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which companies do both building and landlords insurance and what have been your experiences with th

Discussion in 'Property Management' started by justine77, 20th Sep, 2015.

  1. justine77

    justine77 Well-Known Member

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    which companies do both building and landlords insurance and

    what have been your experiences with them for price or claims please.

    any other relevant details or advantages of some over others would be appreciated.

    thank you.
     
  2. JohnPropChat

    JohnPropChat Well-Known Member

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    I am looking for the same information. My PPOR is with CommInsure (building + contents). Pretty happy with them. Also, heard good things about AAMI and RAC.

    Now that I converted it to an IP. I am looking for landlord specific insurance. Heard about EBM RentCover - seems to be popular with investors - http://www.rentcover.com.au/
     
  3. D.T.

    D.T. Adelaide Property Manager Business Member

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    EBM have both LL and Building with.

    They're generally very competitive on price. Allow claims under $25K basically straight away. Have a longer period (52 weeks) of cover than most insurers.
     
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  4. JohnPropChat

    JohnPropChat Well-Known Member

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    I've read that EBM excludes "flood" cover. Is it better to get building insurance from someone else and just get LL from EBM?
     
  5. larrylarry

    larrylarry Well-Known Member

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    I just signed up with EBM with the kind assistance of @brettc I haven't made any claim but heard the claim process is good based on others feedback. No it doesn't cover flood but I'm happy to go with it for my Newcastle property. Someone also suggested that both LL and building should be of the same insurer. Do a search on landlord insurance and you will see the thread.
     
  6. trivial

    trivial Member

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    Can recommend EBM. @brettc
    They run a discount too for Somersoft.
     
  7. larrylarry

    larrylarry Well-Known Member

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  8. JohnPropChat

    JohnPropChat Well-Known Member

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    After more research, I figured not having flood (from water bodies) cover is a reasonable trade-off for a property inland-Perth. So, I signed up with EBM for building + LL.

    @brettc - I've read posts from 2 years back that said EBM is working on including flood cover. Is that still the case or has it been dropped completely?
     
  9. D.T.

    D.T. Adelaide Property Manager Business Member

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    I spoke to SA State Manager in person over a coffee a couple of weeks ago. He said they were looking at ways to add it in as an optional extra so that those who don't need/want it don't pay for it.
     
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  10. JohnPropChat

    JohnPropChat Well-Known Member

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    Just got the invoice from EBM and a nice discount for mentioning PropertyChat.

    I thought EBM insures property through QBE but the Invoice says "various insurers". Ah, well I am happy with the policy.
     
  11. justine77

    justine77 Well-Known Member

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    Thank you for the info so far. I thought with tenants flood insurance covering floors or carpets is important as flooding does happen.. washing machines leak or flood etc.
     
  12. larrylarry

    larrylarry Well-Known Member

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    You're covered.
     
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  13. D.T.

    D.T. Adelaide Property Manager Business Member

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    That's a different thing altogether. If you read the policy or PDS it defines what flood is.
     
  14. JohnPropChat

    JohnPropChat Well-Known Member

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    As DT said, they are two different things.
    This is from one of the documents I got in email. If you are in a flood prone area then you to find some other insurer that covers actual floods.

    New Definition of “flood”

    In all instances in the PDS where the meaning of flood appears, the definition, “the inundation of normally dry land by water from any watercourse, lake, canal, dam or reservoir” is deleted and
    replaced with the following definition for flood;

    “Flood” means the covering of normally dry land by water that has escaped or been released from the normal confines of any of the following:
    (a) a lake (whether or not it has been altered or modified);
    (b) a river (whether or not it has been altered or modified);
    (c) a creek (whether or not it has been altered or modified);
    (d) another natural watercourse (whether or not it has been altered or modified);
    (e) a reservoir;
    (f) a canal;
    (g) a dam.
     
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  15. brettc

    brettc Well-Known Member Business Plus Member

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    The word is early in the new year, seems like it's finally sorted.
     
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  16. larrylarry

    larrylarry Well-Known Member

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    Hi @brettc will all EBM insured be notified of this?
     
  17. brettc

    brettc Well-Known Member Business Plus Member

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    Haven't discussed the plan yet, there will certainly be advice but I am unsure whether that is immediate or on renewal.
     
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  18. mcarthur

    mcarthur Well-Known Member

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    Ouch, so no cover for sea level rise or king tide inundation (ie. salt water) in association with river flooding (fresh water).
    Won't be my insurer then!
     
  19. Cheryl Gravina

    Cheryl Gravina Member

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    Hi Justine,

    After dealing with almost every Landlord Insurance over the past ten years I have a lot of experience with who pays out and who doesn't. AAMI will not cover the first the first month rent which is crazy as this is the time you need it most, & they also only cover a few weeks loss of rent which is not enough if your tenant absconds. Terrie Scheer are probably the leaders in the industry however they also only cover a small amount of weeks rent, I believe its 6 weeks rent cover, again this is not usually enough. Alot of companies also have an excess and large annual fee. PIP are great they cover up to 14 weeks, only $297 per annum and No excess. Very important if you are highly geared.

    Hope that's helped.
    Cheers
    Chez
     
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  20. JohnPropChat

    JohnPropChat Well-Known Member

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    If your property is flood prone then have to look elsewhere unfortunately. You can still get RentCover which by itself seems quite good.

    For large scale flooding I doubt there would be much confusion about who pays (building insurer or contents insurer) but other things may get a bit tricky.