Rental Insurance

Oma · Guru

Rental Insurance

reglynn · Guru

Good morning to all G N. As we coming out into the big play ground Monday week, and have our house rented. We would like some in put for rental insurance. Thanks Reg Lynn

Dreamcaster51 · Senior Member

Hi guys, glad to see you can come out to play. Landlords insurance, that's what we had was a good investment, make sure you get good coverage. Some seem to be cheaper but dont payout to well, like all insurances I guess, your best insurance is a good tennant.
Having said that yes, it is a must, we would have been out of pocket quite a bit otherwise, they do take time to pay up though but it is still worth it IMHO

Good luck and insist on "no single mums" no matter what story they give you, we let two lots in to our place in SA and it cost us around $6000 each time to fix up and chase back rent. Hence we finally to Landlords Insurance, didn't cover everything but it does work. I can't remember who we had but my accountant recommended one to us. Have fun out there

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neilnruth · Guru

We had Comminsure when we rented our house. I would add that apart from good tenants, having a good letting agent is important. We had a good relationsjip with ours and knew by the questions they were asking that they wouldn't recommend the person applying (not that they are allowed to do that). This helped. But renting out your house will still 'cost' you. Laws have recently changed but we would lose a week's rent everytime they put a new tenant in, and if they had taken a while to find a tenant, we also lost the rent for that time. I think that one new law is that if a tenant breaks a contract, they have to pay 4 weeks rent. This goes to the landlord. Also make sure you get a very good condition report before tenant vacates before you agree to release the bond. We had one bad experience with this. All the best.

Baz421 · Guru

Hi

this company Terri Sheer was recommended to me years ago, good reputation, fair treatment etc etc and I used them for years. Like Club Marine with boats for 30 years a good company.

https://terrischeer.com.au/contact-us

I have no affiliation here.

Sylva · Veteran Member

Hi I'm property manager of 12 years

I would recommend terri scheers. Good coverage at a resonable price.

I'm not a fan of comminsurance. I have had some bad expirances with them. They often don't cover damaged that is not deemed malicious.

That is the real catch for all insurances. Makes sure you have accidental cover as well as malicious. Malicious is next to impossible to prove and requires police reports and the police will more often than not not give them to you as it involves a tenancy.

Another point is make sure you are covered for thing like rent lose for death of sole tenant, house can't be let due to flood, fire or damage. It's important that not only that your house get fixed but you still have a income coming in while it is being fixed.

If you have any questions feel free to ak

Ps. Could not disagree more about the single mum comment. Many of my best tenants are single parent. And ths from a person with no kids.