When it comes to landlord insurance, you want to know your policy has everything you need. What events are you covered for? Are there any exclusions? What optional extras are there and how easy is it to make a claim?
We've asked the same thing of Real Insurance and its landlord cover. Operating since 2005, Real Insurance offers a range of cover options for any landlord looking for protection against damage, loss and injury. Check out everything you need to know about what's on offer in our breakdown below.
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What cover options does it 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 and 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.|
|Malicious damage and vandalism||Damage by you, someone on your behalf, a tenant or their guest (unless included as an optional extra).|
|Theft or attempted theft||Theft by you, someone on your behalf, a tenant or their guest (unless included as an optional extra).|
|Storm, rainwater and flood||Damage to plants and lawns, swimming pools and water entering your building due to alterations or additions.|
|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).|
|Explosion||Repairing or replacing the item that exploded.|
|Storm and rainwater||Loss or damage due to flood (unless included as an optional extra).|
|Earthquake, tsunami and volcanic eruption||Loss or damage after the first 72 hours of an event.|
|Riot, civil commotion or industrial unrest||Loss or damage after the first 72 hours of an event.|
|Impact||Damage or loss from tree lopping or damage to driveways from vehicles or equipment.|
|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.|
|Accidental damage||Scratching, chipping, denting or damage from normal use.|
|Removal of debris and rebuild costs||Removal of debris that hasn't caused damage.|
|Replacement of locks and keys|
|Funeral expenses||Death that occurs more than 90 days after initial injury.|
|Malicious acts and theft by tenants||Damage resulting from poor housekeeping, as well as the cost of cleaning and redecoration, unless there has been physical damage.|
|Emergency accommodation||Cover ends once your home is deemed livable, or to a period of 12 months, whichever happens first.|
|Loss of rent following damage||Cover ends once your home is deemed livable, or to a period of 12 months, whichever happens first.|
|Emergency storage or contents||Storage costs outside of Australia.|
|Contents in the open||Cash or financial documents, tablets and personal computers, phones and contents on display for sale.|
What additional cover options are there?
- Electrical motor burnout. If an electric motor burns out or fuses, this addition covers the cost of repairing or replacing the motor, up to a limit of $1,000.
- Rent default and legal expenses. Should your tenant leave without notice, is legally removed or simply unable to pay rent due to other issues, this option will provide a cover benefit of up to 10 weeks' rent or $20,000, whichever is the lesser, as well as legal expenses to recoup lost rent to a maximum of $1,000.
Does it have legal liability?
Yes. All policies have a limit of $20 million from any legal claims and costs, extending to your building if you're required to pay compensation for death or injury on your property, as well as landlord contents that cause death or injury.
What excess would 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 unlivable, you could claim for loss of rent, which would require an additional excess.
How do I make a claim?
Once you have dealt with an event that has caused loss or damage to your contents or property, contacted the necessary services and collected all relevant documentation, you can lodge your claim with Real Insurance over the phone on 13 19 48.
Alternatively, you can email firstname.lastname@example.org
You can then also access any benefits your policy has.