Property Investors Landlord's Protection
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Not all landlords are the same, so why should your landlord insurance?
PropertyCover's landlord insurance - Landlord's Protection - offers you flexible cover to suit your requirements. So 'Cover What's Important' and protect your investment as best as you can. With PropertyCover's Landlord's Protection, your property is covered by a comprehensive insurance that suits your requirements. That means you can choose the level of cover for building and contents and add from our broad list of insurance options to tailor the coverage just for you.
You choose the level of cover that suits you for maximised value and protection.
Request a quote to cover your investment property today - Click here
PropertyCover's Landlord's Protection insurance is a flexible Landlord Insurance that offer a broad range of available benefits to suit your needs.
What PropertyCover Landlord's Protection can cover:
The Excesses
Contact our property insurance experts today on 02 8399 1838 |
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| Cover your investment property today! |  |
Please return the quote request form with your details by fax to 02 8399 0226 or mail to PO Box 571, Woollahra NSW 1350.
| Cover your investment property today! |  |
Please return the application form with your details by fax to 02 8399 0226 or mail to PO Box 571, Woollahra NSW 1350.
What sort of rental property qualifies for a Landlord's Protection policy?
Do we cover death of a sole tenant?
Do we cover hardship of a tenant?
Do the tenants need to be in advance of their rent for any period of time?
Does the policy cover tenants on a periodic lease?
How does the bond affect a claim?
How can a property manager’s actions affect a claim?
What excesses can you expect to pay?
Do we cover accidental damage?
What happens if the tenant pays back some money after a claim has been paid?
What should you do if a tenant calls because we put his/her name on a tenant database?
Is the period between tenancies covered?
When should you start clean-up and repairs?
When do you start the process of re-tenanting?
What is 'Strata Title Mortgagee Protection?
Do I need building insurance included in my policy if my property is strata titled?
What sort of rental property qualifies for a Landlord Protection policy?
A property which is a full-time domestic rental. Full-time means that the initial leases with a tenant are for 3 months or more. After the initial period, it doesn't matter what form the continuations of the lease take, even if the lease reverts to a periodical lease.
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Do we cover death of a sole tenant?
Yes. Under our Tenants Default section, when a sole tenant dies during a fixed-term or periodic tenancy, we treat the matter as if the tenant had left the premises. The property manager should take reasonable steps to obtain vacant possession and re-let the property. The property manager is also entitled to seek unpaid rent from the deceased estate up until the date of vacant possession. The only difference between this event and a regular default is that we (PropertyCover) do not have the right to pursue the deceased estate for the balance of the lease period rent.
Do we cover hardship of a tenant?
Yes, under our Tenants Default section, we cover the owner for lost rent when the tenant obtains a court order cancelling the lease agreement. We treat it as a straightforward default of rent. It is important that the owner/property manager does not agree to the cancellation of the lease. The tenant should apply themselves to the court for relief and the property manager should continue to pursue the tenant for rent arrears until the relief is granted. We will treat the remainder of the lease as claimable in the normal way, provided appropriate measures are taken to re-tenant the property.
Do the tenants need to be in advance of their rent for any period of time?
No, but they can't be behind either. If the tenant is up-to-date, that's good enough.
If you are asked about PRIOR history of arrears and other breachable behaviour by the tenant, you will have to tell us about this before cover is granted.
Does the policy cover tenants on a periodic lease?
Yes. The only difference between a periodic lease and a fixed-term lease is the amount of notice each party is required to give to the other. In most states, a periodic lease requires 3 weeks' notice. Under our Tenant's Default section, in the case of early vacation by the tenant under a periodic tenancy, we will pay the owner the rent they would have been entitled to if the tenant had given proper notice.
What is Deliberate Damage?
DELIBERATE DAMAGE IS WIDER THAN MALICIOUS DAMAGE. The test we apply is that if the intentional actions (not omissions) of a tenant would, if viewed by a reasonable person, be considered to lead to damage, then the damage is deliberate.
How does the bond affect a claim?
We do not deduct the bond from our claim. However, for tenancy matters, if the bond is not used up on legitimate non-insurance related matters, then the remainder of the bond is entitled to be kept by the owner to cover Deliberate Damage and Tenants Default losses. This means that the amount the owner needs to claim from us is reduced by the remaining amount.
How can a property manager’s actions affect a claim?
The property manager is the agent of the owner and we treat both as the same person. Both Residential Tenancies Acts and insurance law require that the owner/agent take steps to minimise the loss. In part, this means that the owner/agent needs to pursue breaches as fast as the law allows. If they don't, the amount lost may be deemed to be increased by the irretrievable time lost as a result of not doing it.
There is a danger of this lost time not being included in the claim settlement. We allow a reasonable time to issue notices.
If an owner wants to give leeway to a defaulting tenant, the owner needs to know that they may be incurring some losses that are unrecoverable from insurance.
What excesses can you expect to pay?
Not a lot. There is a standard excess on Defined Events of $50 each claim ($200 for earthquake). Defined Events are those events which occur outside of the tenancy, such as storm, burglary etc.
Claims from within the tenancy, such as Deliberate Damage or Tenants Default are free of any excess. Unless the policy is specifically endorsed otherwise, these are the standard excesses you will pay.
Do we cover accidental damage?
We cover accidental damage to fixed glass forming part of Buildings or Contents if we insure the appropriate Buildings or Contents.
Some other covers provide an accidental damage cover to other property with a substantial excess. If they treat each item of damage as a separate accident, a separate excess will apply to each item. Therefore the value derived from the cover is not very great. For this reason, we try not to provide what may be seen as a "Claytons" cover.
Under our Deliberate Damage by Tenants cover, some items treated elsewhere as "accidental damage" will be accepted as Deliberate Damage (see FAQ about Deliberate Damage) and will be paid, totally free of excess (under our standard wording).
What happens if the tenant pays back some money after a claim has been paid?
If the money paid back to the owner is wholly or partly for specific amounts that have already been recovered under the insurance, that amount of money must be returned to us. Otherwise, it belongs to the owner.
What should you do if a tenant calls because we put his/her name on a tenant database?
Refer the tenant to us, we are responsible for maintaining the database entry and can remove it when the debt has been repaid.
Is the period between tenancies covered?
Under our Tenant's Default section, rent loss arising from the failure of a tenant to honour a lease agreement is covered. However, rent for the normal period of vacancy which occurs between tenancies and which does not involve breach of a lease is not covered.
When should you start clean-up and repairs?
You should start cleanup and repairs immediately after you get vacant possession. However, if you are insured and are claiming for Deliberate Damage you need to call PropertyCover immediately and discuss the damage before starting repairs. If we want to collect some information about the damage, we will ask you to hold off repairs until this is done and we will pay for any rent loss arising from the additional delay.
You should also complete the repairs as soon as is reasonably possible. Unnecessary delays caused by working weekends only (for example) and the like may prejudice your rent claim.
When do you start the process of re-tenanting?
You should start the process of advertising for a new tenant immediately if the premises are fit for viewing. This does not necessarily mean when the repairs are complete. Sometimes, a property can be acceptable to a tenant if they can see that repairs are being done and will be complete when they move in.
What is 'Strata Title Mortgagee Protection?
Residential Strata Title Mortgagee Protection Insurance applies when you own part of a building that has been subdivided, usually into strata title units, and you have a mortgage on that part of the building.
This insurance provides security for a mortgagee by acting as a supplement to the proportion of the Body Corporate insurance cover, should the level of cover prove insufficient or non-existent following an insurable loss.
It is available under our Landlord Protection Policy.
Do I need building insurance included in my policy if my property is strata titled (unit/apartment)?
If your investment property is a unit or apartment and strata titled the building is often covered by the strata title and only the inside of the proeprty needs to be covered. For these cases our Property Owner's Extra Protection could be the right insurance for you.
If unsure if you need to include building insurance to your landlord's policy please check with your property manager. Before deciding which landlord insurance is right for you please read the PDS carefully.
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