Who's good for Insurance in 2018 Resi

A few of my insurances are due for renewal, and despite no claims, some of my policies have gone up from 750ish to 1200ish, thats including tenant
ive been looking at EBM, and allianz,

I know Terri Sheer is good but everytime ive got quotes, theyve come out pretty expensive,
Youi was expensive and asked me 100,000 questions

 

Based on views on the forum EBM seems to be highly recommended...either way pick an insurer who specialises in IP's the others can have watered down terms and conditions

 

I've had good experiences with ebm
And would have gone with them
But one of them has gone from 770ish to 1200

A bit too big gap for my liking

 

I recently paid about $850 with NRMA 350K building plus landlord. Can't believe how cheap it is. There is discount for multiple policies.

Give NRMA a shot.

 

Youi varies greatly. My business partner loves them but I've always found them expensive and painful.

EBM's policy is great because they're competitive on the house insurance bundled with REAL landlords insurance, as opposed to all the banks who offer a token landlords insurance policy. However, the vast majority of my clients are quite happy to use their big banks for insurance (Comm bank is particularly good to deal with) and then take out a landlords policy with a specialist insurer like EBM, TS or AON.

 

I went with EBM last March for a new property. Just got renewal for Platinum in the mail today -

Inv date 2/1/18
Postage date 17/1/18

Period of insurance - March 27, 2018

Credit Terms are 30 days - do they expect payment now??

They have applied a 23% increase (including a $53.68 broker fee?!) Original payment included a PC discount.

Had no claims or issues in the insured area as far as I am aware.

Just had a play around on their site, came out at 9.28% increase - without a PC discount

What I cant stomach is perhaps EBM is banking on the fact that some owners get all bills sent to the Property Manager, who may just pay the bill without further investigation.

Guess I've got a call to make come Monday.

 

Just got off the phone with EBM for building insurance on my new build which is about to finish next week.
EBM will not insure unless the house is going to be rented straight away. I explained that if the house is not sold in 8weeks they will be rented, but still not interested in taking my money.

 

To be fair, that's very common practice for insurance of all varieties (not that it makes it right- I hate it).

 

wow, tried them got an online quote and it came up with $1800

Admittedly it defaulted to $380k insurance, and didnt let me change
Ive been insuring for $250k

 

The 30 days payment term is from your renewal date, not your invoice date.

 

My experience of using EBM for Landlord Insurance has been they have rejected my well documented claim for lost rent. All the pleasant talk up front as they take your money means nothing if they refuse to come to the party when you actually need it.

 

Give them a ring they have a max / min range and can usually reduce the amount insured.

 

I agree they are pretty good. Also sister company with SGIO and SGIC if you are invested interstate and all policy's apply to discount.

 

These policys fall down in the LL area IMO.

 

One of the downfalls is for a loss of rent claim they add 4 weeks rental income to the excess. They say the bond should cover this (no good when bond is covering clean up of mess and furniture left behind by tennant).

On the plus side they will continue to cover a rental default event past the date of a notice to vacate and until a new tenant is found (upto the amount insured which is usually $5k)

 

This is an extract of my policy papers. The premium is only $818 but the excesses seem expensive. I didn't really notice before lol:


EXCESSES

The following excesses apply to your policy:

• a $1,000 basic excess for each claim

• when you claim for Rent Default we will deduct from
your claim 4 times the weekly rental amount and a rent
default excess of $300

• when you claim for Vandalism or a Malicious or
Intentional act by a Tenant or their guest, we will deduct
from your claim 4 times the weekly rental amount and
the $1,000 basic excess

• when you claim for Theft or Attempted Theft by a Tenant
or their guest, we will deduct from your claim 4 times
the weekly rental amount and the $1,000 basic excess

You can reduce your premium by choosing a higher basic
excess. Contact us for an estimate.

YOUR PREMIUM BENEFITS
Please refer to the Premium Excess and Discounts guide
for further information about how we determine your
premium and excesses that may be payable at claim time.
The following provides a breakdown of how your premium
is calculated.

Premium including your chosen options
and 25% No Claim Bonus $692.00
Less 17.5% Loyalty Discount $121.10
Plus Government charges $247.10
Total premium $818.00

You've been awarded Claim Free Privilege Plus giving you
a 25% No Claim Bonus plus Free No Claim Bonus
Protection. This means you will retain your Claim Free
Privilege Plus status and 25% No Claim Bonus where you
make one claim in a policy year.

 

Read the PDS's a few times as well & ask about anything not clear, also think of some "what if" scenarios....

It all depends how much you rely on the rent, and how many places, and how much the rent is to an extent.

Paying for all the insurances is not a small cost either.

 

Unfortunately an Insured will sometimes have a perception of what should be paid which is contrary to what is covered by the policy. In saying that, there is sometimes miscommunication about what has occurred, and as a result claims can require reviews. All insurance policies only cover what is detailed in their Product Disclosure Statement and Policy document, and under any policy there are limitations as to what is covered.

We are always open to reviewing claims and ensuring fair outcomes, and all procedures and timeframes are in accordance with industry codes of practice and legislative requirements.

As your claim is outside the policy coverage, and directly relates to a listed exclusion, your claim has been forwarded to our underwriter QBE’s Internal Disputes Team for their review, and we await their advice.

I understand the reasons for denial have been detailed to you, as well as our suggestion that your rent loss claim should be submitted to your building insurer, who was responsible for, and paid for the original repairs.

If you continue to be dissatisfied with the outcome of your claim, the Financial Ombudsmen Service is also available to you.