Keeping your investment asset covered

What is Landlord Insurance?

Like home insurance, landlord insurance can cover your rental property and it’s contents against risks like storms, floods and fire. It can also cover the damage that tennants can cause to your contents – and even loss of rental income.
Unlike some landlords polices, steadfast Direct landlord insurance can cover holiday rentals and long term rentals.

Why do i need it?

Without Landlord insurance you could lose your valuable investment if it’s damaged or destroyed.
You could also lose income from tent if your’e unable to rent it out during the repairs, or if your tenants get evicted or break their lease.

2.6 million

Australians own an investment property ( CoreLodgic Profile of the Australian Residential property investor, 2016 )

If damage means you can’t rent your property for a while Landlord Insurance can cover you for loss of rent.

A landlord Insurance policy can include cover for accidental damage, theft and malicious damage by tenants – as well as loss of rent if they leave without paying

What can a Steadfast Direct Landlord Insurance cover ?

Steadfast direct Landlord insurance can provided you with extensive protection if your investment proprty suffers loss or damage.And ,unlike some other policies, Steadfast Direct Landlord insurance automatically includes some additional benefits – and is flexible enough to cater for both short and long term rentals.
The exact cover you can receive depends on the the policy that you take out.But to give you an idea, here are some of the benefits a Steadfast Direct Landlord policy may include:

Potential Benefits

  • Automatic cover for flood and fire and explosion
  • Liability cover up to 20 Million for injury or loss of like to a third party, or loss of a third party’s property on a building you own
  • Automatic cover up to $10,000 for damages to landlord ‘s contents – like carpets, curtains washing machines and portable furniture- and the option to increase cover for greater amounts
  • Catastrophe cover up to an additional 15% of the building sum insured, for declared natural disasters
  • Optional cover for the loss of rent or an absorbing tenant
  • Automatic inflation adjustment if you need to make building or contents claim.
  • Cover for loss or damage caused by tenants or their visitors ( exclusions apply )
  • Cover for loss or damage by electric motor burnout for appliances up to 15 years of age
  • Tax audit cover ( cover option $2000 or $5,000 )
  • Up to an additional 15% of the building’s total sum insured to cover demolition and removal of debris, and architects and engineering fees.

What Usually Isn't Covered?

Each policy is different, but generally you wont be covered :

  • For damage from tenant carelessness or neglect
  • For rust corrosion, gradual deterioration or wear or tear.
  • If you home is unoccupied for 90 continuous days

There are other exclusions we can outline to you further, addition there is a deductible / excess

Case study

Janet and Ross bought an investment property in Sydney’s inner west. They relied on the rent from the property to help cover their mortgage repayments.

One year, they rented the property to some tenants who caused extensive damage to some of the walls, floor coverings and doors – and then left owing 12 weeks ‘ rent . Because the property needed repairs, Janet and Ross were unable to rent it out immediately. Fortunately, the couple had taken out Landlords ‘s insuranceand included the rent default option*. They successfully claimed on their insurance to cover their repair costs – and just as importantly, their missing rent.> This allowed them to make their mortgage repayments and repair the property quickly so they could get new tenants in.

*Rents Default is an option extra for landlord’s insurance and attracts and additional premium.

Product Disclosure Statement ( PDS )
A PDS is available from us, you should consider the PDS in deciding whether to acquire or continue to hold a Steadfast Direct Landlord insurance.

Important note: This information is provided to assist you in understanding the terms, implications and common considerations with this type of insurance. It does not constitute advice, and is not complete, so please discuss the full details with us.

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