What can Youi Landlord Insurance do for you?
If you're a landlord, you've got enough to worry about without having to fret over insurance. While the market has plenty of options, the important questions still need to be asked. 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 looked through each policy in detail, so read our full guide to Youi Landlord Insurance and find out if it has everything you need to keep your building, contents and investments secure.
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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|
|Broken glass and ceramics|
|Escape of liquid|
|Burnout of electric motors|
|Locks and keys|
|Landlord's loss of rent|
|Clean up and professional fees|
|Contents in transit|
|Cover while you move|
What additional cover options are there?
- Accidental loss or damage of contents or building. If you want to protect yourself against an absent-minded bump or breakage, this cover option will provide extra cover against any accidental loss or damage to your contents or property.
- Tenant default or damage. Should your tenant leave without notice, be legally removed, default on rent or cause any intentional damage, this additional cover protects you against loss of rent for up to 15 weeks.
What exclusions are there?
There are certain exclusions to be aware of that may cause your claim to be rejected. Generally, 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're claiming.
How do I make a claim?
Once you have dealt with the situation and taken any necessary precautions to prevent any further loss, damage or injury, collect any relevant documents or emergency service reports. You can lodge your claim in one of two ways:
Phone 13 96 84 at any time to speak with a Youi representative and access any benefits your policy grants you.