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Review by our insurance writer Gary Hunter
Some 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.Woolworths landlord insurance adds a range of additional cover for events that are not necessarily covered by standard home and contents insurance.
It can be taken out as standalone landlord insurance, but by itself will not necessarily be effective cover. For example:
If you also have Woolworths building or contents insurance then naturally it might make sense to get your landlord insurance from the same place, for discounts of up to 15% on the combined policy.
Other than this, it’s very flexible and suitable for a wide range of needs, because you can get individual landlord contents cover, or building cover, or both, as needed.
It can also adapt to different circumstances.
For example, if you’re renting out an apartment in a building where the body corporate owns the actual building, then you won’t be able to get building insurance and might have trouble finding a policy that covers loss of rental income following damage.
In this case, your contents insurance can offer the same “loss of rent following damage” cover that landlord building insurance normally does.
The three main types of cover you’re looking at are probably:
You can insure your building and contents against tenant damage. This policy covers malicious damage and theft by tenants for up to the lesser of either $35,000 or 20% of the applicable building or contents sum insured.
It does not cover damage resulting from poor tenant housekeeping, or the cost of cleaning, redecorating or wallpapering, unless it’s graffiti or has caused physical structural damage to the building.
Without landlord insurance, you’re typically not covered for theft or deliberate damage caused by someone who’s living at the insured address.
You might lose rent if your tenant defaults, gets arrested, if the property burns down or in many other situations.
You can claim for loss of rent if your tenant does any one or more of the following:
You are not covered if:
You can claim up to the lesser of either 6 weeks of rent, $2,500 or the actual amount of rent lost. The amount of rent lost is based on the weekly rent shown on the relevant rental agreement.
You can also claim up to $1,000 for legal expenses related to recovering unpaid rent, when pre-approved by Woolworths.
You can also claim for loss of rental income if a property is rendered uninhabitable following an insured event. You’ll naturally have a much wider range of insured events with home insurance, as well as landlord insurance than landlord insurance alone.
In this case you can claim for up to the lesser of either 12 months of rent, 10% of your sum insured, or the actual rent you lose.
You cannot claim:
If you’re renting out a property owned by a strata title owner, and therefore can’t get landlord building insurance, this cover uses your landlord contents insurance sum insured instead.
If found negligent or responsible, you might be found legally liable for a tenant’s injury, illness, property damage or other loss. For example, if they trip on a mislaid carpet and break a bone.
As a landlord, your liability in relation to the building itself (such as a tenant falling down the stairs) might still be covered under Woolworths home insurance, rather than landlord insurance.
But your liability in relation to contents (such as defective kettle exploding) can be covered by landlord contents insurance.
Woolworths landlord insurance also offers:
These are also available under home insurance, but having them covered by landlord insurance means you may claim these in a wider range of circumstances.
As a landlord, you are obligated to inform your insurer (in this case Woolworths) when the property occupancy type changes between a home you’re living in and a rental property you aren’t living in, or vice versa.
As a landlord, you will also need to complete a property inspection report:
Special conditions for landlord contents insurance
There are also conditions around the exact types of contents that may be insured under landlord contents insurance. You can only cover:
You cannot insure battery powered electronics like radios or laptops, building materials or items being stored on the site, rather than specifically provided for tenant use.
You can only insure contents that fall into one of the following groups:
You’re also obligated to pay attention to building maintenance. This includes ensuring that the building is structurally sound, the gutters are free of debris, the floors are intact, all repairs are carried out by licensed tradespeople and similar.
Generally, you’re obligated to take good care of your property even while it’s being rented out.
The cost of your cover will depend on factors like the property’s value, the range of contents you’re insuring, your address and other factors.
It will also depend on your excess. This is the amount you will need to contribute to a claim. Woolworths landlord insurance lets you choose your own excess, although special excesses may apply to some claims.
Get a quote to find out how much it will cost you.
The claiming procedure is generally the same as home insurance. Where applicable you’ll need to provide appropriate evidence of ownership and value, such as:
Generally, you should contact Woolworths as soon as reasonably possible, on the 24 hour claims line, if you intend to make a claim.
If you’re making a claim for theft, vandalism or other criminal acts you should contact the police first and get a police report.
NSW renters will be offered protection from being evicted, while landlords can access up to $1,500 in grants for providing discounted rent.
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