Between house, content and tenants, landlords have enough to worry about. Can EBM landlord insurance offer you peace of mind?
You may not be living in your property, but you can still lie awake at nights thinking of all the ways you could lose your house and its contents or ways that your tenant may clear the place out and run off. With so many variables, landlord insurance is a no-brainer. EBM RentCover wants to give every landlord a good night’s sleep with a variety of policy options and levels of cover.
But which one is right for you? Check out our full breakdown of EBM RentCover’s policies, including policy inclusions, exclusions and excesses as well as how to make a claim.
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What cover options do they have?
- TenantCover. If you’re seeking minimal protection for your house’s contents as well as cover for legal liability, then tenant cover might be all you need. Provided you have reasonable security measures in place, your contents will be covered for theft, fire, storm and flood as well as for legal liability if someone injures themselves on your property.
- RentCoverShortTerm. If you are using your property for holiday letting, corporate leasing or as an Airbnb, short-term cover may be what you need. It provides comprehensive cover for your contents against damage caused by your tenants or their guests as well as cover for legal expenses, professional fees and legal liability. Your property will also be protected against damage from theft, fire, storms, floods and other events (see table below).
- RentCoverUltra. This policy option protects against loss of rent, theft or damage to your contents and damage to your property. It covers almost every tenant-related risk as well as legal expenses, professional fees and legal liability.
- RentCoverPlatinum. This policy offers all the cover of RentCoverUltra along with additional comprehensive cover for your house and contents. Covering any tenant-related loss of rent or damage to your house and its contents, RentCoverPlatinum may be the policy for you if you want to cover all your bases.
How does each cover type compare?
|Loss of rent due to denial or prevention of access|
|Default of rent|
|Tenant departure without notice|
|Breaking of lease|
|Damage by an animal|
|Theft by tenant|
|Death of a tenant|
|Fire and explosion|
|Theft and burglary|
|Actions of the sea|
|Escape of liquid|
|High-value items and collections|
|Items away from insured address|
|Professional fees due to tax audit|
What additional cover options are there?
- Additional contents cover. You can extend your cover to include any damage to or loss of items and contents supplied for the tenants use (carpets, curtains, blinds, etc) for a small additional premium.
- Replacement of keys and locks. Included in the Ultra and Platinum cover policies, this option covers the cost of fitting replacement locks and cutting new keys if they are lost or stolen.
What exclusions are there?
Depending on your chosen policy, your exclusions will vary with your level of cover. Generally, your claim will be rejected if loss, damage or injury is the result of the following:
- Intentional action by yourself or anyone acting on your behalf
- Lawful seizure
- Inherent defects, structural defects, faulty workmanship or design
- Deliberate application of heat
- Depreciation, gradual deterioration and wear and tear
- Rodents, vermin, birds and insects
- Tree roots
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, a fire may damage your house, you will need to claim for the damage and pay an excess. If the house is unusable, you can 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.
How do I make a claim?
You can lodge a claim online at rentcover.com.au/make-a-claim by providing the details and supporting documents involved in an incident (police report, repair quotes, etc).
You can also download a claim form from the website and post it to 8 Redfern Road, Hawthorn East VIC 3123.
If you need to speak with a representative, you can email firstname.lastname@example.org or call 1800 661 662.