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2015 National Winners for Landlord Insurance Announced
23 July 2015
2015 is Canstar’s second year researching and rating landlord insurance policies across Australia. This year we have looked at how 41 policies performed across all states of Australia, amassing a total of 2,663 quotes along the way. Our researchers sifted through the fine print to determine the companies that offered outstanding value at a state and national level.
Who are the Landlord Insurance Winners?
National Winner: Terri Scheer
We congratulate our national winner – Terri Scheer who stood out in the national arena after triumphing in four of the seven states we compared. These were North Queensland, New South Wales, Tasmania and Victoria.
Terri Scheer: Making the transition from owner to landlord
Terri Scheer is a specialist Landlord Insurance provider who has risen to the top of the Landlord Insurance rankings on the back of market-leading, landlord-specific cover inclusions. Such extensive coverage is doubly impressive when it is combined with sharply competitive premiums.
Terri Scheer?s uniform pricing for contents-only (plus landlord) insurance across each state means that in Northern Queensland, for example, they offer the cheapest coverage but have one of the most fully-featured policies. This is particularly important for North Queensland landlords, as average landlord insurance premiums in the North of that state are significantly higher than average premiums elsewhere in Australia.
|
Location |
Av. Annual Insurance Premium – House | Av. Annual Insurance Premium – Unit |
|---|---|---|
|
Sydney |
$1,172 |
$358 |
|
Melbourne |
$859 | $271 |
|
Brisbane |
$1,083 | $386 |
|
Adelaide |
$851 | $262 |
|
Perth |
$943 | $298 |
|
Hobart |
$833 | $255 |
|
Rockhampton |
$1,286 | $318 |
|
North Qld |
$2,764 | $512 |
Source: Canstar Landlord Insurance Report. House premiums based on a sum insured value of $300,000 house & $25,000 contents, and Unit premium based on $25,000 contents
Many insurers will not issue policies in North Queensland at all, even for contents. Terri Scheer has a minimum contents insurance level of $60,000 and since Canstar only requires a minimum level of cover of $25,000, this insurer is still particularly competitive on price across the country.
In terms of landlord-specific cover, included in Terri Scheer’s policies is cover for legal expenses, the cost of a property manager representing a landlord in a court or tribunal, replacement of locks, as well as specific cover levels for 10 different loss-of rental income scenarios.
Other State Winners: Allianz, Suncorp
| Table 2: Canstar State Winners for Landlord Insurance | |
|---|---|
| Area | Insurance Provider |
| North Queensland | Terri Scheer |
| New South Wales | Terri Scheer |
| Tasmania | Terri Scheer |
| Victoria | Terri Scheer |
| Western Australia | Suncorp |
| Queensland | Allianz |
| South Australia | Allianz |
With their $50 discount for purchasing landlord insurance online, Suncorp is one of the least expensive options for cover in Western Australia – especially for units where a $50 discount means about 25% off your premium. They will also cover up to 14 weeks of rent loss caused by a defaulting or absconding tenant (capped at $5000) and will pay up to $5000 in legal costs. Additionally, they offer standard cover for riverine flooding – and the ability to pay by the month at no extra cost.
Allianz has retained the award for Queensland and South Australia this year. They offered the cheapest insurance for units, and the second cheapest for houses in Queensland. In South Australia they have the cheapest policies for houses and are within $20 of the cheapest for units. Allianz offers good quality cover for rent loss scenarios including rent default, hardship order, absconding tenants, court eviction, and death of a tenant.
