Landlord insurance - rent default coverage

Just looking for an update from anyone out there or PM’s on this one.
Have any of the insurance providers changed their position recently on new policies for landlord coverage & coverage of rent default?

I’m aware that most weren’t offering LL policies during COVID impact but wondering if any had ‘opened up’ for new business as yet?

Either through direct or PM channels?

Greatly appreciate any updates from those in the know.

Thanks

 

We can order policies, but there’s not rent default. This is with EBM as I’m a distributor, Property Insurance Plus I believe owners can do directly - but again, no rent default.

Not sure whether Terri Scheer have something similar to EBM for registered agents or not.

 

As far as I'm aware Terri Scheer haven't changed their embargo at all. Both EBM and BMT insurance advised me they will add on rent default in future (additional premium). Previously Allianz were also offering this but have been told that they are now not so sure so they're not confirming either way. Not looking too good for rent default in the near future.

 

The issue of default and insurer liability remains untested in any court tribunal etc. Let alone consumer law. This is untested and may be months or years. Insureres have withdrawn.

 

I can report that I was able to get a new policy with EBM with rental default as an existing client. I rang and spoke with them and asked if they would consider it for an existing client and they had to run it up the chain of command to some manager but they agreed and I was able to get the new policy.

 

Thanks all,
I’m currently with Terri Scheer on a different Inv property so can’t use the existing owner option through EBM.
I guess the option is just do month to month payments until one of the insurance providers starts offering rental default cover & then switch to whoever is available.
Likely that once one offers all will offer though.
Monday’s job.

 

Does Terri Scheer provide landlord insurance to Vic?

 

Has anyone managed to secure a LL insurance policy in Vic with rent default cover?
If so, are you happy to share which insurer please? Do they have pandemic or communicable/infection diseases exclusions?
I've been told Blue Zebra LL insurance may include rent default but there's a cap 10 weeks max - please feel free to correct me if this is incorrect

Not a current EBM LL policy holder but did hold multiple for many years a couple years ago.

thanks

 

I did with AMMI.
Haven't seen any doggy exclusion for rent default.

However, I think their rent cover length is not as long as TS.

 

Will check AAMI.
Yes I’ve noticed some rent default coverages in the market are capped (eg: only up to a certain number of weeks) ….

Thanks!

 

I am quite a newbie and have just discovered rent default doesn't cover you if your tenant gives notice and leaves half way through a tenancy. We had a tenant go into social housing and as this is allowable with two weeks notice, Coles Insurance don't class it as a rent default even though it has taken us 7 weeks to find another tenant. I had another tenant in another property who left mid way through due to a domestic violence situation and again we were unable to claim anything on rent default because technically it is not a default. More knowledgable people are probably already aware but I was shocked and feel now this kind of insurance is a waste of money.

 

LOL - this is what I am saying. Landlords Insurance is rubbish from most of the companies. They will use loopholes in their PDS to never pay and even when they do many have limits on timeframe and requirements in order to pay.

DYOR. More and more ppl are scrapping LLs.

 

There be your problem!

 

That's because it's not a rental default but is a break lease where notice is given and which already has landlord protections written into legislation for most situations but unfortunately quite limited for DV. Unfortunately had they just left with no notice you probably would have been covered.