Landlord Insurance Customer Guide

Transcription

1 Landlord Insurance Customer Guide

2 Daytoday protection for your longterm plans When you re a landlord, insurance is more than just another piece of paperwork. It s an important safety net for the money you ve invested and the future security that means for you and your family. So you want to feel sure the value of your investment is protected. That s where we can help. Choose between 2 levels of Building and Contents cover to suit your needs, for: Comprehensive cover for storms, floods, fire, theft, and more. Valuable extras for emergencies such as a sum insured safety net for unexpected repair or replacement costs. Add optional cover for tenants causing things like malicious damage or defaulting on rent payments. Pay your premiums monthly, with no extra fee. Save on your premium for combining your building & contents on the one policy, a no claims history, choosing a higher voluntary claim excess and security features. Cover in 3 steps Here are 3 things to consider in choosing your cover. Remember that this information doesn t take into account your personal circumstances, so check the PDS to make sure you choose the type and level of cover that s right for you. 1. What do you need to cover? House? If it s unfurnished, consider Building cover. But if it s furnished, consider Building + Contents. Unit or townhouse? If your strata or body corporate takes care of Building cover, consider Contents. 2. How much cover do you need? You can choose between two levels of cover. Essential Care Basic cover for insured events plus some additional benefits. Quality Care Higher cover for more insured events, additional benefits and higher limits. Essential Care Quality Care 3. Need extra cover for tricky tenants? Add optional Landlord Extras to cover tenants not doing the right thing defaulting on rent payments, theft and malicious damage. 2 Westpac Landlord Insurance is issued by Westpac General Insurance Limited ABN (WGIL). References to we, us, and our in this document means WGIL.

3 What does your cover, cover? Here s an overview of what your building and/or contents will be covered for. It doesn t include the conditions, limits and exclusions so you ll need to refer to the PDS for full details. Storms Loss or damage from cyclones, storms, hail, wind, snow and rain. Floods Loss or damage from floods, including storm surge and tsunami. Fire Loss or damage from fire from a kitchen fire to a bushfire. Theft Loss or damage from burglary: Cover provided for building and contents. For Contents cover, theft is only covered if the theft occurs from inside a fully enclosed locked building and only where there is evidence of forced entry in Essential Care. Cover provided for building and contents. For Contents cover, theft is covered if the theft occurs from a fully enclosed and lockable building at the site, and for up to $2,000 in the open air in Quality Care. Other events Accidental breakage of glass in Quality Care Earthquake Electrical motor burnout e.g. motors in air conditioners in Quality Care Escape of liquid Explosion Impact e.g. if a car crashes into your fence Lightning Riot or civil commotion Plus more than you expect Sometimes replacing property isn t the only expense an emergency can create. So if you ever need to make a claim, you re also covered for a range of additional benefits, including: Loss of rent if an event listed here makes your property unliveable. Demolition and removal of debris from your property. Sum insured safety net if you re claiming for the total loss of your building and/or contents, and the repair or replacement costs are more than expected and more than they were insured for. 3

4 Building + optional Landlord Extras Building includes your rental house, flat, unit or townhouse; plus structural improvements, fixtures and fittings. Check the PDS for a full description (page 13) plus details of conditions, limits and exclusions. Insured events PDS page Essential Care Quality Care Landlord Extras Fire, explosion, earthquake Storm, lightning, flood, impact Theft, malicious acts, riot or civil commotion 18, Escape of liquid 16 5 Accidental breakage of glass 21 Electrical motor burnout 22 $20 million legal liability 3637 Malicious acts or theft by tenants 7A 33 Up to the Building sum insured Loss of rent due to default by tenants 8 34 Up to $1,000 per week/max 10 wks Denial of access to tenant by Government authority 34 Up to $1,000 per week/max 52 wks Damage caused by Pets 31 Up to $500 Legal expenses due to loss of rent 35 Up to $5,000 Additional benefits Benefits paid on top of your building sum insured Sum insured safety net 25 Demolition and removal of debris 25 Up to 20% Rainwater tanks and solar heating 26 Up to $3,000 Benefits paid as part of your building sum insured Professional fees 26 Building laws and regulations costs 26 Emergency repairs and protection 26 Fire brigade charges 27 Up to $5,000 Up to $5,000 Mortgage discharge 27 Landlord fixtures and fittings (light 27 Up to $20,000 fittings, fixed carpets, window coverings) Loss of rent if unliveable due to an 27 insured event or lost rent for up to 12 mths, whichever is less Other benefits Locks and keys 29 Up to $1,000 Sum insured automatic indexation 29 Essential Care Building and Contents conditions: 2. Fire excludes damage caused by smoke where there was no flame at the site. 3. Storm excludes damage to fences, gates, and free standing walls. 4. Theft For Contents cover, theft is only covered if the theft occurs from inside a fully enclosed locked building and only where there is evidence of forced entry. 5. Escape of liquid excludes loss or damage from liquid escaping from a shower recess. 7. If a claim is made under this benefit, a claim cannot also be made for loss of rent under any other benefit provided by this policy. Quality Care Building and Contents conditions: 6. Theft For contents cover, theft is covered if the theft occurs from a fully enclosed and lockable building at the site, and for up to $2,000 in the open air. 7. If a claim is made under this benefit, a claim cannot also be made for loss of rent under any other benefit provided by this policy. Landlord Extras conditions: 7A. If you only buy Building cover, cover includes fixed carpets and internal window coverings up to $20,000. 7B. If your property is a strata title plan and you only buy Contents cover, cover extends to your building up 4to $60,000 if not covered by another policy. 8. Under a written rental agreement, if your tenant doesn t give required notice and stops paying rent or leaves, or is legally evicted.

5 Contents + optional Landlord Extras Contents are your domestic items kept in a building on the site. They include any fixtures, fittings or structural improvements not covered by a body corporate building policy in a strata title plan property. Check the PDS for a full description (page 14) plus details of conditions, limits and exclusions. Insured events PDS page Essential Care Quality Care Landlord Extras Fire, explosion, earthquake Storm, lightning, flood, impact Theft, malicious acts, riot or civil commotion 18, Escape of liquid 16 5 Accidental breakage of glass 21 Electrical motor burnout 22 $20 million legal liability 35 Malicious acts or theft by tenants 7B 33 Up to the Contents sum insured Loss of rent due to default by tenants 8 34 Up to $1,000 per week/max 10 wks Denial of access to tenant by Government authority 34 Up to $1,000 per week/max 52 wks Damage caused by Pets 31 Up to $500 Legal expenses due to loss of rent 35 Up to $5,000 Additional benefits Benefits paid on top of your contents sum insured Sum insured safety net 30 Up to 5% Removal of debris 30 If the building forms part of a strata title plan and the building is also insured for property damage by the owners of the scheme, then we will provide the following additional benefit in addition to your contents sum insured. Loss of rent if the property is unliveable due to an insured event 7 Up to $1000 per week up to 12 mths from the date of the event Up to $1000 per week up to 12 mths from the date of the event Benefits paid as part of your contents sum insured Fire brigade charges 29 Up to $5,000 Up to $5,000 Emergency storage of contents 30 or storage costs for up to 12 mths, whichever is less Loss of rent if unliveable due to an 30 or insured event the amount of lost rent for up to 12 months from the date of the event, whichever is less 5

6 Contents + optional Landlord Extras Contents are your domestic items kept in a building on the site. They include any fixtures, fittings or structural improvements not covered by a body corporate building policy in a strata, group or community title property. Check the PDS for a full description (page 14) plus details of conditions, limits and exclusions. Additional benefits PDS page Essential Care Quality Care Landlord Extras Other benefits Sum insured automatic indexation 32 Contents items with special limits page 32 Artwork Up to $3,000 Up to $10,000 TVs, stereos, VCRs, DVD/Bluray players Up to $3,000 No limit and recorders Contents in the open air within the boundaries Up to $2,000 of the site for storm, flood, theft, and up to 20% of the sum insured for other insured events Do I need a rental agreement with my tenants? Yes and no. You don t need to have one to arrange your policy. However, you ll need to provide one as evidence if you need to make a claim in certain circumstances (e.g. for loss of rent if the property is unliveable after a storm or if your tenant breaks their lease). The rental agreement should state the term of the lease, the amount of rent payable and the amount of bond paid by the tenant(s). 6

7 How is your premium calculated? We ll calculate your premium based on how much you insure your building and/or contents for, as well as the cover level and voluntary claim excess you choose, and whether you add optional Landlord Extras. Finally, we ll factor in things like your property s location, security features, building materials and potential exposure to different insured events (plus govt charges). Building materials and security Building and/or Contents sum insured Level of cover Location YOUR PREMIUM Optional Landlord Extras Discounts Excess What can help reduce your premium? Combined discount When combining your building and contents on the one policy Choosing a higher voluntary claim excess $250, $500, $1,000, $2,000, or $5,000 Building security (Contents premium) Deadlocks Key operated locks, security grilles/bars Local or backtobase alarm Westpac Premier Advantage Package discount Choosing a lower level of cover e.g. Essential Care instead of Quality Care 7

8 Notes Ready? To cover your investment property, get a quote, or just find out more: Call Visit westpac.com.au/landlord Ask at your local branch you & yours Proudly supported by Westpac Westpac Landlord Insurance is issued by Westpac General Insurance Limited ABN (WGIL) and distributed by Westpac Banking Corporation ABN AFSL (Bank). The Bank does not guarantee this insurance. This information does not take into account your personal objectives, financial situation or needs. Before making a decision you should therefore consider the Product Disclosure Statement and whether this insurance is appropriate for you. Obtain a copy by calling or at westpac.com.au/landlord Information current as at 26 October 2015 WBCGIHC005 (09/15)