Insurance FAQ
Each policy can vary based on its unique terms and conditions and the value of the rent achieved for the property, please refer to your policy PDS for more information. If you need assistance in interpreting the policy, please speak to your Property Manager.
For Rental Providers within an Owners Corporation we suggest a policy that covers Loss of Rent, Damage (Accidental or Negligent) and Liability as a minimum. The value of cover would be determined by the value of the property and the rent achieved.
Contents, in general terms, would be any fixture or fitting of the property that is not part of the building's structure or not permanently secured to it. Common examples of contents would be items like carpet, floating floorboards, blinds, furniture and moveable appliances (e.g Dishwasher). Contents items are not covered by a building insurance policy.
Liability cover, in general terms, is an insurance cover in the event that you, your renter, their visitor, or your property are found to be liable for an insurable event. Liability cover can be quite complex but is used with more frequency in recent times to assist in claims and disputes where multiple parties are involved (e.g. Water Leak claims).
Insurance can start at any time but cannot be backdated. If your property is not insured, the best time to start cover is straight away to ensure, in the case of an insurable event, that you are completely covered under the terms of your policy. As a Rental Provider, there are insurance and liability risks even during vacancy.