Questions
When is the best time to start cover?
The tenant has been late paying the rent, is cover still available?
Is there a discount for landlords insuring more than one property?
What are the benefits of the Terri Scheer Landlord Residential Building Insurance Policy?
How much will the Landlord Preferred Policy cost?
Is Accidental Damage to my contents covered?
Can I insure my holiday home with Terri Scheer?
Does the Landlord Preferred Policy cover the building?
If the landlord moves into the property does the policy have to be cancelled?
Do you require changes to or cancellation of the policy in writing?
The tenant is on a periodic lease. Does this affect the cover?
The tenant absconded - are the re-letting fees covered?
When can loss of rent be claimed to?
The property has been maliciously damaged, can repairs be started immediately?
Are there excesses on the Landlord Preferred Policy?
Answers
When is the best time to start cover?
Immediately if the property is vacant and being advertised for rent. Alternatively at the beginning of a new tenancy.
The tenant has been late paying the rent, is cover still available?
Yes, you can place cover but if the rent arrears warrant the issue of a breach notice within the last two months, the cover will exclude Loss of Rent and Malicious Damage. If rent is then paid on time for two consecutive months, full cover is reinstated.
Is there a discount for landlords insuring more than one property?
Yes, landlords insuring 3 or more investment properties receive a $20 discount per property
What are the benefits of the Terri Scheer Landlord Residential Building Insurance Policy?
The policy is designed to complement the Landlord Preferred Policy. It provides Malicious Damage cover to the full extent of the nominated sum insured, cover for storm and tempest to gates, fences and retaining walls and Accidental Damage. Having both the Landlord Preferred Policy and the Residential Building Insurance Policy means having to deal with only one insurer in the event of a claim.
How much will the Landlord Preferred Policy cost?
Price of policy is dictated by the state the insured property is in. Premiums currently are as follows:
| State | Cost |
|---|---|
| SA & WA | $234 |
| Vic | $256 |
| NSW | $325 |
| ACT | $285 |
| Tas | $205 |
| Qld & NT | $255 |
Is Accidental Damage to my contents covered?
Yes
Can I insure my holiday home with Terri Scheer?
The Scheer Short Stay Policy will provide cover for owners of professionally managed holiday homes.
Does the Landlord Preferred Policy cover the building?
Only for Malicious Damage and Theft by the tenants or their invitees. The landlord should also have a building insurance policy. We have a building policy available to complete the package for non strata title properties.
If the landlord moves into the property does the policy have to be cancelled?
Yes, the cover is no longer valid when the landlord takes possession of the property. The landlord or property manager should advise us if this occurs.
I don't have an agent managing my property, I've chosen to do it myself, will the Terri Scheer Landlord Preferred and Building Policies still provide cover?
No, the policies are only available to properties managed by a Licensed Real Estate Agent.
Do you require changes to or cancellation of the policy in writing?
Yes, faxed or emailed instructions from the landlord or real estate agent are acceptable. In certain circumstances we will confirm the agent's instructions with the landlord prior to cancelling a policy.
I have some furniture of my own which isn't available for the tenants to use stored in a shed on the property, is this covered?
No, we would recommend professional storage
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 date plus the notice period they should have given as per the Residential Tenancies Act.
The tenant absconded - are the re-letting fees covered?
No, the policy only covers loss of rent. The bond should be used to cover the re-letting expenses.
When can loss of rent be claimed to?
Whichever comes first: The lease expired; the property is removed from the rental market; no attempt is made to re-let the property; or the maximum amount claimable is reached.
The property has been maliciously damaged, can repairs be started immediately?
Secure the property immediately if required. If the estimated cost of repairs exceeds $2000, contact us to arrange a loss adjuster to inspect the property before repairs commence.
Are there excesses on the Landlord Preferred Policy?
| Type of Claim | SA/WA/VIC/ACT/ TAS/NSW | NT | QLD |
|---|---|---|---|
| Loss of Rent | No excess | No excess | $180* per claim |
| Malicious Damage | $350 per claim | $600 per claim | $250 per claim |
| Accidental Damage | $350 per event | $600 per event | $250 per event |
| Earthquake | $200 | $200 | $200 |
| Other Claims | $100 | $100 | $100 |
*Absconding and defaulting tenants only
