Did we tell you how good our Home policies were? Our Landlords cover is just as awesome.
We can look after your long term rental, or a short term holiday let apartment. Each of our policies includes 5 key components:
- Building Sum Insured – we can insure your building against Perils (including Flood), as well as Accidental Damage if required. If a tenant goes through the wall, you don’t need to prove it was malicious and get a police report, we can lodge a claim under Accidental Damage instead. Most of our policies will also include a value in your building sum insured for landlords’ fixtures and fittings.
- Contents – if you’re renting the premises furnished, or if it’s a strata unit and you have to insure improvements or items you’re responsible for yourself (e.g. air conditioning units) – we’ve again got you covered for Perils (including Flood) as well as Accidental Damage if required.
- Landlords Liability – the often forgotten, but critically important part of your landlords’ package is the liability component. If a tenant injures themselves and points the finger at you, you’re protected. This is especially important for strata unit holders with exclusive use areas as these can end up a minefield of liability issues if the Body Corporate Insurer says it’s your responsibility.
- Loss of Rent – similar to the cash flow cover for a business, this section triggers to pay you replacement rent following a claim on the property itself (e.g. fire). With cover from 12-24 months depending on the policy, you know you will have stable income to keep paying any mortgages or guarantee general expenses if your property is uninhabitable while it’s being repaired.
- Tenant Default – only applicable to long term rentals, tenant default is an option on the policy which pays you replacement rent if the tenant stops paying – but you can’t get them out. There are some strict rules that have to be followed for a claim under this section, so it’s important to make sure your property agent is on the ball and you chat to our claims manager if you think there’s going to be an issue with a tenant paying rent.