Get cover for your home, contents or both with Budget Direct landlord insurance
With over 1.5 million Australians insured, Budget Direct has won insurer of the year for the past two years running. But does it have what landlords need to protect their property and investment? What does a Budget Direct landlord insurance policy cover and what exclusions are there? Read on to find out.
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What cover options do they have?
- Building Insurance. Cover your home and anything attached, including pipes, cables, ducting, wires, switches, meters, fixed appliances, carports, patios, paved paths, driveways and other permanent fixtures (like pools and spas).
- Contents Insurance. Cover all your contents, including carpets, curtains, blinds, furniture, furnishings, non-permanent light fittings, removable domestic appliances, utensils, swimming pools and their accessories.
- Building & Contents Insurance. You can combine both policies for complete protection of your home and its contents.
How does each cover type compare?
|Fire||Scorching or melting, or burns that do not result in a fire|
|Explosion||Repairing or replacing the item that exploded|
|Theft or attempted theft||Theft by you, someone on your behalf, a tenant or their guest (unless included as an optional extra)|
|Malicious damage, vandalism, riot or civil commotion||Damage by you, someone on your behalf, a tenant or their guest (unless included as an optional extra)|
|Accidental breakage of glass, ceramic or sanitary fixtures||Greenhouses and conservatories, and any damage that doesn’t extend through thickness of the glass (scratches, chips, etc)|
|Storm and rain water||Loss or damage due to flood (unless included as an optional extra)|
|Lightning||Power surges not caused by lightning strike|
|Earthquake||Loss or damage from any resulting tsunami|
|Sudden and unexpected escape of liquid||Repair or replacing item that caused escape, or any escape that was known and could have reasonably been prevented|
|Impact||Tree lopping done by you or someone on your behalf|
|Removal of debris and rebuild costs||Removal of debris that have not caused damage|
|Temporary accommodation||Cover ends once your home is deemed liveable, or to a period of 12 months, whichever happens first|
|Loss of rent due to home not fit to live in||Cover ends once your home is deemed liveable, or to a period of 12 months, whichever happens first|
|Mortgage discharge costs||Penalty fees or charges imposed by credit provider|
|Modifications to your home as a result of paraplegia or quadriplegia||Cover applied only if you have been diagnosed as permanent and irreversible by an appropriately qualified medical practitioner registered in Australia|
|Funeral expenses||Death that occurs more than 90 days after initial injury|
|Replacement of locks and keys||Motorised vehicles and cost if you do not report theft of keys to police|
|Contents in the open||Cash or financial documents, tablets and personal computers, phones and contents on display for sale|
|Temporarily removed contents||Contents outside of Australia, or contents removed for longer than 90 days|
|Contents when moving house||Contents transported by sea or in a removalist vehicle, and contents at new address (unless covered by a policy)|
|Credit or financial transaction card||Any amount your credit provider or bank reimburses you, and any loss you did not notify your credit provider about|
|Unattached equipment, spare parts or accessories||Aircraft and accessories, or items attached to a vehicle|
|Contents of guest and visitors||Cash, financial documents, phones, tablets and personal computers|
What additional cover options are there?
- Tenant Default – Protect yourself against tenant default. Should your tenant be unable to make rental payments, or leaves without notice, you will be covered for a period of 12 months or until rental payments are resumed, whichever happens first.
- Tenant Theft and Malicious Damage – Cover any damage or loss committed by your tenant or their guests with this additional extra.
- Flood Cover – Cover extends on your insured sum by an additional 25% to cover any damage or loss due to flood.
- Sum Insured Safeguard – Should your insured sum not be enough to replace or repair the damage to your home, this optional extra extends your cover by an additional 25%.
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?
For each claim you make you may be required to pay an excess (unless otherwise outlined in your policy). For example, if a fire has damaged your house, you would need to claim for the damage and pay an excess. If as a result the house became unliveable, you could claim for loss of rent, which would require an additional excess.
How do I make a claim?
Once you have contacted any required emergency services and taken every precaution to prevent further loss, damage or injury, contact Budget Direct 24/7 either online or over the phone to begin the claims process and access your policy benefits.
Ph: 1800 069 336