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Latest Update from Terri Scheer Insurance

By Sarah Barton, Terri Scheer Insurance Distribution Channel Manager

 

  • Reduced premiums for Terri Scheer Landlord Preferred Policy.

  • Temporary restrictions lifted on Terri Scheer Short Stay Policy.

  • Greater transparency in Terri Scheer Product Disclosure Statements.

When COVID hit in 2020 we were faced with challenging and uncertain times. Many people were affected with significant job losses recorded and the economy heavily impacted.

Now in 2021, the outlook is improving as the global fight to overcome the pandemic continues with the rollout of the COVID vaccine.

Terri Scheer is pleased to announce that we are lifting the temporary restriction on the sale of new Terri Scheer Short Stay policies. From Monday 29 March 2021 we will once again be selling this policy that is specifically designed for landlords of short term rentals and holiday homes.

Also in line with the improved outlook, Terri Scheer Insurance has undertaken a pricing review.

We are pleased to announce that Terri Scheer will reduce the premiums on our landlord insurance policies from Monday 29 March 2021, in response to improving economic conditions.

This means new customers will pay less for landlord insurance policies that are purchased from this date.

Renewing customers will see a slight increase over their previous year’s premium, but will pay a lower price than if they had renewed prior to March 29.

We have implemented premium decreases at varying levels across our policies. The decrease depends on factors including but not limited to the product and property location.

Terri Scheer Insurance takes a responsible pricing approach and our new premiums reflect the recovering COVID conditions and economic climate.

When landlords place cover or renew their Terri Scheer Landlord Preferred, they will be covered for loss of rent, tenant damage and other listed events on the policy.

These policies will cover up to 20 weeks of rental income if a tenant defaults, provided certain conditions are met. The policies also cover landlords for tenant and pet damage, legal liability and other specified risks, subject to terms and limits.

For landlords to be eligible for loss of rent cover, at the time of placing insurance, their tenants must not have been in arrears for more than 14 days (or 7 days ACT & QLD) in the previous two months.

Insurance can still be placed, with cover limited to Section 2 Contents (excluding tenant damage) and Section 4 (Liability to Others). Policy holders will become eligible for loss of rent cover when their tenant is out of arrears for two consecutive months.

We are pleased to support landlords and their property managers by offering this peace of mind and financial safety net, in the event that tenants stop paying the rent.

Terri Scheer has also reviewed our Product Disclosure Statements to ensure even greater transparency. Our new product disclosure statements will be effective for all new policies purchased after Monday 29th March 2021, and available on our website

Our team at Terri Scheer is here to support landlords and property managers, so if you have any questions about our premiums, policies or product disclosure statements, please do give us a call.

For further information, visit www.terrischeer.com.au or call 1800 804 016.


Editor’s note

About Terri Scheer Insurance

Terri Scheer Insurance Pty Ltd ABN 76 070 874 798 (Terri Scheer) provides insurance cover for landlords, helping to protect them against the risks associated with owning a rental property. These include malicious damage by tenants, accidental damage, landlord’s legal liability and loss of rental income. Terri Scheer acts on behalf of AAI Limited ABN 48 005 297 807 AFSL 230859 trading as ‘Vero Insurance’, the insurer which issues the insurance cover. Terri Scheer has not taken into account the reader’s objectives, financial situation or needs. If you are interested in any of Terri Scheer’s insurance products, the relevant Product Disclosure Statement should be considered first. It can be viewed online at www.terrischeer.com.au or obtained by calling 1800 804 016. Based in Adelaide, Terri Scheer services all states, territories and capital cities.

Disclaimer

The information contained in this article is intended to be of a general nature only. Terri Scheer does not accept any legal responsibility for any loss incurred as a result of reliance upon it.

Insurance issued by Vero Insurance. Read the Product Disclosure Statement before buying this insurance and consider whether it is right for you. Contact Terri Scheer on 1800 804 016 or visit our website at www.terrischeer.com.au for a copy.

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