Multiple Tenancies Policy
REAL have many clients who rent their properties out room by room. Understanding how these types of tenancies work, and the need that is required to cover the ‘common areas’ in this type of dwelling, REAL has designed a policy that will work for you to protect your income and asset.
The property must be owned by one entity and have individual tenancy agreements for each bedroom to a maximum of 5 tenants per dwelling.
Contents in the individual bedrooms as well as the common areas is covered for accidental and intentional damage to a maximum of $25,000 across the property.
Tenancies must be for greater than 28 days to comply with the policy.
If you also purchase REAL’s building/dwelling policy, there is also cover for the building for common areas.
Policy wording for REAL Landlord Multiple Tenancy Policy update Oct17
To find out more, please phone REAL on Freephone 0800 00 3545 or +64 9 4380650