Landlord Insurance covers owners for tenant related issues like loss of rent, property damage and liability where a tenant injures themselves on the property leaving you with a crippling liability claim.
We have partnered up with Australian Landlord Insurance to provide you with the most comprehensive coverage for the absolute best value. From $260 per year.
You can access our partner rates and benefits when adding a new property into Cubbi. You can also get Building Insurance from the same provider.
Is Landlord Insurance compulsory?
No. There is no requirement for a Cubbi owner (or any landlord for that matter) to have Landlord Insurance, however, most landlords do take out Landlord Insurance.
Building insurance vs Landlord insurance
Building insurance covers the cost of damage to your property, so for example if there is a fire. It's widely recommended you have building insurance regardless if you're renting the property our or not.
Landlord insurance covers you for tenant related issues, so for example loss of rent or let's say there is a fire and the property is untenantable they might provide alternative accommodation for your tenants.
You can see there is some potential for overlap. That's why we urge you to get both Landlord Insurance and Building Insurance from the same provider so they are not fighting over who pays what which can delay and affect your claim.
Can I use any Landlord Insurance provider?
Is Cubbi an 'agent' for my landlord insurance policy?
Although we are a licenced real estate agency we do not have a Management Agreement signed with you. If you need to make a claim the insurance provider may ask for a copy of your Management Agreement with Cubbi which we do not have so this might affect your claim. We highly recommend using our partner landlord insurance provider because their policy provides great value for money and coverage, they don't charge extra for not using an agent and we can assist with your claim.
What does typical insurance policies cover you for?
Check the Product Disclosure Statement before assuming your insurance policy covers you for everything below.
Damage by tenants
Malicious damage caused by tenants such as holes punched in walls, doors pulled off hinges. Accidental damage is covered for loss caused by tenants to carpets, curtains and internal blinds.
Theft by tenants
Theft by your tenants or their visitors.
Loss of rent
Covers situations where the building can’t be lived in after damage or loss. This could be a pipe in the washing machine bursting and flooding the apartment, a house fire or a tree collapsing on your house, forcing the tenants to move out for repairs.
Loss of rent also protects you if your tenants can’t access the building in which the property is located as a result of insured damage, for example, a fire to the foyer area.
Covers you for your tenant leaving without notice, failing to pay the rent or refusing to leave when served with eviction notices.
Even if your property is rented unfurnished, you need to consider cover for your property such as floating floorboards, carpets, curtains, light fittings and other furnishings for fire, theft, burglary, storm and water damage.
Cover claims made against you for injury suffered on your property. This could be the tenant slipping down the stairs or a visitor to the property tripping on your carpet. Liability includes costs awarded against you and any legal costs you have to pay.
You might also be covered for flood damage, legal costs and Illegal drug production.
Again, check your PDS to find out if you are covered and what $$ they cover you for.
The main thing you need to know about making claims is you have to prove everything thing (eg proper records of rent and lease agreements) and prove you have minimised the damaged like having a proper Condition Report, at least yearly inspections and proper evictions notices and processes. As a Cubbi