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Elders has been around for over 100 years and specialises in a wide range of insurance products, from farm to business insurance. It's owned by QBE, one of Australia's largest general insurers and offers landlord insurance to investment property owners.
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Elders landlord insurance cover options
With Elders, you can get cover for the following:
Building and contents
This policy covers both the building and the contents at the property. It's suited to landlords who want peace of mind and insures you for events including fire, theft, impact by a vehicle, water damage, vandalism, storm, flood and more.
This insures the property itself. It can include in-built pools, garages, sheds, fences and the building itself. You are covered for loss or damage caused by fire, smoke or explosion, floods, storms and more.
This is tailored to landlords whose rental property is already insured by an owners corporation or strata, so contents cover is all you need. With this, your carpets, blinds, curtains, furniture, white goods and more will be covered for accidental loss of, and accidental or malicious damage to, home and contents and more.
Elders policy benefits
Here's what you're entitled to with an Elders policy.
|Insured events||Building||Contents||Building and contents|
|Fire, smoke or explosion|
|Lightning or thunderbolt|
|Earthquake or tsunami|
|Theft or attempted theft|
|Accidental, malicious acts|
|Riot, civil commotion|
|Escape of liquid|
|Fusion of an electric motor|
|Erosion, subsidence, landslide|
|Damage caused by animals|
Want more benefits? Here's what else you can get cover for.
|Additional benefits||Building||Contents||Building and contents|
|Removal of debris|
|Extra costs of reinstatement|
|Replacement of locks and keys||$3,000||$3,000||$3,000|
|Change of site||Maximum of 60 days||Maximum of 60 days|
|Trees, shrubs, plants||Up to $5,000||Up to $5,000|
|Loss of rent||Will pay up to the greater of $25,000 or 20% of sum insured for your home or contents||Will pay up to the greater of $25,000 or 20% of sum insured for your home or contents||Will pay up to the greater of $25,000 or 20% of sum insured for your home or contents|
|Automatic reinstatement of sum insured|
|Legal costs||Reasonable cost||Reasonable cost|
Optional add-ons are benefits you can pay extra for. They include:
|Optional benefits||Building||Contents||Building and contents|
|Rent default||$1,200 per week up to 15 weeks rent||$1,200 per week up to 15 weeks rent||$1,200 per week up to 15 weeks rent|
|Death, murder or suicide at the site||$1,200 per week up to 15 weeks rent||$1,200 per week up to 15 weeks rent||$1,200 per week up to 15 weeks rent|
|Failure of a tenant to give vacant possession||$1,200 per week up to 28 weeks rent||$1,200 per week up to 28 weeks rent||$1,200 per week up to 28 weeks rent|
|Release from lease obligation due to hardship||$1,200 per week up to 6 weeks rent||$1,200 per week up to 6 weeks rent||$1,200 per week up to 6 weeks rent|
|Additional loss of rent||Higher amounts in multiples of $25,000||Higher amounts in multiples of $25,000||Higher amounts in multiples of $25,000|
|Casually let holiday home|
Elders landlord insurance – how the excess works
An excess is a sum of money you need to contribute when the insurer agrees to pay your claim. You must pay any excesses which apply to your claim. They should be outlined on your Policy Schedule. Some that you may encounter with Elders include:
- Standard/basic excess. This is the excess you generally need to pay whenever you make a claim. It can be applied to your claim amount in most cases.
- Earthquake or tsunami damage excess. You need to pay $250 or the excess amount shown in your Policy Schedule, whichever is greater, for claims related to earthquakes or tsunamis.
- Theft, malicious damage, or purposeful damage by tenants excess. You need to pay an additional $400 excess on top of the standard excess for these claims.
- Rent default. You need to pay an additional $400 excess on top of the standard excess for these rent default claims.
How to make an Elders landlord insurance claim
Follow these steps when submitting your Elders landlord insurance claim:
- Take all reasonable steps to prevent further loss, damage or liability.
- Notify the police immediately for lost, stolen, or maliciously or intentionally damaged items or property. If this is the case, you'll also need to provide a written statement.
- Tell Elders as soon as possible. You'll be given a property claim report.
- Supply Elders with all the information it requires, which will be laid out in the report.
- Let Elders know if there is insurance covering the same loss, damage or liability.
- Cooperate with Elders fully to make the process as smooth as possible.
Frequently asked questions
Who is the underwriter for Elders landlord insurance?
Does Elders also offer farm insurance?
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