Landlord insurance premiums in 2020

What do people think will happen to Landlord insurance premiums as a result of COVID-19?

 

Well we have to stick with our current insurers or go uninsured don't we? We cannot shop around so they will increase renewals by whatever they feel like.

 

I heard underwriters position will be need to evict before landlord can claim rent cover. Since law now prevents eviction, landlord can’t claim. Should equate to no higher than normal increase in premiums, unless insurer just wants to leverage environment to secure a higher margin.

 

Yes we probably won't be able to claim during our current insurance period as we won't be able to evict, but when we do get power back to evict (possibly during next renewal period for most) claims will be sky high. So either they remove rent default from renewals or increase the premium.

 

Yes, and a lot are already removing rent default.

 

Insurance cos not paying out for virus vacancies then charging more insurance?

 

Just got my landlord insurance renewal for one property. $827 last year. $1010 this year. 22% increase.

 

Is that just for Landlord or is it buildings as well?

 

Landlord, building and contents (Melbourne)

 

For that premium it must be a large high priced property

 

My insurances went up considerably after the fires and my IPs aren't anywhere near the fire impacted areas, switched to another company and dumped the rent cover for the first time in 15 years but crazy high already without this happening now.

 

Apparently not easy to get landlord insurance at the moment:

Landlord cover options are currently unavailable
Please note, at present, Optional Tenant Default cover (cover for when your tenant stops paying rent or leaves without giving notice) and Theft and Malicious Damage by tenants cover (cover for loss, damage or destruction by your tenant or their visitors) is not available for purchase on new landlord Home and/or Contents Insurance policies.