The answers below relate to the Landlord Preferred Policies only.
#1 What cover does the policies give?
The Landlord Preferred Policies provides cover for Loss of rent, Intentional Damage,Contents and Legal liability – Refer to the REAL Landlord Preferred Policy Wording 010618 for each policy for more details.
#2 When is the right time to start cover?
Immediately if the property is vacant and being advertised for rent. Alternatively at the beginning of a new tenancy.
#3 The tenant has been in rent arrears, can cover be placed?
Yes, you can place cover but this policy works on the premise that more than 10 days late constitutes arrears. If the tenant has been 10 days late or more, the policy cover will exclude Intentional Damage and Loss of Rent. If rent is then paid on time for two consecutive months, full cover is reinstated.
#4 Can the premium be paid monthly?
Yes, you may pay monthly by Direct Debit or annually or even by Credit Card.Contact us to find out more.
#5 What is the excess?
Intentional Damage: $500.00 per claim
Loss of Rent: equivalent to $250 or 50% of one weeks rent (whichever is the higher)
#6 What if the landlord moves in, must the policy be cancelled?
Yes, the cover is no longer valid when the landlord takes possession of the property. Please advise us in writing.
#7 What if the landlords family moves in? Does the policy cover if the family member defaults?
No, the cover is not valid for members of the landlords family. The policy should be cancelled.
#8 Is there a discount for landlords with more than one property?
A discount may apply if multiple Building Policies are purchased.
#9 Is the policy transferable between Approved Property Management Companies?
Yes, if it’s the same owner and property and if the new company is an Approved Property Management Company. The Transfer Form must be completed and faxed or emailed to us. We will transfer the cover and advise the new property manager, and endorse the policy to show this change.
#10 Is a court order required for every claim?
No, only when claiming the Defaulting Tenant benefit of a maximum 20 weeks loss of rent – we require a conditional order or tenancy order of possession. We would also require a copy of the court/tribunal order for a hardship claim.
#11 Only loss of rent and Intentional Damage cover is required, can the policy be taken without the legal liability and contents?
No, the policy has been designed to cover the insurance needs of landlords and is only available as a complete policy.
#12 Does the Landlord Preferred Policy cover the building?
Only for Intentional Damage and Theft by the tenant or their invitees. The landlord must have a building insurance policy as well.Please refer to our Building/Dwelling Policy.
#13 Can the Landlord Preferred Policy be placed on a holiday home?
No, the policy is only available to permanently leased properties that fall within the boundaries of the Residential Tenancies Act, 1996 and amendments.
#14 A property has been intentionally damaged, can repairs be started immediately?
Secure the property immediately if required. If the estimated cost of repairs exceeds $5,000 contact us to arrange for a loss adjustor to inspect the property before repairs commence.
#15 Do you require changes to or cancellation of the policy in writing?
Yes, faxed or e-mailed instructions are acceptable. Cancellation of Cover Form.
#16 What are contents?
Contents are non “fixed” items such as light fittings, curtains, rugs and blinds. Any household goods or appliances left specifically for the tenants use. Above ground swimming pools or portable spas.
Carpet is now deemed to be part of the dwelling and falls under Building/Dwelling Policies. However if a claim was declined through the Building Insurer (if not insured with Tower/REAL) please contact our office, to see if a claim may be payable through the Landlord Preferred Policy (Special Benefit)
#17 Furniture is stored in the landlords shed and isn’t available for the tenant to use. Is this covered?
No, we recommend professional storage.
#18 Is Public Liability covered?
Yes, up to $2,000,000.
#19 The tenant is on a periodic lease. Does this affect the cover?
Yes, you can only claim what the tenant is legally liable for, i.e. rent arrears to vacate plus the notice period they should have given as per the Residential Tenancies Act, 1996 and amendments.
#20 The tenant absconded – are the re-letting expenses covered?
No, the policy only covers loss of rent. Use the bond to cover the re-letting expenses. (There are some special benefits which are claimable over and above the bond)
#21 The sole tenant died – is there any loss of rent cover?
Yes, maximum claimable 8 weeks.
#22 When can loss of rent be claimed to?
Until the property is re-let or the lease expired or the property is removed from the rental market or no attempt is being made to relet the property, which ever comes first, subject to the policy limits.
#23 Is Accidental Damage covered?
Yes accidental damage on contents is covered under all policies. Accidental damage to the Building/Dwelling is not covered under these policies, however the REAL Building/Dwelling policy does cover this.
#24 Is Earthquake damage covered?
We include Earthquake cover for contents only – that have suffered damage or loss due to Earthquake.
Full policy wordings available here