Real Multi
Landlord Preferred Policy
Covers you for tenant-related risks including loss of rental income, and loss or damage by tenants to your building and contents. Suitable for a single property with multiple tenants.
What’s Covered
Loss of rental income
Protects you from loss of rental income as a result of scenarios such as those listed below:
Cover highlights:
- Uninhabitable Rental Property
If your property isn’t fit to house a tenant for a minimum period of 7 days due to: Tenant damage to your contents or building or your contents being damaged by an insured event listed under the contents section. - Prevention of Access
If your tenant cannot access or use the insured address as deemed necessary by a competent public authority due to loss to the other persons property within a one kilometre radius of your property.
- Absconding Tenant
A Tenant that vacates without giving you the required notice.
- Default by the Tenant
A Tenant’s lease is terminated
by a Tenancy tribunal order for not paying rent. - Failure to surrender vacant possession
If your tenant refuses to pay
rent and vacates the property after a court order requires them to do so. - Death of sole occupant
If your tenant passes away and
they are the sole person on the lease for a permanent tenancy.
Landlords Contents
Protects you from loss of rental income as a result of scenarios such as those listed below:
Cover Highlights:
- Tenant damage
Accidental or Intentional Damage caused to the contents by the tenant, their family members or guests.
- Fire
Where contents are damaged due to fire up to the sum insured on your policy schedule.
- Glass Breakage
Where a glass table that was left for the use of the tenant is damaged.
+ more (refer to full policy wording)
Damage to Rental Property
Protects you from damage to your Rental Property
Cover Highlights:
- Intentional Damage
If your House Insurance either declines cover or does not provide cover for Intentional damage. This is a loss motivated by wrongful, vicious or mischievous purpose, or with spite, malice or vindictiveness including theft and vandalism with intention of damaging the rental property cause by the tenant, their family and or friends. (A police report must be made).
Loss of Rental Income Special Benefits
- Bailiff Costs up to $200
If you incur costs as a result of engaging a bailiff for the pruposes of evicting your tenant.
- Change of Locks up to $300
Payable when you need to replace the locks at the property following the eviction of the Tenant by court order, provided the bond has already been fully exhausted.
- Removal of Rubbish up to $200
A contribution towards incurred cleanup costs for rubbish removal and garden waste after the tenant has vacated the premises.
Landlord’s Contents Special Benefits
- Contents in the Open Air up to $500
Loss caused by theft or vandalism of landlord’s contents while in the open air within the boundary of the rental property
- Natural Disaster
Loss to contents up to the sum insured stated in your policy schedule caused by a natural disaster
- Floor Coverings
If your House Insurance policy either declines cover or does not provide cover for fixed floor covering, a limited cover is provided
Landlord’s Liability
- Property of others
Your liability as owner of your rental property and/or your landlord’s contents for the accidental loss, that occurs during the period of cover, to property other than property belonging to you or a member of your family.
- Accidental death or bodily injury of others
Your liability as owner of your rental property and/or your landlord’s contents for the accidental death or bodily injury, that occurs during the period of cover, to any person, other than you or a member of your family.
- Health and Safety at Work Act
Your liability as owner of your rental property and/or your landlord’s contents for any reparation, cost award and any costs and expenses necessarily and reasonably incurred with the prior consent of us, to investigate, defend or appeal a prosecution under the Health and safety at Work Act 2017 as a result of you committing an offence during the period of cover.
Details of what’s Covered
| Landlord Preferred Policy | 
Real Multi |
|---|---|
| Policy maximum rent per week |
|
| Uninhabitable rental property |
|
| Prevention of access |
|
| Tenant vacating/absconding without notice |
|
| Default by the tenant |
|
| Failure to surrender vacant possession | X |
| Death of the sole occupant |
|
| Court awarding release from a fixed term lease |
|
| Loss of rents special benefit | |
| Bailiff costs |
|
| Change of locks |
|
| Removal of rubbish |
|
| Property management company – Tribunal charge |
|
| Landlord’s contents | |
| Accidental loss and intentional damage |
|
| Landlord’s contents special benefits | |
| Methamphetamine contamination* | X |
| Landlord’s contents in the open air |
|
| Natural disaster |
|
| Floor coverings |
|
| Pet damage | X |
| Damage to your rental property (limited cover) | |
| Intentional damage |
|
| Methamphetamine contamination* | X |
| Body Corporate loss or damage – apartment owners only | X |
| Landlord’s liability | |
| Property of others |
|
| Accidental death or bodily injury of others |
|
| Health and Safety at Work Act |
|
*We will pay up to a maximum of $15,000 under all sections of Real Landlord Preferred Premier and the combined maximum amount we’ll pay under all policies underwritten by us is limited to $30,000.
We are not able to assist you.
Your property must be managed by an Approved Property Management Company who will undertake the necessary and lawful steps to manage the property efficiently, thus minimising the risks involved in Residential Property Investment.
With their knowledge and professionalism, they manage the property in the best interest of both the Landlord and Real Landlord Insurance. The property owner is the Insured Party, however the Property Management Company is the Administrator of the Policy, hence the reason why all correspondence, invoices etc. must be directed through them,
they will also process a claim on your behalf, providing all the necessary documentation and evidence to assist with the claim procedure.
Contact REAL to find out where approved property management companies are in your region.
Why Landlord Insurance is Important
Landlord Insurance covers you for tenant-related losses. Things like loss of rent due to a tenant breaking their lease or being evicted, or damage caused to your contents by tenants, like drink spills on carpets. Other insurance may not cover these events, and very often, the bond won’t be enough to cover the associated costs.