Landlords Insurance - Premium Increase 23.5%?

Discussion in 'Property Management' started by Chris s, 19th Nov, 2020.

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  1. Chris s

    Chris s Active Member

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    Hi All,
    I just received my Landlords insurance with Terri Scheer and received a 23.5% increase but it still seems to cover rent defaults.
    I'm wondering if other's are seeing similar increases on their policies and or if anyone is keeping premiums the same?
    Seems like a good time to start looking around for a new insurer?
     
    Chris s, 19th Nov, 2020
    #1
  2. Tattler

    Tattler Well-Known Member

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    If you need to have rent default cover, then you have no option but to keep with Terri Scheer. I am not aware of any new landlord policies provide rent default cover at the moment due to covid.
     
    Tattler, 19th Nov, 2020
    #2
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  3. Propertunity

    Propertunity Well-Known Member

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    There is one (1) I found out about recently & its is posted over on an earlier thread :
    Landlord insurance - new policies and renewals
    The Vero insurance I was quoted on, makes the Terri Scheer increase of 23.5% look like a really good deal - so ended up buying a TS policy for that IP.
     
    Propertunity, 19th Nov, 2020
    #3
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  4. Owl

    Owl Well-Known Member

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    What did the TS policy cost?
     
    Owl, 3rd Dec, 2020
    #4
  5. Propertunity

    Propertunity Well-Known Member

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    $1,703
     
    Propertunity, 4th Dec, 2020
    #5
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  6. niknah

    niknah New Member

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    Mine went up by 20.1%. Sydney apartment. I had a good experience with making a claim earlier, so I'll stay.
     
    niknah, 18th Dec, 2020
    #6
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  7. Tom Rivera

    Tom Rivera Property Manager Business Member

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    We're noticing increases up here in QLD but only very small- 5% or so? I recently did a couple of comparisons on price for properties which were interesting. EBM for this property was about $1400p.a., Terri Scheer was $1200p.a and PIP was $850p.a!!!
     
    Tom Rivera, 19th Dec, 2020
    #7
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  8. craigc

    craigc Well-Known Member

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    Hi Tom, does PIP have rental default cover available atm?
     
    craigc, 23rd Dec, 2020
    #8
  9. GSS

    GSS Member

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    Hi would like to know the answer here too pls! Thanks and HNY!
     
    GSS, 31st Dec, 2020
    #9
  10. Garry Thomas

    Garry Thomas New Member

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    Hi Craig, yes Property Insurance Plus also has rent default cover back
     
    Garry Thomas, 8th Jan, 2021
    #10
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  11. Tom Rivera

    Tom Rivera Property Manager Business Member

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    Thanks @Garry Thomas ! I confirmed with PIP after the question came up here, then forgot to come back and actually let people know- holiday brain!
     
    Tom Rivera, 8th Jan, 2021
    #11
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  12. Just_A_Name

    Just_A_Name Well-Known Member

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    You lucky duck. One of my got jacked more than 50%.

    But I have no choice but pay.
     
    Just_A_Name, 23rd Jan, 2021
    #12
  13. Patricia

    Patricia Well-Known Member

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    From PDS of PIP:
    We will not pay for Loss of rent where there is a widespread outbreak of any strain of influenza, virus or any other disease declared as quarantinable by the relevant government authority.

    So if we have another outbreak again, PIP will not pay for loss of rent.

    Do you think it is still ok, though their price is around $100 cheaper than EBM and TS?
     
    Patricia, 8th Mar, 2021
    #13
  14. Shazz@

    Shazz@ Well-Known Member

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    Just got one of mine from EBM. 20% increase from last year. Property in NSW.
     
    Shazz@, 8th Mar, 2021
    #14
  15. Onyx_OCAU

    Onyx_OCAU Well-Known Member

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    Yeah I had gotten a shocking high increase in insurance premiums upon renewal too. I chalked it up to the whole Covid thing.... Nearly everything has increased, some things disproportionately so.

    I console myself justifying it by owning shares in finance and insurance companies - so really, they're looking after their bottom line for my benefit as their shareholder...
     
    Onyx_OCAU, 11th Mar, 2021
    #15
  16. paulF

    paulF Well-Known Member

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    With EBM here and just received a 10% increase on the base premium from last year. Will call them to see what's up with that.
     
    paulF, 20th Mar, 2021
    #16
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