There are six sections to a landlord’s policy:
- Building cover
- Contents Cover
- Damage or theft caused by tenants
- Rent Default
- Loss of Rent
- Legal Liability
MGA covers a wide range of different properties and with connections to the Strata Title industry we understand the needs of Landlords and the types of issues they can face. Contact us today to see how we can assist you.
Most policies cover the main dwelling plus any other domestic use garage, outbuildings, walls, gates, fences, driveways, verandas, patios, in-ground swimming pools and any landlords fixtures and fittings such as stoves, built in air conditioning, kitchens, etc.. Ensure that your sum insured covers the cost of the current rebuilding value, plus costs associated with removal and dumping of the damaged property and any other professional costs associated with rebuilding (such as architects, soil tests, application fees etc..)
Covering the cost of replacing furniture, carpets, curtains, internal blinds etc. Note that the definition of contents will change from policy to policy and some items may or may not be covered by the building section.
Damage or theft caused by tenants
Cover for your loss or damage to building and / or contents at the situation caused by a deliberate or intentional act by a tenant. This will generally include larceny, theft, malicious damage or vandalism.
If a tenant defaults on the payment of their rent, vacates the premises – leaving them unfit for occupation, vacates without notice prior to their lease expiry date or is legally evicted from the situation, then cover is generally available under this type of extension.
Loss of Rent
When a building, insured under a landlord’s policy, is damaged and cannot be inhabited then this extension to cover will pay the amount insured for the weekly rent that cannot be charged on the property.
This covers you should you be responsible for another person being injured or if they have any of their property damaged while on your property. It does NOT cover other people who work in or on your home, such as cleaners, gardeners, builders or plumbers.These people should have their own business liability insurance policy to protect them for the damage they may do to your tenant or your property.