance policy was $150 annually. This insurance policy was provided by the agency and was also free for the first year. Is this feasible? Does anyone know of landlords insurance policies so cheap? In my experience even the mediocre companies charge somewhere between $200-$250 and lets be honest, they wouldn't do a free let alone a year. We all know Terri Scheer is the top tier company but does anyone recommend any other formidable competitors who do a great job? (Specifically Victoria) Let me know your thoughts. Thank you and have a great weekend!
Policy details may mean its cheap junk. Covers defined events that are slim on details and low limit with a hefty excess. EBM is a popular TS alternative. They have a range of policies incl short stay, strata or freestanding etc
I would certainly be looking carefully at a landlord insurance policy that is $150 per year. I was involved with the launch of the RentCover products back in 1991 (originally called Landlords Extra Protection Policy), and coincidentally the premium in Victoria was $150 then. Even then, for $150 you got considerably less cover than you do today (now that I think of it a whole lot less cover). Today a far superior version of the original policy (now known as RentCoverUltra) would set you back $315, but that's 28 years later and a bundle more features and higher limits included. So $150? I'm not surprised you're bewildered.
I am going thru one with comminsure right now. It's a pretty decent size claim and they have done decent job so far ... Will update the thread once it settles ..
I rang Property Insurance Plus today after reading this thread for a quote. My TS policy is $290, with PIP came in at $270. no incentive for me to change. I asked them how others are getting $150 policies, she said it would only really be if it was pro rata or a student housing/or shared lots where the policy is divided between residences.
Sounds about as realistic as those free travel insurance things you get with your credit card.or housing loan - free travel insurance covers you for absolutely nothing outside Australia and for inside Australia you get the same protection that any consumer legislation would cover anyway when you purchase airline tickets. But hey, the customer thinks they got a bargain.
Hey all, Hope you all had a great weekend. Thank you for taking the time to reply. So this landlord insurance covers all types of property from free-standing to strata to mansion to shed. It covers rent cover as well as the whole kit and kaboodle. Apparently this company even offers to pay landlords rent if tenant doesn't pay within three days or so?..... how do they even manage this.
I believe I know what this is and the insurance policy is simply paid for in the first year by the real estate agent, and subsidised in future years by the real estate agent. It's simply a way to get property management clients and $150 is not the actual cost of the policy.
Aah - now it's ringing a bell - CGU have an arrangement with REINSW. It's just a tick one box when the REA is signing you up to manage your property!
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