Landlord Insurance Recommendations

Ash-Say on 01/07/2021 - 07:59

Looking for landlord insurance for my IP. I have held both EBM and Terri Scheer previously.

Looking for something similar but at a cheaper price probably something that comes with gift card. Does anyone have any recommendations?

Financial

Comments

  • Muzeeb on 01/07/2021 - 08:12

    Too many variables and individual circumstances.

    On this occasion you will have to do the leg work.

  • CyberMurning on 01/07/2021 - 08:23
    -1

    any that include below?

    tenants not paying
    difficult to find tenant

  • bemybubble on 01/07/2021 - 08:28

    Can I suggest that you simply go through a broker?

    Policy wording is always broader and you'll have more coverage than the likes of Terri Scheer.

    Also keep in mind it is insurance. Something bad has to happen for it to kick in and believe me you will be grateful that you can just turn to your broker and let them sort it out.

    • Ash-Say on 01/07/2021 - 08:44

      What do you mean by broker?

      • bemybubble on 01/07/2021 - 08:45
        +1

        An insurance broker

      • Muzeeb on 01/07/2021 - 09:56
        +8

        It's going to be a long day on the forums today

  • dogboy on 01/07/2021 - 08:47
    +2

    They all suck unfortunately :(

  • cjbowden on 01/07/2021 - 09:15
    -2

    Nobody is underwriting rent default at the moment. Only thing you can buy is cover against malicious damage, and the prices all went up. Happy to hear if you can find a bargain, but I suspect not right now.

    • CheapSticks on 01/07/2021 - 09:50

      thought terri scheer is covering?

    • DingoBilly on 01/07/2021 - 10:40

      This is incorrect - as someone else pointed out, at least Terri Scheer is.

      Also - I wanted to recommend Terri Scheer myself. Been using them for a while. Good fees, easy to deal with. Haven't had to make a claim but my understanding is they are one of the better ones in terms of paying things out.

  • JDMcarfan on 01/07/2021 - 10:13

    Honey Insurance just announced $500 gift card, they have a landlord option and I may consider using them when I come to letting out my IP in 6 months.
    (https://www.ozbargain.com.au/node/635088)

    Feel free to view comments and make your assessment as to whether you want to use them.

    These are my judgements:

    "Have been following Honey Insurance since the AFR article so have been cross shopping for a while. Whilst this offer is great, I have highlighted some reservations below.

    Happy to support this interrupter but also cautious that they may under-deliver. With this $500 cashback however I'm happy to take a risk, but have to acknowledge that the gift-card only brings it inline with Budget Direct pricing, so its slightly disappointing that they aren't the market leaders in any form (at least for me).

    The standard quote for me is higher than all the major competitors (incl gougers like NRMA), and I have a sneaking suspicion from when I first got a quote a couple weeks back (same property) , that they've jacked prices to compensate, as my first quote was line ball in the cheaper quartile of peers.
    As such, I'm unsure how they expect to generate business if they are remain uncompetitive on price, and think that they may be purely targeting the extremely low-risk end of market. I think they need to become line-ball with BD to have any chance and to capture market share."

    • Gunther on 01/07/2021 - 11:28

      "Launching soon, insurance for smarter landlords"

      Not available yet.

      • JDMcarfan on 01/07/2021 - 12:55

        ahh my bad just saw the option for it and didn't click to check. apologies

  • buckerooni on 01/07/2021 - 11:32
    +3

    I had a tenant move out due to unfortunate circumstances (alleged spouse abuse) and broke the lease. Terri Sheer covered the loss in rent (circa 5-6 K) as it took quite a while to get a new tenant (was just prior to xmas).

    While I forwarded emails from vic police, there was no VCAT order (or there was some document required but I didn't want to bother the tenant) and was very happy with the service from Terri Scheer.

  • 2jzzzz on 01/07/2021 - 13:09

    CUA

  • Indomietable on 01/07/2021 - 22:44

    Another positive review for Terry Scheer. Made 6 claims over the last 10 years and always get pay out and can't fault the service. I've shop around and Terri Scheer is not the most expensive one. My vote is to go back to Terri.

    • yjun355 on 26/02/2022 - 08:08

      Someone told me Terri Sheer don't cover for accidental damage from tenant. Is that true?

      • Indomietable on 26/02/2022 - 12:17

        Mine does cover accidental damage. I even get pay out for intentional damage when tenant trashed the place, left their belonging and destroyed appliances/toilet bowl/showers.

        • yjun355 on 27/02/2022 - 00:18

          Thanks

  • yjun355 on 26/07/2021 - 14:08

    Does anyone know if there is Terri Sheer or anyone else offer discount for multiple policies

    • CheapSticks on 26/07/2021 - 16:27

      yes Terri Scheer does for 3 policies and above

      • yjun355 on 26/07/2021 - 16:33

        Thanks. Also what happens if you cancel prematurely. They refund you remain part of the year?

        • CheapSticks on 27/07/2021 - 00:04

          yes thats my understanding however i havent cancelled myself.

  • upended on 26/07/2021 - 16:37

    I can recommend Terri Scheer. Sorry OP, I know you are asking for options other than Terri Scheer, but frankly I wouldn't move from Terri Scheer even if there is a gift card as an incentive.

    • yjun355 on 27/02/2022 - 00:18

      Thanks

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