My landlord insurance is about to renew. The current insurance provider increased the cost a lot for renewal, although I never had a claim.
I am searching and shopping around with other insurance provider, any recommendation or promotion currently available?
I negotiated a few months free with EBM last year.
how?
Talk to them on the phone.
interesting !
PropertyChat forum said only to think about Terri Scheer or EBM. Say you were recommended off the forum and they give you a 2 month discount for first year. Just watch renewal time.
I went with EBM due to slightly better claim handling apparently.
I went with Terri Scheer. didn't have to claim so can't say much about service.
Be mindful that some Land Lord policies will specifically EXCLUDE any item which is covered by another policy.
Example:
Tenant claimed their ceramic cooktop suddenly shattered, naturally they just came home one day and it imploded ie they claim they didn't drop anything on it.
So I make a claim with my Land lord policy. Who refuse the claim on the basis that fixed items of capital should be included in my body corp insurance - Seemed odd to me that an item inside a unit would be covered by the body corp but obviously they know something I didn't so I took their guidance.
I call the body corporate manager to make a claim and am told as the claim relates specifically to my unit, I must pay the excess (fair enough). Only problem is the excess was $1500 or something equally ridiculous on the body corporate insurance for this type of claim.
So muggins me has to pay the $450 (or whatever it was) for the cook top replacement out of my own pocket as:
I would specifically state this example when determining policies and make note of each insurers response.
Good example. Typical insurance fine print which not many people will read and understand only till only day you need it.
Land lord insurance is only useful when the worst happen. e.g. Your tenants burn down the kitchen.
Otherwise, be prepared to fork out a few hundreds dollars here and there regularly.
ALL insurance policies will exclude insuring the same item twice, or have an offset clause.
The tenant was in denial
Just because they deny doesn't mean you have to take it at their word. Literally unless they can prove someone else was in the apartment, there's no other way it could've broken other than by their actions. Their denials mean nothing. Would've asked to them to pay, added to rental amount, kicked them out if they didn't and still deduct from their bond. Would've been perfectly legal, and $450 - how many weeks' rent would that have been?
Terri Scheer.
Another vote for EBM, I've read a few bad experiences with Terri Scheer.
Can you please elaborate.
I've heard only good things about EBM and Terri Scheer.
I was with EBM but premiums increased too much, switched to Allianz.
It was mainly reviews around claims being declined. Now I've looked again at EBM, they have their share of issues.
Maybe I'll look around as posted below when my renewal comes up.
Annually, I plug the same details into all the insurers websites and review them.
This year Allianz won. Previous year it was with AAMI.
Insurance companies run on new business, not retaining existing customers, so just switch each year. Don't use aggregators like CompareTheMarket. The small amount of time it takes to query a number of insurers yourself is not worth the commission they are charging the insurers. They are just adding costs to the whole insurance market for a small convenience to your time.
Coles is not too bad if u get existing property cover.
Alot of the companies have crap limitations / excesses.
Pay attention to the “pet damage” policy. Some don’t offer and some only offer $500 which doesn’t go very far if floorboards are damage etc
Have you tried EBM or Terri Scheer? I use the former but I've heard TS is equivalent.