Suncorp Landlord Insurance Review 2021 | finder.com.au
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Suncorp Landlord Insurance

An investment property can quickly become a financial burden. Landlord insurance can keep the rent rolling in.

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Suncorp has a long history of providing financial services to Australians. As well as offering insurance policies, Suncorp also offers a range of benefits and deals with over 100 retailers, offering its customers discounts on groceries, savings on bigger purchases and instant rewards. While these bonuses might entice, do its policies stack up and can they protect your properties and contents? What is included and what exclusions are there? How easy is it to make a claim and how much will it cost you? Read on for a thorough breakdown of Suncorp Landlord Insurance.

warningSome 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.
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What is included in my policy?

  • Your home. When a policy mentions your home or a building, this also includes pipes, cables, ducting, wires, switches, meters, fixed appliances, carports, patios, paved paths, driveways and other permanent fixtures (pools, spas, etc).
  • Your contents. 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.
  • Your tenants. If you’re renting your property you are covered for incidents that involve loss of rent. This includes if your property is damaged and declared unsuitable for use, your tenant breaks the lease, is unable to pay rent due to financial difficulties or if a tenant or their guest damages, vandalises or burgles your property or contents.

What benefits come with my cover?

ContentsHome
Flood
Storm
Lightning
Fire
Earthquake and tsunami
Theft or burglary by tenants or their guests
Theft or burglary by people who are not tenants or their guests
Accidental breakage of glass
Escape of liquid
Impact
Damage by an animal
Explosion
Riot, civil commotion or public disturbance
Malicious acts or vandalism
Removal of debris10% of contents sum insured10% of property sum insured
Repair/rebuilding costs
Environmental improvements
$2,500
Storage of undamaged contents10% of contents sum insured
Damage to gardens and plants
$1,000
Mortgagee’s discharge costs
$1,000
Loss of rentUp to 52 weeks of rent - 10% of contents sum insuredUp to 52 weeks of rent - 10% of property sum insured
Tenant Default
Prevention of access
Legal costs to recover unpaid rent$5,000$5,000
Damage from physical injury or incident
Lock replacement$800$800
Exploratory cost
$1,500
Contents on common property$1,000
Matching undamaged parts$1,000$1,000
Legal Liability$20,000,000$20,000,000

What additional cover options are there?

  • Accidental damage. Protect your home and contents against any accidental damage that may occur to property or contents such as ceramic tiles, the TV, drink glasses and more. This cover also includes the cost of removing glass fragments from your property or contents.
  • Motor burnout. If an electric motor burns out or fuses, this optional cover will cover the cost to repair or replace the motor, whether it’s part of your home contents (home appliance, etc) or part of the building (garage door, etc).
  • Safety net protection. If the cost of repairing or replacing your home and contents after an incident exceeds the sum insured, this optional extra would increase the claim amount by up to 25%.

What exclusions are there?

There are certain situations or circumstances where you will not be eligible to make a claim. Typically, you will not be covered for:

  • Wear and tear or deterioration on old property or contents.
  • Deliberate damage to your property or contents by you or someone else with your permission.
  • Dodgy workmanship or faulty designs and defects.
  • Damage from the application of heat (for example, installing laminate).
  • Actions of the sea or earth movements within the first 72 hours of the policy.
  • Chemical damage from cleaning.

Your policy will have full details on exclusions, so be sure to read the fine print and raise any questions with your insurance broker.

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 for.

How do I make a claim?

After making sure everyone is safe and you have taken any necessary precautions to prevent any further loss, damage or injury, contact any emergency services that are required. Keep any documents, reports and damaged contents.

Contact Suncorp as soon as possible to begin lodging your claim. A 24-hour claims line is available on 13 25 24. You can also go online to begin the claims process at suncorp.com.au

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