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In situations where your tenant stops paying you the weekly rental amount, Apia will cover you for the loss of rent up to 14 weeks (if you have a written rental agreement), or up to 2 weeks for a periodic rental agreement.
Landlord Insurance can be purchased at any time, but unfortunately it cannot be backdated, so it’s recommended that you get cover as soon as you own your property.
No, you’re not required by law, but you may need it if you’ve got a mortgage and wish to take on tenants. Many lenders require you to take out insurance on your investment property before you let people move in.
To learn more about the benefits of Apia Landlord Insurance, take a look at the policy documents.
Yes, you will need to notify Apia if you decide to move into a property you own – that has previously had tenants – as your policy will no longer be valid.
Home Building Insurance can help cover the cost of repairs to your property if it’s damaged due to a natural weather event, or things like gas leaks and vandalism. Landlord Insurance, on the other hand, can include building cover for the structure of your property, as well as cover for tenant-related issues, such as loss of rent if the tenant defaults.
To learn more about the differences in our Landlord Insurance and Home Building Insurance products, head to our Policy Documents page.
Landlord Insurance is designed to help cover your property in case of damage, as well as events that result in a loss of income from the tenant. Depending on the cover, this may include damage by tenants and natural weather events, as well as theft or loss of rent if your tenant defaults and can’t pay the rent.
For more information on what is and isn’t covered, please refer to the Product Disclosure Statement.
If you’ve selected building coverage with your Landlord Insurance policy, there’s no need to take out an additional Home Building Insurance policy. This is because Apia Landlord Insurance includes most of the features of Home Building Insurance, and depending on your level of cover, some added benefits for landlord protection, including cover for tenant default and vandalism.
Head to our Policy Documents page for more information on what is and isn’t covered under Home Building Insurance and Landlord Insurance.
Legal liability can cover landlords and owners of a property in the event of death or bodily injury to other people, such as tenants and guests, or loss or damage to their property from an incident. Apia Landlord Insurance can cover legal liability for up to $20 million, including associated legal costs in the event of an incident.
For more information, see ‘legal liability’ in our Landlord Insurance policy document.
Apia Landlord Insurance includes cover for loss of rent if your tenant defaults on the rent but does not leave. You must have taken all reasonable steps legally available to you to remedy non-payment and/or evict the tenant (if possible).
Some limits and exclusions apply so please refer to the Product Disclosure Statement.
Apia includes automatic cover for loss of rent, which is excess-free under Apia Landlord Insurance.