You can’t always predict changes in your tenant’s circumstances, but you can help to protect your investment from them. The Residential Landlords Plus insurance policy is designed to provide cover for property damage sustained to your building and contents. The policy offers cover for rental-specific losses such as tenant damage, loss of rental income if your property becomes uninhabitable, legal expenses and liability that you incur as a landlord.
The insurance cover is subject to terms, conditions, limits, and exclusions. Please read the Product Disclosure Statement, Key Factsheet – Contents, Key Factsheet – Building and Target Market Determination for this product.
Summary of Policy Benefits
These are some of the benefits offered under the Residential Landlords Plus insurance policy (subject to the terms and conditions, limits, and exclusions of the policy):
LANDLORDS CONTENTS
Cover against accidental loss or damage to your contents.
TENNANT DAMAGE
Cover for up to 10% of the contents or building sum insured under your policy.
LANDLORDS BUILDING (OPTIONAL)
Cover against physical loss or damage to your building.
REMOVAL OF DEBRIS
Costs up to 10% of the contents or building sum insured under your policy.
LEGAL LIABILITY
Up to $20,000,000 cover for your legal liability (including legal costs and related expenses) to pay compensation directly in connection with your ownership of the building and/or contents.
PET DAMAGE
Cover for the reasonable costs of repair or replacement for loss or damage to your building and/or contents caused by a tenant’s pet up to $2,500 less any pet bond collected.
Some Key Exclusions
These general exclusions apply to all sections of the cover within the Residential Landlords Plus policy.
None of the sections under the Residential Landlords Plus insurance policy provide cover for loss, damage destruction, injury, or liability directly or indirectly caused by, arising from or because of, directly or indirectly from:
GRADUAL DETERIORATION
Including depreciation, wear and tear, rust or corrosion, mildew or mould.
ACTIONS OF THE SEA
Including any ocean, harbour, bay or tidal water (other than that directly attributable to damage caused by tsunami).
FLOOD
The covering of normally dry land by water that has escaped or been released from the normal confines of any of the following:
a lake (whether or not it has been altered or modified);
a river (whether or not it has been altered or modified);
a creek (whether or not it has been altered or modified);
another natural watercourse (whether or not it has been altered or modified);
a reservoir;
a canal;
a dam.
TENANT NEGLECT
Including poor housekeeping and unhygienic living habits.
Excess
The amount paid for a claim will be reduced by the amount of any applicable excess. You will be liable for an excess, in respect of loss or damage:
- To building, contents, rent default and loss of rent due to property damage. Any applicable excesses will be noted on your schedule under each section of the policy.
- Caused by an earthquake or tsunami. A $550 excess applies in addition to any other excess if you make a claim for loss or damage as a result of an earthquake or tsunami, unless stated otherwise in your policy.
- Caused by Unoccupancy. This Excess applies if at the time of an insured event, the insured property has been unoccupied for a period of more than 60 continuous days. This excess applies in addition to any other excess that may be applicable.
*This is a summary only and does not form part of the Product Disclosure Statement or Policy Wording.