If you are after great value landlords insurance SMART can help you find landlord cover that may protect both your investment and income at an affordable price.
Your SMART insurance broker will use their experience to find you an affordable landlord policy to suit your requirements and offer you personalised service.
You to only pay for as much cover as you need. Your friendly SMART broker will be available to help you make changes to your policy after you've taken out cover.
What may Residential Landlord Insurance cover?
Potential benefits of residential landlord insurance may include some or all of the following:*
- Automatic cover for flood and fire or explosion.
- Liability cover of up $20 million for injury or loss of life to a third party, or loss of a third party’s property on a building you own.
- Automatic cover up to $10,000 for damage to landlord’s contents – like carpets, curtains, washing machines and portable furniture – and the option to increase cover for greater amounts
- Catastrophe cover up to an additional 15% of the building sum insured, for declared natural disasters
- Optional cover for loss of rent or an absconding tenant
- Automatic inflation adjustment if you need to make a buildings or contents claim
- Cover for loss or damage caused by tenants or their visitors (exclusions apply)
- Cover for loss or damage caused by electric motor burnout, for appliance up to 15 years of age
- Tax audit cover (cover options of $2,000 or $5,000)
- Up to an additional 15% of the building’s total sum insured, to cover demolition and removal of debris, and architects and engineering fees
Residential Landlord Insurance Case Study – Sydney , Australia
Janet and Ross bought an investment property in Sydney’s inner west. They relied on the rent from the property to help cover their mortgage repayments. One year, they rented the property to some tenants who caused extensive damage to some of the walls, floor coverings and doors – and then left owing 12 weeks’ rent. Because the property needed repairs, Janet and Ross were unable to rent it out immediately. Fortunately, the couple had taken out landlord’s insurance and included the rent default option#. They successfully claimed on their insurance to cover their repair costs – and just as importantly, their missing rent. The allowed them to make their mortgage repayments and repair the property quickly so they could get new tenants in.
#Rent default is typically an optional extra for landlord’s insurance and attracts an additional premium.
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*Important: Cover may be available subject to meeting insurers underwriting criteria. Some of the covers listed may or may not be available or may have limitations or exclusions. Cover inclusions vary significantly from insurer to insurer. DO NOT rely upon the above. Check your policy schedule carefully for inclusions and exclusions and limitations .Talk to a SMART business insurance broker on 1300 542 573 for more information.