Landlords insurance covers your rental property and contents against risks like storms, floods and fire, as well as damage caused to your contents by tenants and even loss of rental income.
The following incidents are all included in a landlord insurance policy for residential units.
Malicious damage by tenants
Landlord liability ($30,000,000 limit)
Theft by tenants
Loss of rent
Basic contents not covered under the building insurance (such as carpet, curtains, light fittings, air conditioners).
Contents owned by the landlord for the exclusive use by the tenant
Before you enter into a Contract of general insurance with an Insurer, you have a duty under the Insurance Contracts Act 1984 to disclose to the Insurer every matter that you know, or could reasonably expect to know, is relevant to the Insurer’s decision whether to accept the risk of Insurance and if so, on what terms. You have the same duty to disclose those matters to the Insurer before you renew, extend, vary or reinstate a Contract of general insurance. Your duty however does not require disclosure of matter.
If you fail to comply with your duty of disclosure, the Insurer may be entitled to reduce the liability under the Contract in respect of a claim or may cancel the Contract. If your non-disclosure is fraudulent, the Insurer may also have the option of avoiding the Contract from its beginning.
BCB is Australia’s largest specialist strata insurance broker and one of the 475 strong Steadfast Group member network.
With over 25 years’ experience partnering with strata managers, BCB offers scale, market leading technology and technical expertise for strata and community living property and related insurances.
Working in the interests of the owners, BCB provides dedicated broking resources and a full market solution, complimented in-house claims expertise, including for large and catastrophic events.