QLD Significant landlord insurance premium increase. Looking for alternatives.

Our IP is a standalone house and we have been with Allianz landlord insurance for over 5 years. A few weeks ago we received the premium renewal notice. The premium increase from last year is 25%. We have never made any claims and haven't chosen the optional flood cover. Has anyone else experienced significant premium increase recently? We expected the premium to go up due to the extreme weather events but 25% is a surprise. I plan to shop around for a cover that offers better value. Any recommendations?

 

Given the huge increases in building materials and labour, it is inevitable that insurance premiums will rise as repairs become more costly.

 

3 with Blue Zebra and all up average 25%. Broker advised this was standard and comparisons were more. Not flood impacted.

 

We've seen some pretty big jumps in premiums recently across all the insurers we see our clients covered by, not all quite by 25% though. There's been a lot of pressure on insurers lately...!

 

All of ours have gone up as well.

 

Thanks for everyone's responses. I read in the news that insurance premium is about to go up 10% in the next financial year so I wondered if it was just Allianz putting up the premium this much. Has anyone had experience insuring standalone houses with EBM landlord insurance and TerriSheer? I am thinking that it wouldn't hurt to shop around a bit. But I don't want to sign up with an insurer who doesn't provide good service.

 

I've got quite a few with EBM. No issues ever with them.

 

I am with EBM. Renewal is in July and the premium has gone up by $30 only... that makes it around 2.3% increase.
Phew! I am lucky!

 

+1 for EBM.

I have a promotional link with them. PM me for the details.

 

I’d PM if I knew how ;-)

 

bumping old thread+
I had 4 insurance with allianz, it was cheap and all ok until this year when I had to make a claim on my house in brisbane due to Feb storm event. Jesus it literally took 6 months for repair to be scheduled, and it's total mess. Speak to Insurer > Loss adjustment agent > builder > sub contractor just to schedule a job. Their claims process is total garbage. Renewal premium is $1300 or so, which seemed cheap.

But i hate the service. Priced up RCAQ and comes back $2700. So I'm inclined to use RCAQ for my own residence (if i need to claim on my home I would not trust Allianz with it) and use something cheaper for IP?

 

My Terri scheer renewal actually went down. Renewal received July

 

have you had any claim experience? Terri Scheer i have 2 policy but never had to claim. They are underwritten by Vero insurance so its pretty major.

i found BudgetDirect cheapest but it seems like a mass market packaged product underwritten by Auto General which i never heard of... it seems Virgin and Qantas insurance all those cheapo franchise inaurance is a repackaged version of same under writer

in terms of pricing given everything else same

Allianz 1300
BudgetDirect 1300
Virgin 1400
Qantas 1800
Terrisheer 1800
QBE 2500
RCAQ 2700

annual payment... i really hate Allianz claims, if i had legal liability claim i think i will be really streased out, if a petty storm damage job (damage of 1500) takes 6mth to process

 

Fortunately no claims made

 

My landlord insurance with TS dropped a bit. But building insurance went up 20% - I guess higher cost of any potential fixing or building replacement.

Not only Brisbane but similar for Perth. Have not seen new one for Sydney yet.

 

Have you tried EBM. I find them brilliant.

 

I made a claim for our Allianz landlord insurance last Nov. It was also storm damage. The repair did not get completed until June. I had a similar experience dealing with multiple parties and several things went wrong but to be fair I think Allianz as an insurer is okay. They were professional and responsive. With our claim, the builder and sub contractors made several mistakes along the way. But I don't hold Allianz responsible for the mistakes. Perhaps I had low expectation to begin with I have not made claims before so I can't compare the claims processes at different insurers. I wonder if they are pretty much the same when it comes to the claims process. It would be good to know if anyone has made claims via different insurers.

 

Not a suggestion in any way but maybe have a look at Suncorp as we were with the company you have mentioned in 2011 brisbane floods and the class action is now in the final stages ..
Recent floods we were with Suncorp and apart from documentation and paying $880-00 to have the title released to prove we owned the property as I accepted a cash payout that was settled after 14 phonecalls within 12 weeks and sometimes waiting on the phone for up too 3 hours as you never give up and never surrender as any major insurance claim can be very stressful..