The advantages of Millennium’s Landlords Policy, designed to protect Landlords, are apparent in the Key Benefits listed below and in the answers to “Frequently Asked Questions” below.

Key Benefits

• Loss of rent including default by tenant
• Malicious damage and theft by tenants
• Accidental damage contents cover
• Legal Liability cover

What are some of the other benefits I will receive?

Additional benefits for landlords include:

• Annual cost is highly competitive
• Rent is paid to re-let date
• No excess to rent claims
• Our claims excesses are minimal
• Malicious damage excess is only applied once per claim – not to each damaged item.
• Commencing cover is simple, straightforward and clear
• We are committed to providing fast and efficient settlement of claims
• Our policy is underwritten by Underwriters at Lloyds and QBE Commercial, who represents excellence in security and our claims service is second to none.

Frequently Asked Questions …

What if my tenant stops paying their rent?

Rent is paid up to the re-let date, even if your tenant is on a periodic lease. Most landlord policies will only pay the loss of rent that the tenant is legally responsible for (i.e. to vacate date or lease expiry – whichever happens first).

How much excess will be deducted from my loss of rent claim?

There is no excess to loss of rent claims; however, we will deduct any amount left from the bond refund after you have paid all your cleaning and reletting expenses.

Does my Property Manager have to obtain a Court Order against my defaulting tenant for a loss of rent claim to succeed?

No. You can claim loss of rent up to 15 weeks without requiring a Court Order (except in Northern Territory where there is no court eviction, this period is limited to 6 weeks).

Will my loss of rent claim hinge on the success of a debt collector locating the tenant?

No. Our policy will pay your loss of rent without delay. Our insurer may then elect to pursue the tenant for reimbursement, but only after your claim is paid.

Can we still claim for loss of rent even though the tenant did not pay the full bond?

Yes. This also applies to properties that have had a rent increase but the bond has remained at its original level. We will still pay your loss of rent claim minus the bond shortfall.

What happens if the tenants or their visitors maliciously damage my property?

There is always a possibility that your tenant will deliberately cause damage to your property. Many policies will not provide cover and the landlord is left to pay the cost of repairs. Our policy provides cover for the cost of repairing malicious damage.

If the property is untenantable because of this malicious damage, will your policy pay the loss of rent arising from this?

Yes. In addition to covering the malicious damage repairs, we will pay the loss of rent. We will continue to pay your rent well beyond the vacate date and the date repairs were finished – until the property is re-let again – up to 52 weeks.

What about arson? What cover will there be if the entire building is deliberately burnt down by the tenant or their visitor/s?

Our Landlords Property Protection Policy will provide cover up to a sum insured of $50,000. However, if you have selected our Full Building Cover in conjunction with your Landlords Policy, your property is insured for arson, or any other form of malicious damage, right up to your nominated sum insured. Please contact our office with any questions in relation to Building Insurance.

Are landlord’s contents covered?

Yes - to $50,000. Our policy includes contents insurance cover including damage arising from fire, explosion, storm, lightning, thunderbolt, earthquake, burglary, theft including by tenants or their invitees, malicious damage including by tenants or their invitees, water damage, fusion, impact and accidental damage cover.

What about theft? What happens if the tenant steals fixed items like the oven, air conditioner, television aerial, hot water service, external awning or dishwasher?

Unlike standard policies, we do provide cover for building items owned by the landlord and stolen by the tenant. Stolen items can range from the smallest appliance to larger items such as an air conditioner.

PLEASE NOTE: The forgoing is a brief summary of highlights and benefits only of the policies provided. Before making any decisions in relation to this product, please refer to the product disclosure statement and policy wording, paying particular attention to the exclusions which may apply