Insurance cover on rental properties

Erica asks:
(updated on Friday, November 03rd 2006)

I was just reading the forum about the insurance of rental properties and the clause that excludes willful damage by tenants. Can you recommend an insurance company that has good insurance cover for rental properties?

Our Experts Answer:

You will find that very few insurers will cover malicious damage on rental policies. Many also restrict the payout well below the replacement cost of your property. I suggest you have a look at Landlord Pro Plus, which is a policy developed specifically for the property investment market. They provide 100% malicious damage cover including damage caused by illegal activities such as a P Lab which are becoming far too common these days. You can go to their website http://www.insurerservices.co.nz/landlord.html and fill out the quote request form. You can also download the Landlord Pro Plus Policy wording, for you to have a look at. You either need to go through someone with specialist knowledge of these types of policies or thoroughly read all of the policy wording.


Lisa is a Certified Financial Planner and a director of Acumen Inc, a financial services company offering a full range of services including portfolio management, investment advice, property investment advice and mentoring courses, insurance and mortgages.




 

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