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There are many ways you can get a Landlords Insurance quote:
For those people that own or are purchasing a residential investment property to rent out, it is vitally important that the asset is correctly insured. Unlike you own home, which you occupy and look after, your investment property is in the control of a stranger. Renters can range from the excellent to the despicable, which adds an additional dimension of risk to you the owner. It is important to note, that not all the actions of a bad renter are covered by insurance.
For example, unhygienic living practices of the tenant are not covered by insurance. Also accidental damage by the tenant, tenant rent default, malicious damage and theft by tenant are not covered unless you have selected these optional policy covers.
Some of the main risks to consider are as follows,
When considering buying insurance cover you have to weigh up the risks versus the cost. Consider what aspects of your investment property are important to you and the risks they face. Accidental damage cover protects you against those unforeseen incidents that are not caused by a peril. A defined events policy would not cover you for any accidental damage.
Will cover you for Accidental Damage or Loss and all of the Defined or Listed Events, which are stated below
Only covers you for Fire or Explosion, Lightning of Thunderbolt, Earthquake or Tsunami, Burglary, Theft, Malicious damage, Escape of Liquids from burst pipe, fixed tank, gutter or drain, Fusion, Impact by vehicle, animal, aircraft or antenna, tree, Storm, Rainwater or Wind, Glass breakage and Flood
Loss of rent cover is normally included automatically, although some insurers may charge an additional premium, for cover up to 52 weeks, where you are unable to rent the property due to damage or loss caused by a peril.
Example: Your property burns down due to a fire and whilst it is being rebuilt, your policy will compensate you for the loss of rent.
Renter Default cover is an optional cover that can be purchased at additional cost and will cover you where the renter defaults on their rent. Most landlord policies on the market provide different levels of rent default cover and have strict conditions applying to how and when a claim can be made and what your obligations are in remedying the default first. Many will limit the cover to an agreed amount per week, up to a set number of weeks or a maximum amount of rent default.
Example: They may cover you for the weekly rent up to 15 weeks in total or a maximum of $10,000, whichever is the lesser. Some insurers also apply an additional renter default excess, which may be a monetary amount or a time period.
If you would like us to review your current policy and to compare the market for an alternative quote, please complete the questionnaire below.
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