Landlord Insurance FAQ’s

What is Landlord Insurance?

Landlord insurance is segmented into three (3) components:

  1. Loss of rent cover only. Ideal when in a body corp environment, apartment or multi unit development
  2. Loss of rent cover plus contents cover. Designed where no building, structures requires insurance
  3. Loss of rent cover plus contents cover, plus building (structures) cover. Purpose designed for stand alone houses

Who is the underwriter or insurer?

Insurance issued by Guild Insurance Ltd, ABN 55 004 538 863, AFSL 233791. All Australian. Local claims management.

We self-manage our investment property, will you insure us on this basis?

No, this insurer requires a licensed Real Estate Agent or Property Manager as intermediary. The reason for this requirement is explicitly linked to security and lease compliance by landlords under your statutory requirements.

What happens if I sell the property or move in myself?

On cancelation of your insurance we will pro-rata your refund against unused premium.

How do I make a claim?

Download your Claim Form or contact our office 1300 798 991. Updated after hours contact numbers are noted in your Product Disclosure Statement or call 1300 223 782

What are the excess levels:

$350 on each claim and incident (not each item of loss) other than ‘rental’ matters. For rent claims the bond or any unused bond portion is applied in the first instance.

Does my policy cover Flood?

Flood cover is optional. Should you require more information please call our offices 1300 798 991

My property management company looks after my insurance, is this OK?   

  1. No its not and here’s why ….. historically Property Managers influenced this market and in most situations commission ‘kick-backs’ determined preferred insurers. Landlords were very hands off and trusting allowing some Property Managers to  commercially benefited.
  2. Since 2015, ASIC has enforced a fundamental financial services requirement (applicable to insurance, mortgage broking etc) which requires all enterprises and, any employee making finance product  recommendation, be appropriately licenced, insured and skilled to do so. More importantly, any financial benefit such as commission ‘kick-backs’ or personal benefits such as fee holidays, Australian Open tickets and Grand Prix passes, must be declared to clients each time a transaction or discussion occurs.  A considerable element of  real estate agents and their property management divisions fail to meet this minimum requirement.
  3. Real Estate Institute of Victoria (REIV), Real Estate Institute Of Queensland (R.E.I.Q) and Real Estate Institute of New South Wales [REINSW], and others, are quiet proactive advising members not to breach ASIC requirements.

Should my tenants be under a Tenants or Rental or Lease Agreement?

Yes, your tenants must be signed to a Lease for a minimum three (3) months at the start of their tenancy. Should that initial Lease expired and your tenants continue to rent, our insurance cover continues.

What is the cheapest Landlord insurance solution? In crowded markets such as Landlord Insurance, prices vary greatly. Qtrust’s volume of business and insurer relations allows us to ‘guarantee’: Landlords: Find Better Insurance At A Lower Price And Our CEO Will Personally Write You A Cheque For Double The Difference – Guaranteed!  As a guild, with a rental  income of $1,000 per week, your annual premium is less than $8.80  per week. Get a quote now

Whats does Landlord with Building and Contents insurance cover?

Exclusive Features:

  1. Pay monthly option available
  2. Cancellation fee $0 anytime
  3. Pet damage is covered
  4. New for old repair replace or re-instate
  5. Theft or burglary by tenant included
  6. Rent default by tenants included
  7. Rent loss due to insured events included
  8. 24 hour helpline available
  9. Lodge claim via internet, phone or email

Defined events cover:

  1. Storm
  2. Earthquake
  3. Tsunami
  4. Explosion
  5. Fire
  6. Lightning
  7. Escaped liquid such as burst/leaking pipe
  8. Vandalism/malicious damage
  9. Flash flooding caused by storms covered

Additional Benefits:

  1. Removal of goods covered
  2. Professional tax audit fees cover
  3. Change of locks covered
  4. Full rebuild cost protection
  5. Contents in the open air cover
  6. Property damage exploration and investigation allowance
  7. Replacement locks and keys
  8. Replacement landscaping, trees, plants, shrubs, rainwater tank and solar panels

 

What happens if I sell the property or move in myself?

On cancellation of your insurance we will pro-rata your refund against unused premium.

How do I get a quote?

Right here