Frequently asked questions about Landlord Insurance
No, there is no legal requirement for you to have Landlord Insurance. However, if you take out a loan to pay for your investment property, taking out Landlord Insurance may be a requirement of that loan.
While Home and Landlord Insurance may sound like the same thing, they are classed differently because, as a landlord, you receive an income through rent.
Your Home Insurance may not cover you if the property is let out to tenants.
You should consult your PDS to confirm that you know exactly what you’re covered for. Please contact us if you’re unsure.
Yes, the cover is no longer valid when the landlord takes up permanent residence at the insured property. The landlord or property manager should advise us if this occurs.
No, however it’s recommended that you have a written periodic rental tenancy agreement, or evidence of a contract being in place with your tenant. If you lodge a claim but can’t present this evidence, we will review the information you have provided and confirm coverage.
Yes, you can get a Landlord Insurance policy regardless of whether you manage your investment property yourself.
Cover can be started at any time but cannot be backdated. If you have just purchased a property, the best time to start is straight away – especially if the property is vacant and being advertised for rent.
As a landlord, you have a liability exposure from the moment you or your agent begins showing potential tenants through the property.
We will utilise our experienced qualified builders that is part of panel. Our builders specialise in all insurance work and we offer a lifetime guarantee on the repairs.
Assuming that items are damaged in an insured event and they’re included in your coverage, those items may be repaired or replaced.
We will replace your items via our supplier, based on what is currently available in the market, provided we have the necessary evidence to confirm the damage or loss. We’ll replace the item with one of the same type, standard and specification, but not necessarily the same brand or model.
We may request a repair report to confirm whether the item can be repaired. If it can, and doing so will restore you to the same condition you were in before the insured event, we may proceed with this option. If repair is not suitable and we decide to replace the item, we’ll organise this with our supplier. In this scenario, you have the option to upgrade the item if you’re willing the pay the difference between the old and new ones, or change the item if it’s within our liability cost.
If we’re unable to replace your item, we will request a quote from you for one that’s similar to what you previously had, or settle based on the limit on your policy.
After the numerous flooding events throughout the country in recent years, it is important that we provide our customers with flood cover even if it is unlikely a flood will occur at their address.