Hi,
First time looking for landlord insurance.
Hoping to get some advice on what to look out for and any competitive deals to start off with.
It's a 3-bedroom townhouse with body corp.
Thank ya'll in advance.
Landlord Insurance - Any good deals?
LConsistenKing on 28/01/2024 - 10:55
Comments
There are plenty of good posts from fellow ozbargainers on banks with better rates etc. I don't see how this is any different.
Because interest rates on mortgages and cash deposits are generally equal for all.
Insurance prices are based on individual’s circumstances, geography etc
Ok thanks for the constructive comment, that makes sense. I didn't think of that. I'm very inexperienced, that's why I posted in the first place.
Yeah, nah. Interest rates are also based on individual circumstances - PPOR, IO, LVR, credit ratings, big 4, city/country et al
Folk should lay off the OP and keep their sanctimony to themselves. I've read far more irrelevant questions on here than his.
I use Qantas landlord insurance as they were way cheaper than anyone else. I've never had to claim from them though. Touch wood.
Best deal: choose the right tenant without such insurance.
they might seem like the “right” tenant on paper until they move in ..
Buy Apple shares instead, they are bound to go up in value more than the housing bubble and rent combined over 20 years. Apple are releasing a car next year, a car my dude, they'll be worth 50 trillion before you die…
No Apple car coming, it was shelved LOL. Epic fail
They'll come up with a hoverboard or something. Apple always got a rabbit in their hat.
Compare Terri Scheer with Property Insurance Plus and choose the cheapest. PIP have been good and no issues claiming.
Thanks I was about to go with Terri Scheer, but PIP looks even better, higher amount insured, longer periods for loss of rent or rent default cover etc. And a cheaper yearly premium! Going with them, thanks so much!
See if your car insurer has any multi policy discounts. Other than that, it is hard to recommend something which can vary significantly as every insurer uses different risk models. Insurer A or B could price a 3 bedder in Eastern or Western suburb very differently.
Ignore all unhelpful comments. Theres a lot of elitist grubs on here that will tear you down for any reason. You mightve done better if youd ask for a recommendation but even then the dogs would attack.
Ive had a good experience with Terri Scheer. I know someone who recently dealt with Westpac landlords insurance and were satisfied with the process but found out along the way, certain things werent covered..
Ive heard terrible things about EBM.
You really need to sit down and compare the policies because they are not all covering the same circumstances.
Have a read of this article, its old and basic but if you really dont have a clue, it will point you in the right direction.
https://www.yourinvestmentpropertymag.com.au/property-manage…Hey, just wanted to say thank you for this. Ngl the comments did get to me, like, ofc I need to do more research than take some stranger's word for it online. I'm just trying to know where to start because the brain trust tends to be very knowledgeable on here. Btw, I thought I am asking for a recommendation - did I post on the wrong forum?
Thank you for sharing your experiences and the link too.
Theres a lot of elitist grubs on here that will tear you down for any reason.
I believe the term is "jealously". They get extremely upset that someone has an investment property.
i don’t know why anybody would get jealous of ppl having an investment property ? they obviously have worked hard to be able to do this or won the lotto haha ..i will be stuck renting all my life but i’m not the only one unfortunately
Basically every post about landlords. It's pretty obvious.
@Clear: oh yeah i’m not saying there isn’t jealousy but i don’t understand why someone would be hating on someone else that has worked hard to be able to buy an investment property
haha the dogs will attack ..seems about right lately
A few of the comments above confirm that cheapest isn’t always best, as you often pay for bad insurance when you claim.
For a great guide to how to figure out landlord insurance, listen to this podcast episode from the Property Couch. A great podcast for generally improving your knowledge on property investment.
https://thepropertycouch.com.au/ep328-greg-rowe-landlord-ins…Also check what your body corporate’s insurance covers so you have a clear understanding of what you need.
Hope that helps.
@ConsistenKing - was going to send this as a DM but you don't have messaging turned on
As you are in a Body Corp for the townhouse you do not need Building Insurance - this wil be part of your Strata Fees
The policy you buy should only be for:Contents - that is anything in the unit that you own - or more accurately anything the BC doesn't
Did the previous owner put in A/C or upgrade the kitchen, etc. - you need to insure that
The best policies basically pay for anything that the BC policy doesn't pay forLiability - if the tenant slips in the shower and wants to sue - you need liability
Loss of Rent - in case it isn't covered by BC
say tenant has a kitchen fire, or a pipe bursts - tenant won't pay rent and you need to claim- Malicious Damage and Rent Default - tenant trashes the place or skips out owing rent
- you need cover for that - bond will apply first
I have heard people say I don't need #4 my agent takes care of that - don't believe it
Good luck getting RE Agent to pay for the rent and damage from a dodgy tenant they chose for you and didn't check on regularly
Often in a rent dispute you can't immediately evict either
3 months later when they finally vacate the place will be smashed to shredsI used to work in general insurance. I go with AAMI. Rule of thumb is don't have any insurance offered from banks. Terry Sheer is also a bit too expensive.
Just sell it if you are too lazy to use google.