Insurance Tip for Property Investors

UNDERSTANDING LANDLORD INSURANCE. ARE YOU FULY COVERED?

By COVERGUARD – Australia's leading landlord insurance provider

Many landlords assume their existing Landlord Insurance Policy will cover all the costs in the case of a natural disaster, accident, loss of rent or other damaging events. You may be surprised how many people make this mistake only to find out when they make a claim that they are not fully covered.

With Cover Guard Insurance, we ensure your Landlord policy is simple and includes all the additional benefits automatically.

CHANGES TO LEGISLATION

Tenant obligations on unexpired lease agreements: With legislation changing constantly in Australia, it seems more and more of these changes are focused on protection for tenants than Landlords. It is so important to understand the fine print in your Landlord policy wording when it comes to these changes in legislation, and how it affects you as a Landlord.

You may be surprised to know that a lot of Landlord Insurance policies have a clause hidden in the fine print which allows the insurer to reduce or limit settlement of a claim subject to changes on legislative requirements.

One example is the recent changes to the NSW Residential Tenancy Act which have restricted tenant obligations under fixed term lease of 3 years, so that ongoing obligations under unexpired lease agreements are no longer applicable in NSW.

What does this mean for Landlords? Your insurance policy may state full loss of rent and full rent default cover, however if your policy includes the above mentioned clause – then you may find your Loss of Rent claim is substantially reduced by your insurer.

At Cover Guard Insurance, our specialists always keep up to date with legislative changes to ensure your policy provides the best possible cover for you.

Please contact Cover GuardInsurance today to obtain a quote,and you can rest assure we haveyou covered when you needit most.

• The most competitively priced Policy

• Best in Market Cover

• Fast settlement on claims

• Valuable advice on cover at noadditional cost.

DISCLAIMER

This article was brought to you by Cover Guard Insurance. This advice does not take into account your personal objectives, financial situation or needs. For this reason, before you act on this advice, you should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs. Insurers have created Target Market Determinations (TMDs) which set out the type of customer and risk the product is designed for. We can confirm that you fall within these criteria for this financial product. If you would like a copy of the TMD, please advise us so that we can make this available to you. Before you make any decision about whether the policy is right for you, you should obtain and read the Product Disclosure Statement(PDS) for the policy.

coverguardinsurance.com.au • 1300 038 210