Terri Scheer: Award-winning landlord insurance

Terri Scheer is a specialist provider of landlord insurance.

“Australia’s Leading Landlord Insurance Specialist.”

CANSTAR has researched and rated 45 Landlord Insurance products from 39 insurers to determine who offers outstanding value for consumers, and we are pleased to congratulateĀ Terri Scheer on winning the 2016 Award. Here’s why they won.

Why Terri Scheer is a winner

Terri Sheer wins Canstar outstanding value landlord insurance 2016

Terri Scheer came out on top this year because of having a wide range of inclusions and a suite of comprehensive features in their landlord insurance policy. Features that Terri Scheer covers that are generally not included by others are as follows:

  • Covers damage caused by tenants
  • Covers damage caused by pets
  • Covers re-letting expenses
  • Covers legal representation costs for court cases to evict tenant or seek compensation for damage or less of rent
  • Covers expenses related to changing locks
  • Covers professional tax audit fees for rental property

Other beneficial inclusions of the policy are:

  • No maximum amount for claiming rent default by tenants, however claimed benefits will only be paid for a maximum period of 6 weeks
  • Covers loss due to absconding tenants
  • Covers loss of rent due to vacant position
  • Covers loss of rent due to court eviction of tenant
  • Policy does not have a weekly rent limit
  • Storm and flood cover of the policy is very comprehensive and covers swimming pool and spa, which is not included by many providers
  • Policy allows landlord to choose their own builder to repair or rebuild the building, and the option to rebuild on another site if preferred

Source: Terri Scheer

What Terri Scheer landlord insurance covers

The inclusions mentioned represent a selection of what is covered. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current policy options and inclusions for the product you are considering.

Please note that CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular credit product. If you decided to apply for a loan, you will deal directly with a financial institution, and not with CANSTAR. Rates and product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes, and additional information.

Landlord Insurance (Contents Only)

This provides cover for loss of rental income situations:

  • Legal expenses incurred to reduce your loss of rent claim, up to $5,000. Requires written approval by insurer to pursue or defend legal action.
  • Representation costs incurred if your Property Manager is required to attend court or engage a bailiff/sheriff to evict your tenant, up to $500.
  • Costs of engaging a bailiff/sheriff to evict your tenant.
  • Absconding tenant, where tenant vacates without giving notice, or tenant vacates at the end of their lease with rent left unpaid, up to 6 weeks’ rent.
  • Tenant default (failure to pay rent) followed by landlord issuing a lease termination notice, up to 6 week’s rent; or followed by court order, up to 15 weeks’ rent.
  • Failure to give vacant possession where tenant refuses to pay rent or to vacate property in spite of court order, up to 28 weeks’ rent.
  • Failure to give vacant possession of holiday stay properties where tenant fails to leave at end of holiday stay and will not pay rent owed for an additional stay, up to 26 weeks’ rent up to $25,000/year.
  • Death of sole tenant, up to 15 weeks’ rent; or for holiday stay properties death of sole tenant or tenant’s family, up to 12 weeks’ rent up to $12,000/year.
  • Financial hardship of tenant, where court releases tenant from obligation to pay rent due to financial hardship, up to 4 weeks’ rent.
  • Un-tenantable property, when your property is unliveable for 7 days or more due to malicious damage caused by tenant or due to contents being damaged by an insured event, for up to 52 weeks (up to $50,000/year for holiday stay properties).
  • Un-tenantable property, when your property is unliveable due to contents damage, up to 6 weeks’ rent (up to $6,000/year for holiday stay properties).
  • Prevention of access, where tenant cannot access property due to damage (to your property or a nearby property) from an insured event, for up to 52 weeks; or for holiday stay properties, up to 26 weeks or up to $25,000/year.
  • Replacement of locks and keys after evicting tenant with court order, up to $250.
  • Re-letting expenses in excess of bond, after a loss of rent claim is accepted, up to $500.
  • Removal of tenant’s goods at end of lease, after a loss of rent claim is accepted, up to $500.
  • Tax audit professional fees if you are audited, up to $1,000.

It also provides cover for contents of your rental investment property:

  • Liability cover for damage to other people or their property caused by an incident at your property, up to $20 million.
  • Damage or loss caused by flood, storm, rainwater, water damage from escaped liquid, fire, explosion, impact, earthquake, lightning, riot or civil commotion. Excludes tsunamis and movements of the sea.
  • Accidental loss or damage.
  • Deliberate damage caused without malice by tenant or an unknown person without your consent, e.g. replacing a room of carpet with hardwood floors without permission from landlord, up to $500.
  • Malicious damage caused by tenant or an unknown person, motivated by malice, vindictiveness, or spite.
  • Damage or loss caused by theft by tenant, tenant’s family, tenant’s guests, or an unknown person.
  • Damage or loss caused by a domestic pet owned by the tenant and listed on the lease, up to $500. Excludes reptiles.
  • Damage caused by scorching to carpet or bench/vanity tops, up to $1,000/year.
  • Glass breakage in free-standing furniture items such as dressing table mirrors.
  • Damage caused by oil leakage from any heater.
  • Repair or replacement of an electrical motor damaged by fusion (burn-out of electrical motor), up to $2,000.

Building Only Insurance

This policy can be combined with a Landlord Insurance (Contents Only) policy in order to gain a 10% discount on the Building Only policy, at the time of writing. It provides cover for damage to the building from unexpected events:

  • Liability cover for damage to other people or their property caused by an incident at your property, up to $20 million.
  • Damage or loss of your investment property building caused by fire, explosion, storm, rainwater, flood, water damage from escaped liquid, lightning, earthquake, impact, riot or civil commotion.
  • Accidental breakage of glass.
  • Damage caused by oil leakage from any heater.
  • Repair or replacement of an electrical motor damaged by fusion (burn-out of electrical motor), up to $2,000.
  • Deliberate damage caused without malice by tenant or an unknown person without your consent, e.g. kitchen floor tiles are damaged by a pot accidentally dropping onto them, up to $500.
  • Malicious damage caused by tenant or an unknown person, motivated by malice, vindictiveness, or spite.
  • Damage caused by theft by tenant, tenant’s family, tenant’s guests, or an unknown person.
  • Damage or loss caused by a domestic pet owned by the tenant and listed on the lease, up to $500. Excludes reptiles.
  • Damage caused by scorching to building, up to $1,000/year.

It also covers certain loss of rent situations:

  • Un-tenantable property, for up to 52 weeks when your property is unliveable for 7 days or more due to any insured event, up to $50,000/year.

Short Stay Insurance

Terri Scheer also offers policies designed for investment properties being used for short-term holiday stays.

 

Compare Landlord Insurance Policies with our Star Ratings Report

About Terri Scheer

Terri Sheer is Australia’s leading specialist provider of landlord insurance. They were founded in 1990 and are owned by the Suncorp Group, one of the largest insurance providers in Australia.

They are Australia’s most-referred landlord insurer, with more than 8,000 Property Management offices referring landlords to Terri Scheer. With a consistent outstanding value proposition, Terri Scheer was also the winner of the CANSTAR national award for landlord insurance in 2015.

At the time of writing, they offer a 5% discount off the first year’s premiums for buying a policy online. As a specialist in this area, they also offer a wide range of information and resources for landlords on their website.

How Terri Scheer supports the community and the environment

Find out about parent company Suncorp Bank’s approach to corporate responsibility here.

Compare Landlord Insurance with CANSTAR

Written by: TJ Ryan