
Get exclusive money-saving offers and guides
Straight to your inbox
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Westpac Landlord insurance covers building and contents from storm, flood, fire, theft, tricky tenants and more. They have different levels of cover for both building and contents insurance with extensive options to save on the insurance costs. Customers can save by getting no claim bonus, have a higher claim excess, home security features and more. By taking this insurance landlords can protect their hard earned income in their property and have peace of mind they always wanted.Westpac was found almost two centuries back in 1817 and was the first bank in Australia. It is currently a publicly listed company, ranking in the top 5 listed companies according to market capitalisation on Australian Sensex Exchange Limited (ASX). Westpac Insurance provides a host of choices including Home & Contents insurance, Landlord insurance, Car insurance, Travel insurance, Life insurance, income protection and more.
The policy does not cover loss or damage caused by:
Westpac Landlord insurance premium depends on a host of factors. They include property’ location, material used, security features installed, exposure of property to storm, flood, etc., level of cover and expected cost of claims. Westpac provides an online calculator where one can find the approximate cost of building and gives an estimate of the amount one should get insured for.
Customers can also get a rough estimate by adding the cost to rebuild the structure with the given size, design, features, material, etc. One should also add the cost of permanent fittings and fixtures like dishwasher, verandah, pools, carports, etc. It is possible to change the insurance sum if customers feel there is a need for extra cover. This change might be required when the cost of labour and materials changes, if there are changes to building codes and regulation or when there are additional fixtures and fittings.
There is a safety net which gives an extra insurance cover, over and above the sum insured for. This safety net helps a lot during damage caused by natural disasters like earthquake, storms, etc. During this time the labour and material cost get inflated due to higher demand. The safety net provides a cushion against such unforeseen circumstance.
Excess is a useful tool in the insurance industry which helps to keep the premium cost low. Excess is an amount which customers need to pay before the insurer pays the claim. The excess options are: $100, $250, $500, $1,000, $2,000 and $5,000. If a person only needs insurance for major damage to building involving bigger costs, a higher excess can be chosen. This will allow the premiums to be lower and if there is such damage, the insurer will pay a major part of the damage leaving only the excess amount to be paid by the customer. However if the insurance involves cover for smaller content item also a lower excess is suitable which would reduce any out-of-pocket expense during claims.
Customers can use the following tips to reduce their premium costs:
If any event occurs which would require a claim, the insured person is advised to first make sure the tenants and property are safe. If need be a call to police should be made. After this a call can be made to Westpac on 1300 369 989. This number is available 24 hours, 7 days a week.
The company will then ask for some time to inspect the loss or damage to the property. A proof of ownership, value of property and value of rectifying the damage need to be provided. The company will then assess the claim and appoint an assessor or investigator and provide an estimate for the time required to make the decision.
There are a number of additional benefits with Westpac Landlord insurance. They are: payment for professional fees, emergency repairs & protection and fire brigade charges. Some benefits are available to Quality Care cover, which are payments for loss of rent, mortgage discharge, landlord fixtures and rainwater tanks.
Both Essential Care and Quality Care cover are provided automatic indexation benefit which helps to keep the insured sum in line with the inflation.
People spend their life’s saving in making their house. It is only wise that this property is adequately insured when it is lent out to tenants. Westpac Landlord insurance provides a wide range of benefits to cover both the building and contents which should provide peace of mind to any landlord. The cover includes damage from natural disasters, malicious acts to loss of rent for higher level of cover.
What exactly are body corporate fees and what do your quarterly fees go towards?
Want hearing aid insurance? Home insurance is the answer.
All home insurance policies have a common list of covered events. These insured events include things like fire, storm and theft.
Nurture your dream of starting a daycare company with this step-by-step guide.
More than 75,000 people have applied for HomeBuilder, far more than the government expected. Is it too late to apply now?
With bonus Qantas Points and a range of complimentary insurance covers, the Westpac Altitude Platinum - Qantas is worth considering if you want more frequent flyer points.
Earn Altitude rewards with Westpac’s Altitude Platinum credit card, while enjoying the benefits and privileges of platinum status.
Here's how to get started if you want to turn your skills as an electrician into a business.
Do you love working with animals? Find out how to start your pet sitting business.
Is it possible to get insured against damage caused by pesky rodents? Find out here.