Landlords Insurance

Landlords Insurance – What is it?

When it comes to insurance, being an owner-occupier is quite different from being a landlord. A recent survey conducted by Woolcott Research of 300 landlords showed that two out of five self-managing landlords interviewed had experienced tenants defaulting on rent or damaging their property. That's why it's important to take out landlord-specific insurance.

Landlord protection insurance covers some particular risks associated with renting out a property that may not be covered by a typical home and contents or strata title insurance policy. According to the Woolcott study, less than half of all self-managing landlords have specific landlord insurance, even though three out of five recognise a bond is not sufficient to cover most incidents with tenants. These landlords are putting their valuable assets at risk. You do need to make sure you are covered should something go wrong.

 

Why do you need it?

 

Most tenants take good care of the property they are leasing, those that don't may intentionally cause extensive damage which is not generally covered by a standard home insurance or body corporate policy. Standard home buildings and contents policies do not usually provide cover for two of the most significant risks facing landlords malicious or international damage by tenants and failure to pay rent.

 

What does it cover?

 Common features of a landlord insurance policy include:

  • Malicious or intentional damage to the property by the tenant or their guests
  • Theft by the tenant or their guests
  • Loss of rent if the tenant defaults on their payments
  • Liability, including for a claim against you by the tenant, and
  • Legal expenses incurred in taking action against a tenant.


Not all landlord protection policies are the same. Some, for instance, are

  • Designed to be taken out in addition to a typical home and contents or strata title policy, while others are more comprehensive.
  • Covering contents of the property. This is particularly important if you rent out a partially or fully furnished property.
  • List the incidents you are covered for, or  you can  obtain accidental loss or damage cover to protect against a broader range of incidents.
  • Pay you the loss of land value caused by government legislation or local authority bylaws that reduces the floor area of your buildings.
  • Following an insured loss, you may discover that you are required to comply with government or local authority by-laws which have come into force since your building was built. These unexpected additional expenses can be covered.
  • Include the benefit covering  the complete cost of rebuilding the property to new condition up to the sum insured as listed on your schedule. Even the cost of removing debris and the cost of architects, surveyors and legal fees are often automatically included in the buildings sum insured.
  • Provide the optional cover for the loss of rent following accidental loss or damage to your buildings. If your property is so badly damaged that it is uninhabitable, Insurers will pay the lost rent until the buildings can be lived in, for up to 12 months.

 Who can help?

An insurance broker's role is to act as your representative and work in your interests, seeking the best cover at the best price for you with their skill, market knowledge and experience. Call a good one. Call CPR –Experts who will save you 

CGU Will offer Flood Cover now on Landlords Cover

Latest News

CPR joins Ausure

We would like to announce to all our Clients, Prospective Clients, Suppliers and Insurers, that Cooper Professional Risks Pty Ltd trading as CPR Insurance Services, will be leaving National Adviser Services Pty Ltd (NAS) and joining Ausure Pty Ltd as a Corporate Authorised Representative from 5 March 2018.

Fundamentally, there is no difference to you, except our Invoices will look a little different, and the Banking details will be in a different name and account number. Everything else at CPR stays the same.

There are a number of reasons we have made this decision, but the primary reason is for what we believe is best for our clients.

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Special offer to CPR Insurance clients

Employsure are providing a FREE Business Health Check to all our clients and gives you the opportunity to receive an analysis of the health and safety requirements in your workplace. Also. Employsure  will review your employment agreements as well as your wage rates helping you to avoid workplace claims.

Ordinarily this would cost you at least $1,250 but because you are a CPR Insurance client, it is free!

It involves the following review for you.

SAFECHECK

A specialist Work Health and Safety Consultant will visit your workplace and carry out:

A review of your business’ current work health and safety policies, procedures and systems to identify areas of concern or non-compliance

Following the review, you will receive a report summarising the findings and the health and safety

Status of your workplace

WAGE CHECK

A Wages Adviser will review your rates of pay and produce a Wage Check report.

The review will be conducted against the industrial instrument applicable

A report will be supplied advising if the wages are compliant and what steps to take to achieve compliance

CONTRACT REVIEW

A Document Consultant will review an employment agreement and provide recommendations.

The review will highlight compliance issues with the Fair Work Act 2009 as well as best practice

The report will make recommendations to achieve compliance and provide protection to your business.

This will remove any areas of potential dispute and risk

So what do you have to lose? Contact us on 07 3123 1137 and arrange 

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