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Landlord insurance

Discussion in 'Property Management' started by menty, 4th Apr, 2016.

  1. menty

    menty Well-Known Member

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    Just got my renewal for landlord insurance and its gone up again!

    Currently its with Westpac, but I have previously used the brokers Honan in the past and have had good policy prices. (never had a claim with them). What's everyone using?
     
  2. Nick Valsamis

    Nick Valsamis Well-Known Member

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    The most popular companies among property investors is usually EBM Insurance and Terri Scheer.
     
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  3. Xenia

    Xenia Adelaide Property Manager Business Member

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    As Nick said, go for a specialist insurance company. Wespac claims are restrictive and do not cover as much as the specialist companies.
     
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  4. menty

    menty Well-Known Member

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    Thanks!
    I believe EBM have a discount for new policies? If somebody could chime in it would be great (Brett?)
     
  5. Kate Moloney

    Kate Moloney Well-Known Member

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    Go and see a broker. A good one can get you decent policies at a discount. It will depend on the area who will be the best to get a policy through.
     
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  6. D.T.

    D.T. Adelaide Property Manager Business Member

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    Yep - there's a forum promo code that gets you 2 months free or most property managers have a relationship with them which gives you a percentage discount.
     
  7. Nick Valsamis

    Nick Valsamis Well-Known Member

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    Perhaps the code "somersoft" still works then.
     
  8. Nick Valsamis

    Nick Valsamis Well-Known Member

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    Also, have a read of this thread below and specifically on brettc's posts as he expands on what the differences could be between your general insurers and specialised insurers.

    landlord insurance, help!
     
  9. melbz

    melbz Member

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    I can vouch for EBM, just claimed recently and very easy process!
     
  10. brettc

    brettc Well-Known Member Business Plus Member

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    You can just use the online application at www.rentcover.com.au to get a quote (and click on "get a quote" or "apply online"), when you complete the application use either "Somersoft" or "PropertyChat" where it asks for a promotional code, and we will apply a discount equivalent to 60 days premium when you receive your invoice. It won't change the on screen price, it will only be applied when you get your invoice. Alternatively you can call and speak to someone and tell them that you are a PropertyChat user and believe you get a 60 day discount and they can quote it all and arrange it, but online is easier to be honest.

    Let me know if you have any problems.
     
    Last edited: 6th Apr, 2016
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  11. Cbrgirl

    Cbrgirl Well-Known Member

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    Hi Brett, does EBM cover damage caused by a tenant's pets?
     
  12. brettc

    brettc Well-Known Member Business Plus Member

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    At this stage no. What you will find is that policies with it specifically included are often quite restrictive, the first thing is that the pet needs to have been nominated on the lease. Historically what we have found is that most problems with pets (that would exceed the bond) are from those that have not been nominated on the lease, therefore not payable anyway. They also tend to have a low level of cover and still with an excess. When the pets are on the lease the tenants tend to be more responsible about them and don't cause major issues. It is something we are looking at, but if introduced we want to make sure it is done right.
     
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  13. ashimashi

    ashimashi Well-Known Member

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    Anyone have experience with Allianz when it comes to landlord insurance?
     
  14. bob shovel

    bob shovel Well-Known Member

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    I haven't used Allianz for ages,when I did they were very expensive and haven't gone back

    Ebm have been winners for me recently. Easy quote and setup process
     
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  15. Lil Skater

    Lil Skater Well-Known Member Business Member

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    EBM - easiest and quickest claims process from a PM perspective, and one of the most comprehensive policies.
     
  16. Xenia

    Xenia Adelaide Property Manager Business Member

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    Yes I have
    I would recommend ebm or one of the specialist LandLord insurance companies.
    The non specialist companies are restrictive, some of them calculate their own phantom dates for the end of a lease, they calculate their own break lease charges that have nothing to do with reality, there is no designated person assigned to the case that you can talk to, and they have an excess Applied to rent default claims
     
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  17. Xenia

    Xenia Adelaide Property Manager Business Member

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    The huge majority of claims put through by any real estate agency is Rent default. Any other cover is a bonus to have but at least go for a policy that has really good rent default cover.

    The chances that somebody is going to smash your property with a sledgehammer is probably very close to zero. However the chances that your tenant may default in rent due to sickness, Job loss or divorce is actually about 5%
     
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  18. Erida

    Erida Member

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    Is it common to insure tenant-specific risks with one of the specialist insurance companies and get the building insurance from the general insurer? Or usually people prefer to get the combined insurance form one place?
     
  19. D.T.

    D.T. Adelaide Property Manager Business Member

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    We generally prefer to get them from the same place for 2 reasons
    1) means there's no gaps in the cover as the products were designed together
    2) Means they can't push blame to each other "No go talk to your LL insurer" "No go talk to your building insurer" and can put 1 claim for through to handle a whole scenario. I've had EBM pay me the next day.
     
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  20. Richard Williams

    Richard Williams Buyers Agent - Southeast QLD Business Member

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    What is EBM's excess on a rent claim?