FAQ's
Please click on a question below to see the answer:
- How do I get a quote for 1Cover Landlord Insurance?
- What information will I need to get a landlord quote?
- Why am I not already covered under my normal home insurance?
- I have several properties; do I need to buy one policy per property?
- How do insurers calculate the premium for Landlord Insurance?
- What if I change my mind? Do you offer a money back guarantee?
- Can I claim my insurance as a tax deduction?
- How much do I need to insure my investment property for?
- My tenant is a relative or friend and they won't damage the property, so why do I need insurance?
- My property has been damaged by fire and can't be lived in. What can I do?
- A tenant's visitor has fallen over on some loose carpet and has been forced to take time off work. Will I be covered?
1. How do I get a quote for 1Cover Landlord Insurance?
It's quick and easy to get a landlord insurance quote online or alternatively, call us on 1300 1Cover (126837), weekdays from 9am to 6pm, (Sydney time) and a 1Cover consultant will be happy to help you.
2. What information will I need to get a landlord quote?
You will need to have the following details to get a quote:
- what is the replacement cost of your building?
- how much it will cost to replace your carpets, curtains, blinds and light fittings?
3. Why am I not already covered under my normal home insurance?
Home insurance policies will not pay when the property is being used to make an income (for example, when you are renting your property to tenants). You must therefore buy a landlord insurance policy, which is especially designed and rated for these circumstances.
4. I have several properties; do I need to buy one policy per property?
No, you can buy one policy which covers as many properties as you have. 1Cover can quote you for one or multiple properties.
5. How do insurers calculate the premium for Landlord Insurance?
Different insurers use different ways of assessing the risk of your property and therefore how much to charge you.
Some of the major factors that 1Cover uses are:
- The location of the property
- The buildings Sum Insured
- A history of claims
- The age of the property
- The type of property (unit, detached, terraced etc)
6. What if I change my mind? Do you offer a money back guarantee?
You have 21 days from the commencement date displayed on your Policy Schedule to be sure you have the right insurance cover.
If it is not the cover you require, you can cancel the insurance policy. You will receive a full refund of the premium paid, providing you have not made a claim.
7. Can I claim my insurance as a tax deduction?
Insurance taken out to cover a tenanted residential investment property may be claimed as a tax deduction. You should refer to your tax specialist for further information.
8. How much do I need to insure my investment property for?
When deciding the amount of cover you require for your investment property, it is really important to consider how much it would cost to replace your property if it is destroyed.
Included within this cost, you should also consider the cost of removal of debris as well as architects' and engineers fees' required to rebuild your investment property again.
9. My tenant is a relative or friend and they won't damage the property, so why do I need insurance?
Just because the tenant is a relative or a friend, doesn't mean they won't accidentally damage your property. Any tenant could easily inadvertently damage a wall or floor whilst moving something within the property.
They are still just as likely to leave a tap on too.
Insuring your property will ease any potentially awkward or difficult situations you could have with a tenant who is a friend or relative.
10. My property has been damaged by fire and can't be lived in. What can I do?
Obviously this is a stressful scenario. Our landlord insurance will help relieve some of your worries by including cover for loss of rent for up to 12 months. This is in addition to the cost of rebuilding your property.
12. A tenant's visitor has fallen over on some loose carpet and has been forced to take time off work. Will I be covered?
We at 1Cover know that accidents happen. Provided you have 1Cover Landlord Insurance the legal liability clause will protect you from any legal action that could be taken against you as a result of the fall.
If you are found to be legally responsible for injuries to people, or damage to property, then you are covered for up to $10 million in legal liability.
