It's all about the level of protection. CGU landlords residential property insurance covers your accidental loss or damage to the building and contents of your rental property, as well as insuring you for a whole series of specified events.
Plus, with CGU you can add from a range of great additional cover options, including loss of rent, rent default and theft by a tenant, and legal liability.
With CGU, it’s kept simple – and you know your property investment will be properly protected.
So whether you have an investment flat, unit, apartment or house leased or rented to tenants, CGU landlords residential property insurance is the right insurance solution for you.
Download CGU's landlords residential property insurance flyer
Troublesome tenant
It can happen, but with CGU landlords residential property insurance you really don’t need to worry. Your policy will cover you for a range of deliberate or intentional acts by a tenant, or vandalism or malicious acts.
You can also add rent default and theft by a tenant to your cover so that if your tenant defaults on rent, leaves the building before the end of the rental period or is legally evicted, CGU will provide up to $5,000 for lost rent until the property is re-let.
Fire, storm, rainwater, wind, landslide, subsidence…
Damage from many different events to your rental property is covered under the CGU policy, subject to various conditions.
Say, for example, your rental property is completely destroyed by fire and you have chosen the optional replacement benefit, you will be covered for the cost of rebuilding the property to a new condition, up to the sum insured.
In addition, CGU will also pay to demolish and remove any debris, the cost of employing an architect or surveyor, and any legal fees that may arise from the rebuilding process. If you decide not to rebuild, they will also pay any legal costs involved in the discharge of any mortgage you have left owing.
If you are unable to rebuild the property to the same size because of changes to government legislation or local authority bylaws, CGU will not only pay the cost of rebuilding but also the difference between the actual rebuilding cost and the estimated cost of building a structure of the original floor level, up to the sum insured.
Optional additional covers
With CGU, you can add the following extras to your rental property insurance:
- Liability cover – from $5 million to $20 million.
- Loss of rent – for up to 12 months and in total up to your sum insured, or up to $1000 on the death of a sole tenant, or if your rental agreement is legally terminated on the grounds of hardship on behalf of the tenant.
- Rent default and theft by a tenant – up to $5,000, less any bond money.
- Strata title mortgagee protection up to the sum insured
- Workers’ compensation – for people doing work around your rental property such as cleaning and gardening, in states where legislation permits.
CGU landlords residential property insurance is the insurance solution you need for your rental property – so you can get on with enjoying life knowing your property investment is properly protected.
Speak to your insurance adviser today about putting CGU insurance to work at your rental.
Download CGU's landlords residential property insurance flyer