There are certain things that landlord insurance doesn’t cover as standard. Here are a few of the most common.
Common wear and tear
Wear and tear happens to all things, so if the damage to your property is a result of the natural aging of the building or standard use of the property then you won’t be covered for those type of repairs.
Please note: It is the landlord’s responsibility to maintain the property and to cover the cost of any necessary repairs. Your insurance will only cover repairs following an insurance event such as an extreme weather event or a break in, for example.
Loss of rental income
If your property becomes uninhabitable, due to an event such as a fire or flood, then standard landlord insurance won’t cover you for the rental income you’ll lose.
This is an optional extra you can add to your policy. So, make sure you choose this cover when you’re going through your quote.
Please note: Loss of rental income and rent guarantee are not the same thing. We don’t currently cover rent guarantee.
Your tenant’s contents
Your landlord’s insurance will only cover your contents that are supplied to a tenant – such as furniture and appliances – but it doesn’t cover a tenant’s personal contents once they move into your property.
If a tenant requires cover for their own items, they will need to purchase renters and tenants insurance.
Unoccupied buildings (over 45 days)
Landlords must let us know if their property becomes unoccupied. Once your property becomes unoccupied you’ll have 45 days full cover, after which your cover will be reduced and an unoccupancy condition applied.