Landlord insurance - new policies and renewals

I have a property I was looking to rent but it appears no one is currently offering landlord insurance. EBM does but only if the REA has an account with them which is not ideal.

Does anyone have any news on this on whether there is any company that offers landlord insurance or when they might start offering it?

 

I've heard that some insurers are still offering new policies if you go through an insurance broker. Here's the firm that I use for various insurances:

White Insurance Brokers
03 8790 5701
[email protected]

 

EBM is stopping even via REA account as of next week so make sure you get your insurances active soon if need be. You can still put a start date of a months time on them doing it this way.

 

@D.T. The REA I use doesnt have an account with EBM at present and I dont wish to change REA at this short notice as it may cause other problems down the track.

Is there any other way I can purchase a landlord insurance from EBM? we have done all checks and she appears to be a good tenant and good rental history, its signed up and managed through a reputable agency, will they be able to make an exception?

 

Unfortunately EBM have announced that even policies through their agent distributors will end at midnight next Tuesday. Currently new policies are only available through their agent portal so I don't think they would allow an exception, especially given they have an approval, training and documentation process for their distributors.

 

Seems some insurers have started to pull offering coverage of tenant rent defaults and theft from their landlord insurance policies. Really hope this doesn't become an industry wide position.

Some are allowing renewals with existing coverage levels, some are removing that specific coverage from renewed policies, or some are just not offering it for new policies.
eg look at the asterixes on the budget direct landlord insurance page re tenant default or theft, under 'upgrade my cover'.

Financially I can understand their move, but morally it's pretty poor behavior by companies that do this, right when investors will need this coverage it starts getting pulled from policies. PM says all in the property chain have to work together to get through the coming months, but not some insurers I guess?

 

Insurers drop rent default cover from landlord products - Daily - Insurance News - insuranceNEWS.com.au

"Allianz has resumed sales of new landlord products but these no longer come with a rent default option, and the change will apply to renewals from May 1, a spokesman told insuranceNEWS.com.au."

 

LOL - rent default wold be the main sleep at night factor many people would purchase landlord insurance for. Without that I will simply self insure with building cover only.

 

That would potentially leave you exposed to significant loss if a personal injury claim was made by a tenant.

 

Hi Guys, are there still any LL insurance out there that is still taking on new clients?

 

Totally understand them pulling it from new policies. If they pull it from renewals it is very poor because it allows them to get out of almost all claims for their existing customers because many of them won't be able to get the tenant out (thus triggering the claim which is tenant leaving with rent arrears) before the renewal comes along thus allowing the landlord insurers to get off virtually scott free. Government should be putting pressure on them to honour the spirit of their existing policies and share the pain too. I will be so angry if mine does this as I have paid so many thousands on multiple policies over the years and never had a single claim.

 

Yes but you will need to go through an insurance broker. EBM will do policies until midnight Tuesday. You have a very small window of opportunity

 

You can get legal liability cover (for tenants) with some building and contents insurance

 

Tried to amend an existing policy with Terri Scheer. They don't even answer the phone, sat there for 30 minutes. What is the point of being with an insurer if they abandon you at your time of need? Seems to defeat the whole point of insurance. Terri Sheer can get stuffed! i am moving my insurance over to my commercial broker. Yes, it will cost me more. I am never going back to Terri Sheer, you are mad if you stick with them. Repeat - why stick with an insurer if they abandon you at your time of need?

 

That is one of the reason why many of the insurers have stopped taking new policies - they simply can't handle the work load of new policies and take care of their existing clients.

Message from EBM below - I assume similar at TS

 

thanx Westminter. Again my reading is - dump these cheap online insurers -they are not, and will never be there - when you need them. The cheaper costs is a false economy.

 

I recently had to make a substantial claim with Terri scheer and can't really fault them. They have agreed to pay everything that was claimed, including some grey area stuff. I had to call them twice, and yes, was on hold for quite a while but they answered my call eventually. Just need to be patient and understanding in times like this.

 

Went unconditional on a place today - trying to get cover - only quote I've been able to get so far is EBM. This is a property with a Granny Flat in Sydney.