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

Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

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CPR Insurance wins Brokerage of the year

CPR Insurance Services picked up the award for the Best Brokerage (1-5 staff) in Australia, last Friday Night (4th May 2018) at the Insurance Business Magazine Awards held at the Westin in Sydney.

Judging came from various parts of the industry. It is a great honour to be recognised for our hard work and particular Business values we follow. A full list of winners is listed here.

Success comes from having great staff, and we thank Aidan Harmer and Julia McLauchlan as important support staff for helping us win such an award.

CPR Insurance has been in operation for more than 7 years now and is only successful because of the wonderful support from our staff, insurers and most importantly, our fantastic clients who put their faith and trust into our company to be their Risk Advisers and Brokers. 

Thank you to all.

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