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Paramount's Investment and Rental Property Insurance Package
» For landlords with investment and rental properties
Paramount understands the needs of property investors and landlords and has created a policy to meet your insurance requirements. Anyone thinking about investment property should take a look at our landlords best practice advice. In the case of a claim, being able to provide evidence of landlord's due diligance will help Paramount to handle your claim easily and efficiently.
Our package insures domestic dwellings for Landlords & Investors and provides the following benefits:
Full Accidental Loss or Damage policy with a Replacement Cover based on the declared sum insured of the dwelling;
$20,000 Landlords Furnishings, dishwashers, stoves, refrigerators, washing machines, dryers, built in microwaves, drapes, curtains, blinds, and fixed light fittings are automatically covered and can be extended;
Legal Liability as a Landlord or Property Owner for damage to other peoples property is included;
Malicious Damage caused by any tenant occasioned by fire and explosion is automatically included;
$40,000 Loss of Rents per dwelling unit as a result of physical damage to the dwelling;
Gradual Damage as a result of leaking from any internal water system is covered up to $3,000 any one claim and $10,000 in any one insurance period (gradual damage is often excluded in many policies);
There is No Requirement for tenants to have their own insurance;
The Standard Excess is $500.
A separate Landlords Plan Policy can be taken out for extra premium and includes:
- Full Malicious Damage & Theft by a tenant;
- Loss of Rents as a Result of Absconsion or Eviction of a tenant.
If you are interested in finding out more, fast-track your rental quote with Paramount quotation system.
Not telling your insurance company all the relevant facts can lead to them declining a claim. The big question is: What is Relevant? The following article goes a long way to describing what is important.
Homes used to be insured by the floor area of a property. From mid 2013 homes will have to have a sum insured specified.
In the event of a claim where a tenant has caused, or is held responsible for, damage to rented property a landlord or his insurance company will recover costs from the tenant.
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