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Comprehensive Cover for Landlords

Insuring against malicious loss or damage to rental property caused by tenants, including loss of rental income and Landlords Legal Liabilities 

What is Covered?

• Loss to the rental property caused by malicious damage, vandalism or theft by tenants of the rental property.  Maximum amount payable per event $32,500 – Excess $500
• Loss of rent following the tenant vacating the rental property without giving the required notice, less any amount recoverable by you from any bond or advanced rent paid by the tenant.  Maximum amount payable per event – 6 weeks rent – Excess $250
• Loss of rent following eviction of the tenant for non-payment of rent.  Maximum amount payable – 12 weeks rent – Excess $250
• Loss of rent where the rental property is untenanted as a result of malicious damage, vandalism or theft by tenants covered by Event 1  Maximum amount payable – 52 weeks rent – Excess nil
• Legal liability as landlord for damage to tenants’ property or personal injury at the rental property.  Maximum amount payable – Property Damage $1,000,000 – Injury $100,000 – Excess $250

What is Not Covered?

• Wear and tear.
• Use of property for commercial or illegal purposes if landlord has reasonable knowledge.
• Where no primary house policy is in force.
• Legal liability assumed by agreement.
• Any loss due to ownership or use of any motor vehicle, motorcycle, moped, minibike, go-cart or moped, caravan or trailer (garden implements excepted).
• Fines, penalties or punitive or exemplary damages.
• Legal costs.
• Gradual pollution

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The Insured's (your) Obligations

• Due care in selection of tenants with satisfactory references in ALL cases.
• Must collect a combination of at least 3 weeks rent in advance as rent or bond which must be registered with Tenancy Services.
• Inspection of property at intervals not exceeding 6 months or on change of tenants.
• Monitor rents on a daily basis with written notification to tenant when 14 days in arrears and a visit to check tenant remain in residence.
• At 21 days make application to the Tenancy Services for vacant possession in accordance with the Residential Tenancies Act 1986.
• Must have primary house insurance in place, at all times.

Basis of a Settlement

• Reasonable cost of repairs made.
• Present value if cash settlement (Indemnity value).
• If cannot be repaired, reasonable cost of replacement except fixtures and fittings over 10 years of age – then present value.
• Floor coverings in the room(s) where the damage has occurred only.

How much does it cost?

• Premium calculated = The Weekly Rental + $12 per annum (plus 15% GST).
• A separate policy is required for each rental property.
• One excess per claim or series of claims which arise from one event.  Maximum $500.