Who has LL insurance?

Discussion in 'Property Management' started by Hebro, 30th Mar, 2020.

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  1. Hebro

    Hebro Well-Known Member

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    I have never had it. Never thought it worth my while, 25 years +.
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    We do.
    Claimed a lot at one stage - not so often now....

    The Y-man
     
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  3. datto

    datto Well-Known Member

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    Yeah got it. Never claimed so I've forked out thousands over the years. Glad to keep insurance companies profitable.
     
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  4. Hebro

    Hebro Well-Known Member

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    One lot of tenants for 20 years, one for ten years.
    Never sure why, maybe the properties?
    Changes the equation from investment, to ethics.
    What we can do, when.
     
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  5. alexm

    alexm Well-Known Member

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    I do. Terry Sheer.

    In my experience, avoid Westpac Landlord Insurance. We had a tenant maliciously damage a new rental property. Paid extra for this feature and had a court ruling totally in our favour. Westpac denied the claim based on a technicality lodged at the time. Complaied to them and the ombudsman. They're both useless in my experience.
     
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  6. Tom Rivera

    Tom Rivera Property Manager Business Member

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    In my experience, most/all of the non-specialist brokered policies have much better coverage than the add-on's that you get with your main insurers, banks, etc. I've had some shocking experiences with policies from places like ANZ (the worst experience ever), Commbank, etc.
     
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  7. Dan Wood

    Dan Wood Well-Known Member

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    I'd hope everyone does, not the case however..

    I'm with EBM, and I've claimed unfortunately.. The process was easy.
     
  8. kierank

    kierank Well-Known Member

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    Same here.

    All of ours are with EBM, claimed a few times over the years and never experienced a problem.

    As a side benefit, the premiums increase our negative gearing benefits :D.
     
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  9. willair

    willair Well-Known Member Premium Member

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    Look at the upside with all the money you have saved by not having insurance it would be a frustrating experience when something does happen and you have to pay..
    Always had insurance for over 30 years ,still waiting for a settlement from the 2011 floods but i think LI is one item that property investors need 1000 percent..
     
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  10. Phar Lap

    Phar Lap Well-Known Member

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    Was with EBM and could not fault them at all, they were fantastic when we needed them. Kinda wish we still had IP's so we could be doing business again with them. A great partner to LL's.
     
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  11. euro73

    euro73 Well-Known Member Business Member

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    Pretty difficult to get it right now...
     
  12. Hebro

    Hebro Well-Known Member

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    So what are the most common claims, loss of rent exceeding the bond, damage, etc?
     
  13. willair

    willair Well-Known Member Premium Member

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    Depending on the location in Qld one would start at the top of the catastrophe rang ..Flood --Fire--Cyclones-personal injury -tress falling onto the property ..Myself i would not be able to sleep at night without insurance no matter the costs as the ATO picks up the bill..Up too a few week ago the insurance industry employed a massive amount of people and going forward they may need more if the cycle turns and the xxxxxx stock-takes start..
     
  14. Hebro

    Hebro Well-Known Member

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    but doesn't building insurance cover most of this - I have that
     
  15. Redwing

    Redwing Well-Known Member

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    Going back a few years we had a super 6 fence fall down due to high winds, neighbours chasing repair/replacement contribution and on investigation found we had let LL insurance lapse

    Wed-Thur-Fri :eek: WTF

    FFW and it turns out our contribution was less that the excess required

    A win but a noted loss at the same time
     
  16. Fargo

    Fargo Well-Known Member

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    Yes it does. I dont have landlord insurance I think it is a waste of money too. Never needed it in 20 years, better to have your own insurance fund by putting your money into shares instead.
     
  17. BarneyRubble

    BarneyRubble Well-Known Member

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    Have LL insurance on all my properties with EBM. Have claimed a couple of times and it’s been flawless.

    Would have to run the math to see if I’m in front versus premiums, but that’s not what insurance is about. It’s the sleep at night test, not a math test, for me at least.

    It’s a cost of business, and a deductible cost.
     
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  18. devank

    devank Well-Known Member

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    AAMI, NRMA & RACV don't have tenant protection to new policies or they don't add this to existing policies.
     
  19. abc_123

    abc_123 Well-Known Member

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    Suncorp are not offering landlord policies anymore but have just told me they will renew existing but I cannot change any conditions. I guess reduce excess or increase amount insured.
     
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  20. kierank

    kierank Well-Known Member

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    I am surprised they didn’t steer you towards Terri Scheer Insurance as they own it.
     
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