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
    InfoIf 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
    InfoIf 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
    InfoA Tenant that vacates without giving you the required notice.
  • Default by the Tenant
    InfoA Tenant’s lease is terminated
    by a Tenancy tribunal order for not paying rent.
  • Failure to surrender vacant possession
    InfoIf your tenant refuses to pay
    rent and vacates the property after a court order requires them to do so.
  • Death of sole occupant
    InfoIf 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
    InfoAccidental or Intentional Damage caused to the contents by the tenant, their family members or guests.
  • Fire
    InfoWhere contents are damaged due to fire up to the sum insured on your policy schedule.
  • Glass Breakage
    InfoWhere 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
    InfoIf 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
    InfoIf you incur costs as a result of engaging a bailiff for the pruposes of evicting your tenant.
  • Change of Locks up to $300
    InfoPayable 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
    InfoA 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
    InfoLoss caused by theft or vandalism of landlord’s contents while in the open air within the boundary of the rental property
  • Natural Disaster
    InfoLoss to contents up to the sum insured stated in your policy schedule caused by a natural disaster
  • Floor Coverings
    InfoIf 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
    InfoYour 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
    InfoYour 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
    InfoYour 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
  • $500 per room per week to a maximum of $2,000
Uninhabitable rental property
  • Up to 52 weeks
Prevention of access
  • Up to 12 weeks
Tenant vacating/absconding without notice
  • Up to 8 weeks
Default by the tenant
  • up to 16 weeks
Failure to surrender vacant possession X
Death of the sole occupant
  • Up to 12 weeks
Court awarding release from a fixed term lease
  • Up to 8 weeks
Loss of rents special benefit
Bailiff costs
  • $200
Change of locks
  • $300
Removal of rubbish
  • $200
Property management company – Tribunal charge
  • $150
Landlord’s contents
Accidental loss and intentional damage
  • $25,000
Landlord’s contents special benefits
Methamphetamine contamination* X
Landlord’s contents in the open air
  • $500
Natural disaster
Floor coverings
  • $3,000 each event up to $6,000
Pet damage X
Damage to your rental property (limited cover)
Intentional damage
  • $25,000
Methamphetamine contamination* X
Body Corporate loss or damage – apartment owners only X
Landlord’s liability
Property of others
  • $2,000,000
Accidental death or bodily injury of others
  • $1,000,000
Health and Safety at Work Act
  • $100,000

 

*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.