NSW Landlord insurance with strata insurance?

Discussion in 'Property Management' started by Andrewjh, 14th Oct, 2019.

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  1. Andrewjh

    Andrewjh Well-Known Member

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    Hi guys
    I'm just about to start renting out my IP.
    I tried to take out Landlord insurance with Youi, but the person on the phone said that it was a policy that covered the building as well.

    My strata fees already cover building insurance so I don't want to pay premiums to cover something that's already covered.

    What do others do in this situation?
    Thanks!
     
    Andrewjh, 14th Oct, 2019
    #1
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    • Choose a mainstream investor's insurer eg EBM or Terri Scheer
    • Your landlord insurance will cover the landlord's fittings/fixtures eg. kitchen, bathroom joinery, built-ins, carpet/floor coverings, light fittings etc which are not covered by the Building Insurance under the strata policy.
     
    Scott No Mates, 14th Oct, 2019
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  3. Andrewjh

    Andrewjh Well-Known Member

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    Thanks for that! EBM gets really bad reviews on productreview.com.au - but I take it others have had good experiences?
     
    Andrewjh, 14th Oct, 2019
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  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Scott No Mates, 14th Oct, 2019
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  5. Dan Wood

    Dan Wood Well-Known Member

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    +1 EBM (Rent Cover) here.

    Can't comment on Terri Sheer.
     
    Dan Wood, 14th Oct, 2019
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  6. Blueshoes99

    Blueshoes99 Well-Known Member

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    Try CGU or NRMA
     
    Blueshoes99, 18th Oct, 2019
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  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    EBM offers a range of LL policies. LL policies are essentially either strata or not. The strata version will not include building cover.

    Most general insurer.policies are poor in cover.Claim experience is a good indicator of policy quality. Some insurers are brutal with claims. Many broker policies are very broad with rental specific clauses.

    There are loads of posts that compare TS and EBM.
     
    Paul@PAS, 23rd Oct, 2019
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    Dan Wood likes this.
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