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Landlord Insurance and other insurance - recommendations

Discussion in 'The Buying & Selling Process' started by Taku Ekanayake, 26th Aug, 2015.

  1. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Good evening all,

    I wanted to find out from you guys if there's a preferred insurer for landlord insurance?
    Mines coming up for renewal and wanted to see if there's any particular one you would recommend?

    Also, is there any distinct advantages or disadvantages with either staying with the one insurer for multiple properties?

    I'm with AAMI.
    My property is in Brissy.


    Thanks in advance for your feedback :)

    Taku
     
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  2. HD_ACE

    HD_ACE Game-Changer Premium Member

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    EBM.
    Building insurance too or just landlord? If in a flood prone area EBM might not be best fit.
     
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  3. orangestreet

    orangestreet Well-Known Member

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    EBM. They have been very good to me.
     
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  4. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Thanks for the feedback @HD_ACE
    Building insurance also please?

    It's in Bracken Ridge, which has parts that are flood prone.
     
  5. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Thanks for your comment @orangestreet .
    You're the second to suggest them.
    Will check them out
     
  6. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Pro: 3+ policies with one insurer often = discount
    Con: Not much coming to mind right now other than that one insurer may not have the most appropriate policy for each of your properties. Case-by-case might offer more suitable cover.

    Hard to really comment until you have claim, but for what it's worth, I'm using Terri Scheer.
     
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  7. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Hey @Steven Ryan,

    Thanks for the feedback mate.
    Who are you using for your insurance?
    Also, should we stick to same insurer for building and landlord insurance?

    Cheers,
    Taku
     
  8. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    @Taku Ekanayake, I use Terri Scheer. I bundled building insurance and landlord insurance (I have 3+ policies so get the discount and they're already quite competitive) but I can't advise. I've never made a claim, just heard that they're pretty good :)
     
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  9. Rixter

    Rixter Well-Known Member

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    @Taku Ekanayake I have multiple landlord insurance policies with Terri Scheer & AON Landlord Plus.

    Over the past 15 years I have had 2 claims with AON. They processed the claims through with no issues. No claims (touch wood) with Terri Scheer.

    They all put their hands out to collect their annual premium from you but at the end of the day until you make a claim that's when they're really put to the test to see what they're like.
     
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  10. HUGH72

    HUGH72 Well-Known Member

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    Over the years I've had to make a few claims for different reasons. I've made 3 with Allianz, one with Suncorp and one with Youi.
    I couldn't say that I have had problems making claims with any of them.
    Presently I have lots of polices with Youi and one with QBE and Allianz.
    Multiple policies do give you a discount but I find its more effective when you challenge premium rises as insurance companies rely on peoples lack of inertia in moving companies when you are an existing customer.
     
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  11. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Hey @Steven Ryan,
    Never heard of them before - Will give them a shout this week.
    Thanks for insight!
     
  12. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    @Rixter haha very true! Let's hope we never have to put them to the test.
    The AON building is right outside my office window so i'll be knocking their doors down if it came down to it ;)
     
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  13. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Hi @HUGH72,
    Very good point - so what you're saying is that you could potentially lower the premium of a single policy by around the same amount, if you were to have a 'multi-policy discount' by 'threatening' for a lack of a better word, to move insurers???
     
  14. HUGH72

    HUGH72 Well-Known Member

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    Hi Taku
    Most insurers offer multi policy discounts, some offer discounts for paying a premium up front rather than monthly. Making claims also means higher premiums the following year.
    What I meant was if you have many polices with an existing insurer you have potentially more bargaining power on top of their multi policy discounts depending on the insurer. Its not a lot but over numerous policies it can add up.
    Depending on the location of your property sometimes you have to be more of a price taker as some companies either won't insure certain locations or they make their policies so expensive that they limit new policy uptake in a area where they might have too much exposure.
     
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  15. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Cool, makes sense.
    Thanks for the explanation @HUGH72
     
  16. skuzy

    skuzy Well-Known Member

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    intersted to know peoples thoughts of personal home insurance through some of these companies? are they good in that area as well?
     
  17. Azazel

    Azazel Well-Known Member

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    A couple of them do multi policy discounts, such as Suncorp 15% off for 3 or more.
     
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  18. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Thanks for the info @Azazel
    Hopefully won't be too long till I have 3 IP's ;)
     
  19. MsAli

    MsAli Well-Known Member Premium Member

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    Paging @brettc for EBM

    I got EBM and a Somersoft discount of 2 months. Had I known all our properties would have gone to them rather than PM organising that! Was a few minutes process - filled it online and the response was quick...
     
  20. Fungus

    Fungus Well-Known Member

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    EBM is definitely good. Only worry is the lack of cover for floods...