If you are a landlord, you have some additional risks to your property that you should cover to protect your investment.
Landlord building and contents insurance usually covers your building against risks from catastrophes, such as fire, storms and other natural disasters. It will usually include cover for the fixtures such as light fittings, carpets, ovens, stovetops and window coverings.
You can also protect yourself from financial loss caused by damage to your rental property by your tenants or their guests, and loss of income due to unpaid rent.
A landlord’s policy will include accidental damage caused by tenants, theft of your property by your tenants, malicious damage caused by tenants, and loss of rent due to tenants leaving without paying.
Insured Events include:
- Accidental breakage of glass
- Accidental loss or damage
- Fire or smoke
- Impact damage
- Lightning or thunderbolt
- Malicious Acts
- Storm, rainwater or run-off
- Theft, burglary or house break-in
- Water or other liquid damage
- Riot or civil commotion
There are also a number of Optional Covers which can be added to the policy depending on the circumstances of the property owner, including:
Loss of Rent – Cover provided if the building is damaged by an insured event, which is covered by the policy, to such an extent that it is uninhabitable by the tenant. The loss of rent is paid for a specific time period and to a nominated value.
Rent Default – Cover for loss of rent if the tenant vacates the property before the end of the rental agreement without the knowledge of the insured or the managing agent; the tenant is legally evicted; or if the tenant stops paying rent. This optional cover is paid for a specific time period and up to a nominated value.
Theft by Tenant – Cover for loss or damage to the insured building or contents caused by theft, burglary or house break-in committed by the tenant.
Malicious Damage – Cover for damage caused by Malicious Acts by the tenant.
Accidental Damage by Tenant – Cover for Accidental Damage to the property caused by the tenant.
Liability – Cover for legal liability arising out of the ownership or management of the insured building. Compensation is paid in respect of: Death or bodily injury to other people or loss or damage to property resulting from an incident.
Added protection for Contents
We also provide the option to cover Contents items such as:
- Internal blinds
- Loose floor coverings
- Light fittings
- Removable domestic appliances and utensils which have been installed specifically for the tenants use
- Swimming pools, saunas & spas (including fixed accessories) which are designed to be dismantled and moved