NSW Landlord insurance

Its almost that time of the year when I have to renew all my IP insurance.
I have been with EBM since forever and they have not disappointed with the claims process.
However, they are getting 'very' expensive (2k+) and do not have any multi policy discounts as well. So, wondering if I should shop around.

Would love to hear some suggestions and experiences regarding which ones I could look at. One of my IPs are in QLD, rest in NSW, all in metro areas.

 

Terri Scheer gets recommended quite often. When the pandemic hit, a lot of insurers stopped offering new Landlord Insurance policies due to high risk of rent default. I don't know if that's still the case now.

 

Terri Scheer and EBM are both offering rent default again with embargos lifted. Main coverage difference is TS is 20 weeks coverage while EBM is 6 weeks, however I have found the TS premiums have gone up 15-25%. This is for landlord insurance only, it sounds like OP must have also building cover.

Is it worth considering splitting out the building insurance? EBM's NSW landlord only policy is very reasonable at $374pa.

 

I think it's gone up (or at least mine has) to $448 which is a pretty hefty jump.

 

I've found in the past that most main insurers have a new customer discount ( around 15%) and then automatically jump the price on the next renewal. You usually only get the discount if it's all done online, and then they automatically bill your credit card the following year with the higher amount.

I've said it all before, but the price of renting is going to blow up with all the price increases and these tenancy lawyer grounps will cry foul and think that investors will absorb the costs, it is ridiculous and impossible when you have everything going up across the board like rates, insurances and labour costs.

 

Probably the way to go. Though I would lilke to stick with the Tier 1 insurance providers for my IP, I checked with QBE and the quote (without rent default) comes to half the EBM premium.

 

Last time I spoke to EBM, they said you need to have 5 policies for a discount.

I could be wrong though.

 

Thats odd as I'm doing one right now at $374, could new business be cheaper than renewals..?

 

Re EBM, just looking at their website it doesn't seem that the embargo has been lifted. In the case of my unit, it looks like the best I could get is the basic Householders Rental policy (no coverage for tenant related damage/loss). And if my PM was a qualified EBM "agent partner" (... they aren't) I could get the RentCover Prime policy (offers cover for loss of rent during repairs (but not loss of rent when a tenant breaks their lease or faces hardship), tenant damage, legal liability and insured events).

So, maybe you have better access because your an agent partner?

 

I've just renewed with Suncorp an IP policy that we've had with them for years, and it's gone up around $200 extra, checked Woolworths and Terri Scheer online, and it's even more expensive again. One month's rent can't even cover the premium any more.

 

EBM / PIP or go home.

 

EBM doesn't work ( see my comment above).

Can a landlord approach PIP directly? ( or do they only work through brokers/agents)

 

Pretty sure EBM lifted embargo for agents a while ago and for direct clients recently. I'm not certain if this is perhaps different in different states? Im an authorised rep so can place the order for you if you want me to.

Fairly certain PIP can be contacted directly - Try 1300 307 072 or [email protected]

 

mine was $448. Regional area in November 2020
edited to add I have been with EBM since 2009

 

EBM sent out an email about price increases for renewals in October.

RentCover Ultra -

NSW $448
QLD $372
VIC $370
SA $335
ACT $395
WA $335

I'm considering splitting out the landlord / building on next renewal.

 

Thank you kindly for sharing.

 

Assuming PIP has pretty simiIar to EBM in terms of Building and Landlord covers, I got quotes from all my IPs from PIP today. PIP includes rent default as well.

For 4 properties, the total yearly premium is approximately $2500 less than from EBM.
The landlord insurance premium difference not that great, but EBM charges a lot more for Building insurance.

 

Thanks. I just sent PIP an email. Their website does not create a good impression - very amateur. I might get back to you re EBM.

 

PIP responded quickly with a quote of $315 ( inc. GST) covers 14 months ( 2 months free). Covers 10 weeks of rent default.

 

PIP doesn't seem to cover flood