There are four sections to a landlord’s policy:
1. Building Cover
Most policies cover the main dwelling plus any other domestic use garage, outbuildings, walls, gates, fences, driveways, verandas, patios, in-ground swimming pools and any landlords fixtures and fittings such as stoves, built in air conditioning, kitchens, etc.. Ensure that your sum insured covers the cost of the current rebuilding value, plus costs associated with removal and dumping of the damaged property and any other professional costs associated with rebuilding.
2. Damage or theft caused by tenants
Cover for your loss or damage to building and / or contents at the situation caused by a deliberate or intentional act by a tenant. This will generally include larceny, theft, malicious damage or vandalism.
3. Rent Default
If a tenant defaults on the payment of their rent, vacates the premises – leaving them unfit for occupation, vacates without notice prior to their lease expiry date or is legally evicted from the situation, then cover is generally available under this type of extension.
4. Loss of Rent
When a building, insured under a landlord’s policy, is damaged and cannot be inhabited then this extension to cover will pay the amount insured for the weekly rent that cannot be charged on the property.