What % of Landlords has LL Insurance (PMs)?

A question for the PMs on here,

what % of your landlords has LL insurance?

 

>95% of my clients do.

 

You mean there are landlords who don't have it?

 

Yep, just like ones who check their own smoke alarms

 

100

 

I tend to like to give everyone options,,,,,

I wont manage unless...

You take my optional LL insurance - you get one free green quote at the start of our relationship then eff u. Claims not allowed if we do accept your money.
You take my optional building insurance (see next line)
You take my optional broker finance, only valid with the above, and below..we have to stitch you up you see.
You take my optional electrical and plumbing check
You take my optional building check - we use unemployable hacks who started own business
You take my optional pest checks, you must agree to our not so over the top terms, after all, we need to make sure your IP is not eaten and tenants are not at all put out...
You take my optional smoke alarm testing - it is only a hundred bucks guys...sheesh, then you have nothing to worry about..

You take my optional 10% cut of your rent, I deserve it, I am a business partner, although, not silent...lol.....and then my hopeless half arsed employees can find other ways too milk you or foul things up and cost you dearly.....lol...

Dont you just love me, I am your eff ...eng....PM !

License no 123, no animals were harmed in this charade, and that were, were actually really dumb and deserve it, terms and conditions apply, bet you cant work them all out dumbo, by then I have all your surplus cash, and vow to hold onto it no matter what.....see applicable state laws and bodies that assists us cause they are too lazy to do anything when caught out most times....

No responsibility implied, taken nor held, you understand that right, your the rich *******o....

 

LL insurance isnt a matter necessarily for a PM. They may recommend it but many astute investors already seek our their own solutions. The PM may not even be aware of it until a claim event arises.

I regularly encounter clients without insurance at all. I mention it and they often indicate they forgot to renew etc. One shocked me and took out cover and cancelled it a week after settlement despite a mortgage condition. They really opposed the idea of being told they had to insure the property for total loss. And then wanted to claim the premium they paid not the net premium after the refund !!

Many in strata think the strata building policy is also sufficient when it leaves a range of matters without cover.

 

I am surprised that no PMs here have said the work with involved with no insurance is multitudes higher than with insurance, in terms of getting quotes, getting jobs done, time frame and calls/emails etc etc

 

If there's work that the Owner wants to get done, who pays for it is irrelevant - same process is followed. In parallel to that, if a claim is being made with insurance, the insurer may send out a loss adjuster to assess and arrange their own quotes to cross check against the Owners. Sometimes the Owner might be happy to go with what the insurers loss adjuster recommends. Some Owners handle this themselves, others get their Agents to do it. Some Agents don't charge for it, some Agents do charge for it. Can you just clarify, are you saying that an Agents motive for recommending their Clients take out insurance is so they have to do less work..?

 

you are being a bit over dramatic there, I'm actually backing PMs by my post

if you have a landlord like me, I am going to get multiple quotes, and ill be ensuring I get the best price, and I wont be going over the top or doing unecessary stuff. Plus not me but if some were local, theyd be doing some of the work themselves (a massive headache for the PM, I would assume)

with the insurance, all the jobs are listed, PM gets quotes, sign the dotted line, and it all gets done.

 

For most (established) I would say not a headache at all as they generally have a substantial contractor database of 'trusted' trades that are well-priced and well-versed in what they're doing (no cashier cowboys from gummo' etc).