Apia has been providing insurance for Australians over the age of 50 for almost 30 years, believing that the older you get, the better you get at life. But being a landlord is no easy task. Between loss and damage that might occur to your property or its contents, and the loss of rent from tenant default or breakage of lease, a landlord has a full plate of worries.
Apia provides landlord insurance for building and contents, as well as a range of additional extras to help lighten the load. But what does its policies cover? Are there any exclusions? How can you lodge a claim?
To find out, read on for our complete guide to Apia landlord insurance.
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What cover options do they have?
- Building Only Insurance. When a policy mentions your home or a building, this includes pipes, cables, ducting, wires, switches, meters, fixed appliances, carports, patios, paved paths, driveways and other permanent fixtures (pools, spas, etc).
- Contents Only Insurance. Referring to property owned by you as the landlord or for which you are responsible, this includes carpets, curtains, blinds, furniture, furnishings, non-permanent light fittings, removable domestic appliances, utensils, swimming pools and their accessories.
- Combined Home & Contents Insurance. You can combine both policies for complete protection of your home and its contents.
How does each cover type compare?
|Flood||Retaining walls, sea walls, garden borders and free-standing outdoor walls|
|Storm||Cost of cleaning mud and debris out of tanks, swimming pools or spas, and replacing or storing the water|
|Lightning||Power failures or surges by your power provider|
|Fire||Arcing, scorching or cigarette burns unless fire extends from the burn|
|Earthquake and tsunami||Any loss or damage that occurs more than 72 hours after the earthquake or tsunami|
|Theft or burglary||Only one claim can be accepted against loss or damage by the same tenant|
|Accidental breakage of glass||Chips, scratches and damage that does not extend through the entire thickness of the glass|
|Escape of liquid||Wear and tear, loss or damage from escape of liquid over a period of time which could have reasonably been prevented|
|Impact||Cost of removing or lopping fallen trees or branches that haven’t caused damage|
|Damage by an animal||Damage or loss from insects, vermin or rodents|
|Explosion||Cost of repairing or replacing tank or container that exploded|
|Riot, civil commotion or public disturbance||Loss or damage caused by yourself, someone on your behalf, or by someone living at the address|
|Malicious acts and vandalism||Only one claim can be accepted against loss or damage by the same tenant|
|Loss of rent||Cover applies only if you intend to make repairs and make habitable again, or if the tenant still has an obligation to pay rent, or someone moves in again|
|Removal of debris||Cost of removing stumps and roots, or removal of any debris that have not caused any damage|
|Other repairs and rebuilding costs||Upgrading undamaged, altered or original parts of your property to comply with building regulations|
|Environmental improvements||Any amount covered under Other repairs and rebuilding costs|
|Damage to gardens and plants||Lawns, grass or pot plants|
|Storage of undamaged contents||Contents outside of Australia or storage costs once address is deemed suitable to house contents|
What additional cover options are there?
- Loss of rent by tenant default. If your tenant stops paying rent or permanently leaves without notice, you will be covered for a period of 14 weeks
- Loss of rent by prevention of access
- Legal costs to recover unpaid rent
Do I have legal liability?
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.
What excess do I need to pay?
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.
How do I make a claim?
In the event of an incident involving loss, damage or injury, take all reasonable measures to reduce or prevent further incidents, and contact any required emergency services on 000.
Collect any releventant information, including reports and other documentation, and contact Apia online at www.apia.com.au/claims or over the phone on 13 50 50.
Alternatively, you can visit your local branch to speak with a consultant.