The risks associated with being a Landlord and owning a Rental Property means that you need a tailored Landlord insurance policy that is just for you.
Initio provides an all-in-one cover for the rental property and the extra risks you take on as a landlord, such as a tenant deliberately damaging your property.
The only real value you see from your insurance cover is at claim time, and that’s why we make it easy.
Here are some of the great features of the Initio policy:
|Description of Cover||Limit of Cover||Excess|
|Full replacement Dwelling Cover up to Sum Insured||Your Sum Insured||Your Choice of $400 / $650 / $1,150 / $2,000|
|Major Malicious Damage by Tenant (Fire & Explosion)||Your Sum Insured||Greater of $500 or Your Chosen Excess|
|Deliberate Damage by Tenant||$25,000||Greater of $500 or Your Chosen Excess|
|Loss of Rents Cover (following property damage)||$20,000 – $80,000||Nil|
|Landlords Contents – present day value cover||$20,000 – $40,000||Your Chosen Excess|
|Hidden Gradual Damage Cover||$3,000||Your Chosen Excess|
|Owners Legal Liability Cover||$2,000,000||Your Chosen Excess|
|Full Earthquake Cover||Your sum insured||$5,000|
IMPORTANT This is a summary of the policy only. Please refer to the policy wording for full details of cover
Here are some of the many claims we’ve paid:
- A tenants dog was left locked in the property. The doors, walls and carpets didn’t win the dog fight, but Initio came to the rescue.
- Leaking tap connection in the bathroom wrecked the vanity and particle board floor. The tenant worked this out when his foot went through it. Gradual damage claim.
- Fire in the laundry caused by an overloaded electrical multiplug. Fire service attended. Repair costs and loss of rents covered while the property couldn’t be tenanted.
- Meth lab in attached garage. Police raided causing more damage. Initio picked up the tab.
- House foundations severely damaged by Canterbury Earthquake. EQC and Initio put things back in order.
And, here are some of the losses we don’t pay:
- Tenant decides not to pay the rent. We consider this a payment risk best managed by you or your professional property manager.
- Shower tray leaks over time and the tenant doesn’t let anyone know that the floor is squishy. Gradual damage has to be from a water pipe.
- Wooden window sill rots and needs to be replaced. Wear and tear is not covered. This is a maintenance cost not an insurable risk.
- Tenants move out and leave the house untidy, including a large amount of rubbish to be disposed off. Unfortunately there is no damage so no cover, the Initio policy is designed to cover damage.
- Upon the property becoming vacant the odd mark is found on the carpet, and a few marks on the walls where the tenant has hung pictures. Unless you can point to a sudden event that caused damage we consider this to be wear and tear, and the policy does not provide cover.
This is not an exhaustive list and the list does not imply that all losses the types described are covered or not covered. Claims are like butterflies, each very unique with its own set of facts that we need to apply to the policy.