Landlords Insurance FAQ

(Source: Terri Scheer Insurance)
When is the best time to start cover?
Immediately if the property is vacant and being advertised for rent. Alternatively at the beginning of a new tenancy.
The tenant has been late paying the rent, is cover still available?
Yes for all policies not including the Landlord Preferred Self Managed policy. It is still possible to place cover but if the rent arrears warrant the issue of a breach notice within the last two months, cover may be restricted. If rent is then paid on time for two consecutive months, full cover is reinstated.
Is there a discount for landlords insuring more than one property?
Yes, discounts do apply for owners of three or more Landlord Preferred.
What are the benefits of the Terri Scheer Landlord Residential Building Insurance Policy?
The policy is designed to complement the Landlord Preferred Policy. It provides Malicious Damage cover to the full extent of the nominated sum insured, cover for storm and tempest to gates, fences and retaining walls and Accidental Damage. Having both a Landlord Policy and the Residential Building Insurance Policy means having to deal with only one insurer in the event of a claim.
Is Accidental Damage to my contents covered?
Yes
Do the Landlord policies cover the building?
Only for Malicious Damage, Accidental Damage, Deliberate Damage and Theft by the tenants or their invitees. The landlord should also have a building insurance policy. We have a building policy available to complete the package for non strata title properties.
If the landlord moves into the property does the policy have to be cancelled?
Yes, the cover is no longer valid when the landlord takes up permanent residence at the insured property. The landlord or property manager should advise us if this occurs.
Do changes to or cancellation of the policy need to be in writing?
Not necessarily, most requests can be processed over the phone with an insured policy holder. Faxed or email instructions from the landlord or real estate agent are also acceptable. In certain circumstances we will confirm the agent’s instructions with the landlord prior to cancelling the policy.
I have some furniture of my own which isn’t available for the tenants to use stored in a shed on the property, is this covered?
No, we would recommend professional storage
My tenant is on a periodic lease. Am I still covered?
Yes. We will cover you for the rent loss or damage the tenant is legally liable for. For example, we would consider rent arrears to vacate date plus the notice period they should have given as per the Residential Tenancies Act.
The tenant absconded – are the re-letting fees covered?
Re-letting expenses which exceed the bond amount are not claimable under insurance.
When can loss of rent be claimed to?
Whichever of the following events occur first;
• The property is re-let, or
• The tenant’s lease expires, or
• The policy limit is reached, or
• The landlord moves in
Where the property is un-tenantable loss of rent will be calculated up until the property is re-let or tenantable, whichever occurs first.
The property has been maliciously damaged, can repairs be started immediately?
Secure the property immediately if required. If the estimated cost of repairs exceeds $2000, contact us to arrange a loss adjuster to inspect the property before repairs commence.