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A residential investment property needs to be appropriately protected. Landlord Insurance can give you the confidence that your property will be looked after should something go wrong. Over Fifty’s Landlord Insurance covers the property and/or the contents you provide for your tenant’s use.
To help you decide the cover you need, here’s a brief outline of the difference between Buildings and Contents cover.
Designed to cover the physical structures that make up your property, like the house itself, garage, sheds, permanently installed swimming pools and decks.
Designed to cover items at your property – from furniture, white goods and removable domestic appliances which belong to you as the landlord and that you have provided for the use of your tenant. It also covers your carpets and window furnishings.
The better you understand your policy, the easier it will be if you ever have to claim.
Here is a limited summary of the benefits of a landlord insurance policy. For full details of the standard terms, conditions, limits and exclusions that apply please read the Product Disclosure Statement (PDS), any applicable supplementary PDS before making a decision to purchase the insurance. The Landlord Buildings and Landlord Contents Key Fact Sheets (KFS) also sets out some information about the cover.
Select the cover to suit your needs.
Over Fifty’s Landlord Insurance offers protection for your investment property for out of the ordinary but devastating events such as fire7, storm and burglary.
Over Fifty’s Landlord Insurance will cover your legal liability up to $20 million for payment of compensation relating to death, bodily injury or illness, and/or physical loss of or damage to property caused by an accident (or series of accidents). If you have contents cover only, it does not cover any legal liability you may incur as owner of the buildings unless the buildings are defined as a lot.
If your buildings are totally destroyed and need to be rebuilt, in addition to your buildings sum insured, Over Fifty’s Landlord Insurance will pay up to $5,000 (after deduction of any government or council rebates) to help you make the new buildings more environmentally friendly.
Over Fifty Insurance Landlord Insurance will pay for repair or replacement of contents you own and provide for your tenant’s use as a result of an insured event. If you have buildings cover only, Over Fifty Insurance Landlord will pay up to the lesser of $10,000 or the remainder of the sum insured after payment of the buildings claim, for certain landlords contents under this additional benefit.
If your buildings are damaged by an insured event and can’t be lived in by your tenant, or access to or use of the buildings is not possible after an insured event Over Fifty Insurance Landlord Insurance will pay for your loss of rent on the buildings for up to 12 months if you have buildings cover or if your building is part of a strata title development and you have contents cover only.
If you need to rebuild your buildings after total loss or damage, Over Fifty’s Landlord Insurance will help pay the reasonable costs of architects, engineers, surveyors and solicitors up to $5,000.
Over Fifty’s Landlord Insurance will cover up to 10% of the building sum insured for removing debris from your insured address if your building is damaged or destroyed by an insured event.
When you need to make a claim Allianz are there for you with 24 hour claims lodgement available online, or you can call the claims line to commence the claims process over the phone
Over Fifty’s Landlord Insurance will cover contents in the open air (that you own and that you have provided for your tenants use) which have been lost or damaged by an insured event covered by your policy, up to a maximum amount of $1000.
Apply to add any of these optional covers for an additional premium and greater cover
Option to be covered for loss of rent due to specified rental defaults, up to $10,000 in total for all claims during the period of insurance.
Cover for loss or damage to your insured buildings or contents caused by theft, burglary or housebreaking committed by your tenant or invitees of your tenant.
Cover for the compensation amount you are liable to pay if you employ a domestic worker and they are injured while working for you at the insured address. Only available in ACT, WA and TAS
Flood cover may be available as an optional cover to your buildings and/or contents. A 72 hour exclusion period applies.
Buildings insurance is designed to protect the physical structures and fixtures that make up your buildings: from the house itself, to the garage, fences and paved driveways – even built-in appliances like showers and baths, hot water systems, air-conditioners and more.
Contents insurance protects the belongings you have at the insured address that you have provided for the use of your tenant: from your furniture, carpet and appliances and even your BBQ. So, if any of the insured events happen during the period of insurance, we’ll generally pay to repair or replace your contents – up to the policy limits.
It’s up to you to decide the sums insured, and the type and level of cover that you want to take out. People generally want enough insurance to cover the property’s estimated replacement value. If you don’t have enough cover, you could end up having to cover some of the costs yourself. Remember, Allianz will only pay up to the amount of your loss or the sum insured, whichever is the lesser (subject to the policy terms and conditions) – so you should also be careful not to over insure. That’s why we’ve provided these calculators. They work as guides to help you estimate the replacement value of your landlord building and contents.
Do what you reasonably can to prevent any further loss, damage or liability. Tell the police as soon as reasonably possible about any malicious damage, theft, attempted theft, burglary or loss of insured property. Contact the Claims Call Centre on 1300 651 777 and advise the Claims Consultant of what has happened: the Claims Consultant will help you through the landlord insurance claims process. In order to be sure that you are covered under this policy you should always contact Allianz for approval before you incur expenses you wish to claim. If you do not, Allianz will pay for expenses incurred to the amount Allianz would have authorised had you asked Allianz first.
Flood cover is an option on both Building and Contents in Home and Landlords policies. Please call us on 13 31 30 to find out whether you are eligible for Flood cover. For full details of terms, conditions, limits and exclusions of all our home insurance cover options, please refer to the relevant Product Disclosure Statement any supplementary PDS and Landlord Buildings or Landlord Contents Key Fact Sheets.
You can apply to add these options to your policy when you start or renew it (or during your period of insurance by contacting Over Fifty’s Landlord Insurance on 13 31 30) . If you’re not sure whether you have added these cover options, you can check your policy schedule.
This insurance policy has been designed for people who are renting their property out to tenants under a residential rental agreement.
Contents owned by you (or for which you are legally responsible) and provide for the use of the tenants may also be covered under the policy.
This policy is not suitable for covering the building or contents of the home you live in. In this regard, Allianz offer a Home and Contents product that has been specifically designed for homeowners or renters.
For more information on Home and Contents insurance, please visit the product page.
The replacement value of your buildings is not the same as the market value – you do not need to include the value of the land when calculating the buildings replacement value.
If you need to lodge an insurance claim for Car, Home or Landlord Insurance, please call us on 13 31 30.
Whilst we welcome your call, unprecedented numbers of claims are causing some delays so if you’re seeking to lodge a claim for the first time, we encourage you to use the online claim lodgement process.