What Insurance & Which Company?

[Viking]

Been with Vero direct for years. Just got a quote from ANZ/Vero. Gained near $1500 in lower premiums plus landlord insurance at the same time. Never bothered before.
Reckon its a good deal.

[Eljay1]

Before we checked out the broker we emailed Tower to ask them to review our latest quote as we thought it seemed high. They've now come back to say we have all the discounts applied but gave us$50 each off our next two policies due. Yay for Tower as they didnt need to offer anything else. I'm with Leftette, not looking for rolls royce insurance but just want the basics covered.

[hdb]

Question on Landlord's Protection Insurance ( LPI )

Question for the fellow property investors around LPI , there are few companies like REAL / Prosure / Rentsure offering this product but they all seem to be offering this product thru the property managers. These property managers have a huge mark up on the product itself . REAL charges $ 330 for the whole year but PM will charge 1 week's rent + GST which works out to be around $ 530. PMs are earning around $ 200 / property.I am keen to know if anyone else has the similar experience or if anyone aware of a better product.
Appteciate feedback.Tnx

[brendan]

Question for the fellow property investors around LPI , there are few companies like REAL / Prosure / Rentsure offering this product but they all seem to be offering this product thru the property managers. These property managers have a huge mark up on the product itself . REAL charges $ 330 for the whole year but PM will charge 1 week's rent + GST which works out to be around $ 530. PMs are earning around $ 200 / property.I am keen to know if anyone else has the similar experience or if anyone aware of a better product.
Appteciate feedback.Tnx

State insurance offers it as an option. We had a quote for a house earlier in the year, house insurance was 1180, with landlord cover option was 1534 - so cost for the landlord cover add-on was 354 - inline with what REAL charges.

See 'landlord insurance doc available on State's website for details.

[donna]

Tower does a Landlords Protection Insurance too - and other insurance companies would too - under different names e.g. Tower call theirs 'rental house protection'

cheers,

donna

[hdb]

tnx a lot Donna and Brendon

[ivanp]

Check Vero - they have landlord insurance, and I liked their quote more than State's

[Oracle]

Hi there,

We don't get involved in LPI at Oracle Property Management, however some of our owners have used Prosure, State and Tower. Make sure you really understand the requirements for the policy for it's duration so that you do not inadvertently void your insurance.

Good luck - Kelly Preen

[Propertytrader]

Rental income insurance

Hi, Team

Can anyone please advise if it is a good idea to get rental income insurance, as in case rental property stays empty for more than a month.

In my case i got a property manager who cant find a tenant over a month now,and i am loosing on rent,if i just have had rental income insurance, my wallet would have kept its fat.


Any advise really appreciated thanks in advance

[Eugene]

I don't think you can get it for vacancies, I've never heard of it.
You can get landlord insurance for loss of rent in the event of damage to the property, eg earthquake, fire, and you can also get it for malicious damage by a tenant.

[aay]

If you have a vacancy for a month you need to reevaluate things. Are you asking for too much of a price? are you advertising on trademe? I've put 5 houses for rent in the past year and I will get several phone calls within the first few days and usually a week later I would of found the ideal tenant. Unless your property is in some rural area, it seems strange to not find a tenant for a month. Anyway regarding landlord insurance (I personally don't have it, don't find a need for it) but I've heard good things from RENTSURE http://www.rentsure.co.nz/index.html

[flyernzl]

I understand, from the Barfoot & Thompson rental management people, that if you let a property on a fixed-term tenancy through them and that tenant breaks that fixed term that they do have some sort of insurance cover for that eventuality.

You would need to investigate that further, as I have no more details.

[stakeproperty]

I would be more concerned that your property has been empty for more than a month, is your property manager doing their job? Or is there something with the property that is putting tenants off? Fix that issue before worrying about insurance

[BigDreamer]

Most likely the property is in a smaller city hence the high vacancy rates.

I have never found an insurance company that covers for vacancy not related to damages done to the property causing it to be untenanted.

[Rentex]

As per Kelly's comment above, specifically "2 weeks in advance and 4 weeks bond" being a condition on one policy I saw. Sometimes this is less than ideal (great tenant gets paid weekly and wants to time with their salary).