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Landlords2020-06-02T10:15:05+09:30

WHAT IS LANDLORDS INSURANCE?

Landlord Insurance is a specific insurance policy designed to financially protect investment property owners for common risks associated with renting out their investment properties. Even with the best screening practices & techniques, incidents can and do happen all over Australia on a daily basis. Your investment property is your asset, and it’s worth protecting properly. Landlords cover is available for theft, malicious damage or vandalism caused by a tenant, and also incorporates an option rent loss coverage.

We have specifically designed the landlord insurance policy to meet your needs, allowing you peace of mind and confidence that your investment property will be in safe hands should something go wrong.

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WHAT DOES IT 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 (such as architects, soil tests, application fees etc.)

Covering the cost of replacing furniture, carpets, curtains, internal blinds etc. Note that the definition of contents will change from policy to policy and some items may or may not be covered by the building section.

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.

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.

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.

This covers you if you were to be responsible for another person being injured or if they have any of their property damaged while on your property. It does not cover other people who work in or on your home, such as cleaners, gardeners, builders or plumbers. These people should have their own business liability insurance policy to protect them for the damage they may do to your tenant or your property.

If you are a landlord of a short-stay rental property, such as a holiday rental, and your property is professionally managed, you can get a short-stay landlord policy which covers situations unique to holiday properties.

These can include the death or serious illness of a guest and consequent difficulty in subsequent rentals, and failure to give vacant possession when a short stay tenancy is complete.

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Frequently Asked Questions

Is MGA community minded?2020-02-19T09:29:45+10:30

MGA is located in all mainland states and territories, both in metro and regional centres. In each of these locations MGA is a part of the local community and support is provided through local sponsorships and donations to a wide variety of sporting clubs, community groups, charities and events. On a national level the MGA Whittles Community Foundation was set up to facilitate fundraising by staff, along with contributions from MGA and its sister company, Whittles, from which 100% of funds are then donated to worthy charities.

For more information, please visit www.mgawhittlesfoundation.org.au

To find your local MGA office, see www.mga.com/our-offices/

Where can I find my nearest MGA Insurance Group office?2020-02-19T09:30:02+10:30

MGA has over 40 offices (and growing), located in both Metro and regional areas across mainland Australia and one in Phnom Penh, Cambodia. Office contact details can be found on our website www.mga.com/our-offices/.

Why is it important to have the right insurance?2020-02-19T09:30:11+10:30

It’s important to understand your own risks so you can choose the right insurance product. In Australia, we have over 100 licensed insurers that offer a broad range of insurance products to choose from. Each insurer offers policies with different terms and conditions and exclusions so no two policies are the same. MGA brokers can provide advice on a wide range of general insurance products, both for domestic and business purposes and also have access to insurance policies that are not readily available to consumers.

Shouldn’t I just use an Insurance comparison website?2020-02-19T09:29:31+10:30

Some people turn to insurance comparison sites to look for the cheapest insurance, but that’s not always the best way as price is not the only thing you should consider. The policies you’ll be offered are usually fairly generic and may not meet your individual requirements. MGA brokers can arrange insurance cover on your behalf and provide advice on how to make the most of your insurance budget.

What’s the difference between an insurance agent and an insurance broker?2020-02-19T09:30:24+10:30

The main difference is that an insurance agent is a direct representative of the provider of the insurance policy being offered to you, their responsibility is to sell the products from those insurers and no others. They may be a multi agent where they provide covers from several providers, but they continue to only sell products from those insurers.

An insurance broker on the other hand is able to access many different insurers (excluding those that only sell direct to the public), matching the customer’s needs to the insurance policy and negotiating changes that may be required. Insurance brokers are engaged by the customer and are working on their behalf to source, negotiate, maintain, renew and assist in the claim process. An insurance broker is an advocate for the client, not the insurance company.

Can I pay for my insurance online?2020-02-19T09:30:44+10:30

Yes, you can pay for your insurance online through several different payment methods. Visit www.mga.com/payment-options/ to find a payment method that suits you.

How do I find my policy number?2020-02-19T09:30:53+10:30

Your policy number can be found on the tax invoice that you received when you purchased your policy. View example.

What is a Product Disclosure Statement (PDS)?2020-02-19T09:31:02+10:30

A Product Disclosure Statement (PDS) provides you with essential information to help you make a decision about whether to buy a particular product. It describes in clear terms the main features and the terms and conditions of the policy. A PDS also provides information about the cooling off period after you purchase the policy in case you change your mind and outlines what you need to do in the unlikely event you have a complaint.