Has anyone made a landlord insurance claim? How would you rate the experience you had with any of the following. Just liked to get user feedback on claims before I sign on with someone. AAMI EBM Suncorp GIO
I have made a fairly large claim for damage and loss of rent and it wad fairly protracted in that the insurers do try and wriggle out before they cough up, which they did in the end. It wasn't any of the above it was another well known mob.
It's easy to not want to pay too much for insurance premiums but, but if you pay too little you may lose alot as opposed if you pay too much insurance you may just lose a little.. Get my message?
*Before insuring check & compare the cover you'll actually get.* eg. Malicious damage by tenant etc.
Depending on the property type insured there's criterias to consider for houses & inference in units/townhouses (strata-titled). Sdo take the time to understand what's expected.
I am with EBM & takeout the Platinum policies, (building & landlords) I have found by far they are quite comprehensive & generous with what they cover.
I've had quite a few fence/storm damages to do over the years, & it's been an efficient process with the claims.. All you need to is the clAim online get 2 quotes, & post photos of the damage. Pay out via cheque is settled with in the week. The downside is waiting for the contractor to repair the fence if he's got lots of other jobs . Ooh just remember the insurer will go for the cheaper quote, it does pay to know that ..
No drama with malicious damage & loss of rent , the property manager can provide the necessary documentation & photos .
If you've got 5 or more properties you get a discount.
SO don't just look at the premium, yes we don't want to PAY too much but uderstand what you are getting in the cover.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
If starting out and not cashed up insurance is essential I think but I have toyed with the idea of self insuring for a while as the insurer always do their best at weaseling out and more often than not get out of paying.
I should say that is LL insurance only - the property itself will most definitely remain insured but really only for fire and storm issues.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
If starting out and not cashed up insurance is essential I think but I have toyed with the idea of self insuring for a while as the insurer always do their best at weaseling out and more often than not get out of paying.
I should say that is LL insurance only - the property itself will most definitely remain insured but really only for fire and storm issues.
What!!!
You shouldn't muck around with insurance cover, have you had a specific haggle why you had issues in claiming? I know they like to put excess on separate claims, that does irk me.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
If starting out and not cashed up insurance is essential I think but I have toyed with the idea of self insuring for a while as the insurer always do their best at weaseling out and more often than not get out of paying.
I should say that is LL insurance only - the property itself will most definitely remain insured but really only for fire and storm issues.
I have self-insured the LL part of it up until now. I just found the gap between cost of building+contents basic insurance and adding the LL part not justified by the risk. And yes, I am aware contents insurance does not cover malicious damage so in the worst case you could be up for a big reno on your own dime. It really only covers fire and flood.
Lately I have seen some policies that add the LL part that seem fairly reasonable, so I plan to do the LL insurance bit this time but will keep reviewing.
There is a lot of discussion of LL insurance over on Somersoft. All of the companies seem to have their quirks. EBM seems to get the best rap overall, but they have a very nasty habit of refusing to renew your insurance if you make a couple of claims. If this happens to you you are in a bit of a bind, because then nobody else will insure you either. In effect, EBM are so reasonable because they expect you to self-insure to a certain extent. If you have one incident, that's bad luck and they will cover it. If you have three incidents that is bad management and they don't want a bar of you.
Blondie girl
16 Sep 2014, 04:53 PM
You shouldn't muck around with insurance cover, have you had a specific haggle why you had issues in claiming? I know they like to put excess on separate claims, that does irk me.
The cheapest insurance is *always* self-insurance with good management. If this were not the case, insurance companies would make a loss.
Typically, I only insure against losses that I cannot easily cover myself. As I mentioned in the post above, I may make an exception this year for LL insurance this year, simply because the non-LL part of the insurance policies (which you are essentially required by law to have, because I have not been able to find a policy that just covers public liability and not also contents for flood/fire) has been made so expensive that the LL portion looks like a cheap add-on.
If I could get a policy that just gave me the $5M public liability cover (or whatever it is that is required this week) I would. I would dispense with contents insurance altogether.
I have no issue with the cost of LL insurance, its pretty cheap but I have very rarely had a claim accepted and when speaking to most companies, including EBM, they would not have been accepted - so why have it?
Examples being :- Tenant who mopped tiled floors with excessive amounts of water so the skirting boards in the entire property have swollen Same tenant must have shampooed the carpet on vacate using a hose because the bedrooms suffered the same fate. Other identical properties have no such problem Claim rejected - Fair wear and tear says the claims departments of everyone I have put it to.
Tenant who (it appears) let their kid ride a trike through the house gouging the walls and leaving black marks at shin height, and mounted pictures on walls using nails and something that removed paint requiring by rights a repaint. Claim rejected - Fair wear and tear says the claims departments of everyone I have put it to.
Tenant who did a runner leaving the house a mess, nothing like what you see on TV, but it was a $1000 bond clean. I say it was malicious as they meant to do a runner and leave a mess. Claim rejected - Just poor housekeeping says the claims departments of everyone I have put it to.
Tenant who let their kid scribble on the 3 year old carpets in 2 out of 3 rooms and the marks cant be removed. Claim rejected - Fair wear and tear says the claims departments of everyone I have put it to.
Tenant who lets kids swing on 12 mth old venetian blinds breaking them all in every room (I have the same ones in my house that are 10 years old) Other identical properties have no such problem Claim rejected - Fair wear and tear says the claims departments of everyone I have put it to.
Tenant who " by accident" has stabbed the kitchen sink putting a small hole in it Malicious damage says I Claim rejected - Fair wear and tear says the claims departments of everyone I have put it to.
And before the forum wanker steps in with some rant about shit tenants in depot hill, ALL these properties are new brick and tile with white collar tenants. One was a solicitor and one even worked at a church.
miw
16 Sep 2014, 05:19 PM
If I could get a policy that just gave me the $5M public liability cover (or whatever it is that is required this week) I would. I would dispense with contents insurance altogether.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
I have no issue with the cost of LL insurance, its pretty cheap but I have very rarely had a claim accepted and when speaking to most companies, including EBM, they would not have been accepted - so why have it?
Examples being :- [......]
Fark. So essentially the LL insurance is no use at all. They sure have a different definition of fair wear and tear from the Rental Bond Authority.
Looking at that, over significantly more than 100 years of renting out, I have only had one incident where a LL insurance policy would have paid out, and that would have only paid me about $1200.
I may still get that back, because the tenant is now in the blacklist with the debt against his name. Good luck to him if he ever wants to rent again through an agent anywhere in Australia. The only way he can get off the list is to pay me.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
Interesting how ones experiences vary.... Looks like you had a tough time skull face..
I would of taken that definition of wear & tear & disputed what is beyond reaonable doubt... There is a difference to damage & NORMAL wear & tear.
miw
16 Sep 2014, 09:57 PM
Fark. So essentially the LL insurance is no use at all. They sure have a different definition of fair wear and tear from the Rental Bond Authority.
Looking at that, over significantly more than 100 years of renting out, I have only had one incident where a LL insurance policy would have paid out, and that would have only paid me about $1200.
I may still get that back, because the tenant is now in the blacklist with the debt against his name. Good luck to him if he ever wants to rent again through an agent anywhere in Australia. The only way he can get off the list is to pay me.
So you had a tenant that did a runner, yes I've experienced that & I had a clean up head ache with associated malicious damage, which was claimed sucessfully.
He had debts & collectors after him but he went back to the UK ..even if he went back to oz there's not much to stop him from getting another lease privately who just gets his mates to say a few nice references from the UK..
There's certainly ways to avoid paying up.
I don't know if he got to pay all his debts, I really doubt it, despite a sloppy black mark on his name.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
He had debts & collectors after him but he went back to the UK ..even if he went back to oz there's not much to stop him from getting another lease privately who just gets his mates to say a few nice references from the UK..
There's certainly ways to avoid paying up.
I don't know if he got to pay all his debts, I really doubt it, despite a sloppy black mark on his name.
My agent reckons that within 2-3 years she gets somewhere about half the people coming back wanting to pay up and get off TICA. It's certainly possible to go on living if you are on TICA - especially if you leave the country. But it is getting harder as more and more agents do a TICA check against everybody as a matter of course and even some private LLs are picking up on it.
It's possible to go all out and get the debt inserted into the new credit rating which really screws them up, but that's an expensive and troublesome process, especially compared to getting on TICA which required no expenditure or court attendance because the guy had abandoned the property which left him with no comeback.
Anyway, I watch with interest. We actually know where he is at the moment - Melbourne.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
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