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Review by our insurance writer Gary Hunter
Some landlord insurance policies have temporarily removed benefits such as rent default and a few others because of the pandemic. Make sure to check this with the insurer before deciding on a policy.| Included | Exclusions | |
|---|---|---|
| Flood | Excludes retaining walls, sea walls, garden borders and free-standing outside walls | |
| Storm | Excludes cost of cleaning mud or clearing debris, or replacing or storing water for swimming pools or spas | |
| Lightning | Excludes loss or damage from power failures or surges by your power provider | |
| Fire | Excludes arcing, scorching or cigarette burns | |
| Earthquake | Excludes loss or damage that occurs more than 72 hours after an earthquake | |
| Tsunami | Excludes loss or damage that occurs more than 72 hours after a tsunami | |
| Theft or burglary | Excludes loss or damage by tenants or their guests | |
| Accidental breakage of glass | Excludes chips and scratches | |
| Escape of liquid | Excludes wear and tear, or damage and loss over a period of time where reasonable repairs could have been carried out | |
| Impact | Excludes cost of removing fallen trees or branches that have not caused damage | |
| Damage by an animal | Excludes damage from insects, rodents or vermin | |
| Explosions | Excludes cost of repairing or replacing the tank or container that exploded | |
| Riot, civil commotion or public disturbance | Excludes damage caused by tenants or their guests | |
| Malicious acts and vandalism | Excludes damage caused by tenants or their guests | |
| Loss of rent after an event | Limited to 52 weeks and a total of $25,000 | |
| Other repair/rebuilding costs | Excludes upgrades and repairs past the building’s original state before damage | |
| Removal of debris | Excludes tree roots and fallen trees that haven’t caused any damage | |
| Storage of undamaged landlord contents | Excludes storage costs outside Australia and once the insured address can be returned to | |
| Mortgagee discharge costs | Excludes penalty interest rate charges or early loan repayment charges imposed by your credit provider | |
| Motor Burnout | Excludes the cost of extracting or reinstalling a submersible pump and loss or damage caused by flood if you do not have cover for 'Flood'. |
Yes. All policies have a limit of $20 million from any legal claims and costs, and extends to your building if you are required to pay compensation for death or injury on your property, and landlord contents that cause death or injury.
If the worst should happen and you need to make a claim, you will often be required to pay an excess (unless otherwise outlined in your policy) for each claim you make. For example, if a fire damaged your house you would need to claim for the damage and pay an excess. If the house was unusable, you could claim for loss of rent, which would require an additional excess. Your excess amount for each claim will depend on your level of cover and the sum you are claiming for.
In the event of an emergency, contact any appropriate emergency services and take and measures to prevent or reduce any further loss or damage if it’s safe to do so. Collect any documents or reports and contact AAMI on 13 22 44, 24/7 to begin your claim process. You can also go online https://online.aami.com.au or download the app to your smartphone for quick access at any time.
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