Virgin has always been a company that seeks to provide alternatives and Virgin Money has been doing that to the insurance market for years. But when you're a landlord, you don't want a rebel, you want a reliable policy that will protect your investment property and its contents against the unforeseen. Does Virgin Money Landlord Insurance have what you need? Check out our full breakdown to find out.
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What cover options does it have?
- Building Only Insurance. Cover for your home or 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. Covers contents owned by you as the landlord or that you're responsible for, including carpets, curtains, blinds, furniture, furnishings, non-permanent light fittings, removable domestic appliances, utensils, swimming pools and their accessories.
- Combined Home and Contents Insurance. You can combine both policies for complete protection of your home and its contents.
How does each cover type compare?
|Fire and explosions||Scorches, burns or melting that did not result in a fire. Repairing or replacing an item that explodes.|
|Storm||Loss or damage from rain, hail or wind entering the house due to design, structure or faulty workmanship.|
|Accidental breakage||Limited cover for breakage of glass, this can be covered through an additional "Accidental damage" option (see below).|
|Earthquake||Tsunami or tidal wave following an earthquake.|
|Lightning||Power surges not caused by lightning strike.|
|Theft and burglary||Theft or attempted theft by a tenant or guest.|
|Malicious damage||Loss or damage by you, someone on your behalf, a tenant or guest.|
|Impacts||Damage or loss from authorised tree felling or lopping.|
|Escape of liquid||Loss or damage caused by leaking shower floors.|
|Removal of debris||Removal of debris that hasn't caused any loss or damage.|
|Alternative accommodation||Up to a period of 12 months or until the address is livable, whichever happens first.|
|High value items and collections|
|Items insured away from home||Items outside of Australia.|
What additional cover options are there?
- Tenant default
- Theft and malicious damage by tenants
- Accidental damage (cover in addition to accidental breakage)
Does it have legal liability?
Yes. All policies have a limit of $20 million from any legal claims and costs, which extends to your building if you're 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're claiming.
How do I make a claim?
After an incident has been dealt with and information collected from any relevant emergency services or reports, contact Virgin Money as soon as possible to begin the claims process. You can lodge your claim online or over the phone, as well as access any benefits your policy grants you.
Phone: 1800 662 884