IP Insurance

any reco on a good IP insurance? landlords insurance?

 

A specialist insurer is your best bet so companies like Terri Scheer are a good choice. Have heard EBM are quite good for LL and building insurance. You get a discount if you mention Propertychat

Make sure you compare apples with apples, the devil is in the detail!

 

Thanks for the reply.

 

+1 for Terri Scheer and EBM. I use EBM for my IP and LL insurance. No complaints.

 

Agree with above - check out those two companies first and get an idea of what's included as well as the costs.

Cheers

Jamie

 

+1 for EBM.. you will get 10%+ discount if you mention Property Chat.

 

Agreed with above companies- didn't know about 10% discount

 

Hey Wally,

Its actually 60 days free that works out to be around 10% or more of the annual premium.

See brettc's comments below for next time. or try to ring them again if you can still get the discount. worst they could say is no, right?

 

Excellent- thanks guys

 

Ok, I am currently with Westpac for my landlord insurance policy on one of my IPs, annual bill came through at $1018 so I though I would compare. Called terri scheer, gave them all the same info on my current policy, even dropped the building replacement value a bit, and the quote came back at $100 more. It is hard to compare all details, but I can't see any meaningful difference between the policies.

I have another IP currently insured with Terri Scheer, so I will do the same exercise when that premium comes due but makes me question if the often touted EBM and Terri Scheer are always the best option?

 

Without working through it feature by feature, I believe the most significant difference you will find is that the Westpac policy only covers Malicious Damage, not Accidental Damage nor even Deliberate & Intentional damage. This is generally the biggest failing of the non-specialist policies. Accidental/Deliberate & Intentional damage account for anything up to 80% of damage claims under landlord insurance policies, as Malicious Damage is a very specific definition.

You won't always necessarily fond the specialist policies the cheapest, the focus is on covering risk. There are likely to be numerous other differences however I haven't been right through it recently.

 

I use Terri Scheer and happy so far.

 

I'm with YOUI. Their customer service and sales tactics are terrible but they were the best value by far when combining my PPOR and IP under the one insurer. That was comparing them with NRMA.

 

It is not only about who is the cheapest nor who has the best cover. It is about who pays when you make a claim!!!

I have 8 properties with EBM and have made a number of claims over the years. All were paid out without argument.

 

Thats ^^^^^ the true test when it comes to "value for money".

 

Whomever you go with, be clear on whether there is flood coverage, and how "flood" is defined.

 

Hi Jacqui,

According to the Insurance Council of Australia, the generally accepted definition is
The definition of flood is:

• the covering of normally dry land by water that has escaped or been released from the normal confines of:
• any lake, or any river, creek or other natural watercourse, whether or not altered or modified; or
• any reservoir, canal, or dam.
  

 

Yep but each insurer is different. For instance if your gutters overflow and that is the cause of the damage then you are not covered. Important to be clear on such things.

 

I use suncorp for most of mine as they offer the best price (with multiple)as well as pay by the month at no extra costs.
I have 1 with EBM and as we discussed before they are great on price but dont cover flooding .
To me this is a major issue if you know anything about brisbane and surrounds .

Also Honan are great but dont cover flooding i am told either

 

Does anyone have any landlord claim experience with sort of non-specialist such as AAMI or RACV? They can add extra discount if I bundle it with other insurance such as car insurance.