What Insurance & Which Company?

[Marc]

Hi all,

We use Tower Insurnace for our landlords cover. What other companies do people use? I have heard of rentsure but not sure what they are about in regards to pricing and cover.

Best Regards

Marc

[darryll]

Hi Marc

AON do a combined policy building and landlord cover.

Darryl

[Marc]

Hello darryll!

Thanks for the company name - by the way who is AON?

Best regards

Marc

[darryll]

Hi Marc

Try http://www.aon.co.nz/

They are a worldwide insurance company.

Regards
Darryl

[cube]

Landlords Insurance

Hi,

Any recommendations for landlords insurance in NZ. we have used Cirlce in the past, but the have been absorbed by NZI, and premiums have gone up.

Do you folks go for separate building and 'contents' cover, or a combined policy?

Does the policy include malicious damage, which includes illegal activity (i.e. Meth labs)?

Happy insuring.

cube

[Marc]

Hello Cube!

We use Tower Insurance. They seem to be reasonably priced and offer all the bits. Though I am not sure that illegal activity is one of them!! I need to check this as you have raised a very good point.

The policy covers house and contents as well as a landlord component.

Best regards

Marc

[darryll]

Hi Cube

I use AON insurance it is a combination policy with building and landlord cover.
Not sure about the illegal activity part.

Regards
Darryl

[paulette]

Hi

what exactly is landlord insurance, obviously I don't have any. I just have landlord extension on my IP house insurance.

Thanks
Paulette

[cube]

Hi,

Rentsure www.rentsure.co.nz offer a fixed-price extension to normal insurance to cover all sorts of tenant/IP hazards not covered by normal insurance, or extending the cover significantly. Rentsure is underwritten by NZI.

Note that Rentsure's policy does NOT cover the risks normally covered by your building insurance - you need that PLUS Rentsure.

Most normal house policies offer a landlords extension to cover the use of the building as rental, but cover for things like loss of rent is usually limited.

Since 'P' labs have become a cottage industry, malicious damage cover has pretty much been withdrawn, or is limited and/or expensive. That is more to do with the type of tenant that has a 'P' lab - damage caused by illegal activity is never covered.

One important point is that the normal insurances (& rentsure) do not cover the use of the property for business use. One example I gave to Tower to get a feel for this was lawn-mowing contractor causing damage (e.g. fire, pertol spillage) whilst cleaning his/her machines - to Tower, this constitutes business use, and would NOT be covered!

Happy claiming - hope not!

cube

[CJ]

Landlord Insurance

Does anyone one use landlord insurance.

I have been recommended Terri Scheer insurance who is underwriten by NZI. It is only for properties managed by realestate agents.

Does anyone use anyone else.

[muppet]

Hi CJ

Try: http://www.rentsure.co.nz/

Regards

[kalovatt]

I use Rentsure and have found it to be great value. I have had 3 claims in the last 5 years or so and each one has been handled professionally and promptly.

My rentals are in a so-called high risk low socio-economic area and for the $3.40 per week nett cost per house, I wouldn't be without it

[Glenn]

If you are a member of a local property Investors association then you can get landlord insurance through Crombie Lockwood.
This has a cover for malicious damage.
It does not cover loss of rents though.

[fudosan]

Glenn,

Do you know the difference between Rentsure and Crombie Lockwood landlord insurances? Rentsure is on NZPIF partnership list but Crombie is not (but still offers a discount to members, it's written). There is also a Landlord Pro Plus from Insurer Services. Now, how do we compare and choose a landlord insurance?

[Pumpkin King]

which insurance company? what plan?

Hi People,
We just bought our first investment property and were wondering which insurance company would be the best one to go with? which plan? landlord insurance? rentsure? and how do you negociate your insurance price?

Have a good day.
Pumpkin King