Unusually wide cover
Many insurance policies give you a list of the events you are covered for. However Protect Landlords Residential Property Insurance offers Accidental Damage cover to protect your property against a broader range of events.
Instead of a long list of acceptable risks, you will find a short list of events and mishaps which are not covered. So if something happens and it's not on the list of exclusions, you know you're covered.
Optional replacement benefit
Suppose the worst happens and your property is totally destroyed by fire. If you choose the optional replacement benefit you will be covered for the complete cost of rebuilding the property to its new condition.
Even the cost of removing debris and the cost of architects, surveyors and legal fees are included for up to 10% of the building's sum insured.
You will also be covered for any unexpected expenses as a result of ensuring the rebuilt property complies with any government or local authority by-laws which have come into force since your original property was built.
Always check to ensure your sum insured is adequate to provide for extra costs and loss of building or land value.
Liability cover
This area could become a financial nightmare unless you are adequately covered. Under our optional Liability section, you have a choice of either a $5 million, $10 million or $20 million liability cover if you are found to be legally responsible for injuries to people or damage to property arising from the management or ownership of the property.
Optional loss of rent cover
Protect Landlords Residential Property Insurance provides optional cover for the loss of rent following accidental damage or accidental loss to your buildings.
If your property is so badly damaged that it can't be lived in, we will pay you the lost rent until the buildings can be lived in, for up to 12 months.
Optional rent default and tenant damage
If your tenant defaults on rent or leaves the building before the end of the rental period, or is legally evicted, Protect Landlords Residential Property Insurance can provide cover for lost rent until the property is re-let up to $3,000.
In addition, cover is available for theft by tenants and legal costs you incur in taking action against the tenants. Surprisingly, many other policies do not cover this!
Workers' compensation
In those States where legislation permits, you are also able to cover the amount you are liable to pay if a person you employ is injured whilst working for you. Please note that this cover only applies if the person is doing work for you in respect of owning, operating and managing the property.
Loss of building or land value
After a claim, government regulations may only permit a structure of reduced floor area to be built. In this event, if you choose the optional replacement benefit and your sum insured is adequate, we will pay not only the actual cost of rebuilding, but also the difference between the actual cost of building and the estimated cost for building a structure of the original floor area.
In addition, we will pay you the loss of land value caused by government or local authority legislation that reduces the floor area of your buildings.
