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TICA Landlord Insurance

Discussion in 'Property Management' started by FirstIP, 4th Dec, 2015.

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  1. FirstIP

    FirstIP Active Member

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    Has anyone used TICA Landlord Insurance? Any feedback?
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Haven't sorry, I generally use EBM

    Do they offer a building insurance portion as well? There's strong advantages in having the LL and building components at the same place. It often provides a discount, prevents them from blaming each other for claims and is simpler to pay.
     
  3. Xenia

    Xenia Adelaide Property Manager Business Member

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    Hi First IP
    We use property insurance plus for our clients - no excess on rent default which is the number one claim through insurance companies.

    Check the excess - it's important.

    I'm also looking into EBM, have not processed a claim through that yet but in the process of checking it out.

    can you post something here on TICA insurance? happy to make some comments for you once I have seen what it's about.
     
  4. FirstIP

    FirstIP Active Member

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    Thanks David. They offer building insurance but I\it's my understanding that I won't need it as it's a strata block. TICA is cheaper then EBM and TS, with lower excesses and greater cover.
     
  5. D.T.

    D.T. Adelaide Property Manager Business Member

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    Ah if its strata then perhaps give it a try and report back for the benefit of the group :)
     
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  6. FirstIP

    FirstIP Active Member

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    Hi Xenia,

    Thanks for your thoughts. The link is http://www.tica.com.au/Docs/TICA_Landlord_Insurance_Brochure_PDS.pdf.

    I agree that the excesses are important and this policy seems to be better than TS and EBM.EBM seems to only cover 6 weeks loss of rent for a defaulting / absconding tenant whereas TICA is 15 weeks. I'll need to do some further investigating as I'm not sure if TICA covers failure to give vacant possession, prevention of access, re-letting expenses, tax audit and removal of goods.
     
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  7. D.T.

    D.T. Adelaide Property Manager Business Member

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    They have their own online claims portal which is pretty handy... I'm the opposite way around - haven't used PIP so not sure what they're like.

    EBM also no excess on rent related claims and cover between 6 and 52 weeks, depending on the type of incident.
     
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  8. Scott No Mates

    Scott No Mates Well-Known Member

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    Does TICA ore-screen the tenants to determine whether they should take on the risk and adjust the premium accordingly?
     
  9. FirstIP

    FirstIP Active Member

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    Not as far as I'm aware.