Hi everyone, My first IP is ready to settle in couple of weeks so I'm in the process of getting quotes for landlord insurance. I have gotten half a dozen quotes and there seems to be quite a variance in quotes from the different insurers. My question to you guys is what is a reasonable price to pay for landlord insurance and is it worth having "extras" like Tennant default and malicious damage? Are there any insurers I should stay away from? My IP is in Queensland and it's a pretty standard 3 -2-1 brick veneer built on a concrete slab. Quotes are ranging from $600 to $1300 a year? MJS
We pay about 1200 but that includes building cover as well. Tenant default and malicious damage was an automatic inclusion in our policy.
Wow that seems expensive. Try EBM Rent Cover. Less than $300 per year including tenant default and malicious damage. That's for a a 2 bedroom unit in Brisbane. I did some research on somersoft a while back and this seemed to be the best option
Different companies have varying costs dependant on the existing level of risk held over what they believe is acceptable. Hence the need for you to work out what type of coverage you require and attain quotes for the same coverage coverage. Our insurances range from $330 (unit) to $1,050 (non regional 4br house)
Yeah that seems about right. Suncorp and a few other big name insurers had malicious damage and Tennant default included where as budget and Allianz they classified them as extras. Looks like for full cover its going to be around the $1000 a year. Thanks for your replies
I got 3 policys with EBM, mentioned somersoft and got a good discount. Yet to claim so not sure how good they are. PDS looks better then lots of other insurance companies.
EBM sounds value for money, anyone made a claim through them? Assuming it's - http://www.ebminsurance.com.au/ ?
@MJS1034 Make sure you compare apples to apples.. Some insurance companies' basic insurance policy quote doesn't include Flood cover Chattels & Fixtures Total Building replacement quote etc
Yes and the LL + Building is their Rentcover Platinum product which I have had for about 5 years thanks to BrettC (SS Poster) (www.rentcover.com.au). Claimed under the building policy once without any issue other than on their initial settlement offer I asked for a review of their assessment which they happily did which resulted in an further adjustment in my favour with none of the usual "dodgy practices" that your read about on forums. Happily just paid another $1100 for 12 months of coverage and when I shopped around couldn't find anything that was better even from my PPOR insurer.
Ive always had EBM (about $250/year) and then seperate building insurance through SGIO (another $700). So total about $950. I made a claim though EBM about 6 years ago, about $5000 worth of damage to the house, got about $3500 back off them, so yes they paid up but they argued quite a few points. I guess any insurance company would do that.
I used EBM on my IP. The first year it was $800 for a 3/1/1 house in Western Sydney. The second year it went to $1200. I rang to ask them why such a big jump. They said it's the normal premium and that I got a 'new customer discount' the first year which I was unaware of.
I use AON & Terri Scheer..can't comment on TS as I havent had to claim. Had 2 claims over the last 15 years through AON....no problems with payouts and covered all my costs... Premiums for AON & TS about $300 p/a.
