For full details of the conditions, limits and exclusions on all our cover options please refer to the Product Disclosure Statement.
1. Minimum premiums may apply
Any discounts/entitlements may be subject to rounding and only apply to the extent any minimum premium is not reached. If you are eligible for more than one, we also apply each of them in a predetermined order to the premium (excluding taxes and government charges) as reduced by any prior applied discounts/entitlements. Discounts may not be applied to the premium for any optional covers, including flood (where relevant).
2. 72 hour waiting period for loss or damage occurring from cyclones, storm surge or floods
As the Territory is subject to catastrophic weather events, it is necessary for us to apply a 72 hour waiting period for loss or damage occurring from cyclones, storm surge or floods. This means if you arrange new insurance or make a mid-term alteration such as increase sums insured, you will not have cover for these events until 72 hours after purchase or alteration.
3. Rent default
We will only pay a rent default claim if there is a written rental agreement between you and the tenant which states the term of the rental period, the amount payable to you and the amount of bond money the tenant is required to pay your tenant breaches your written rental agreement or periodic tenancy agreement, and you or your rental agency have taken all reasonable steps legally available to you under the Residential Tenancies Act, or other relevant legislation, to remedy non-payment and evict the tenant.
We will not pay for any rent default after the date that the rental property is re-tenanted or when the term of your rental agreement ends, whichever comes first
4. Theft by tenant
We will not pay for claims arising out of or in connection with any damage caused by neglect, or untidy, unclean or unhygienic habits of tenants.
5. Optional disaster cover
Only available in conjunction with buildings cover. Following a significant event that causes widespread property destruction, like cyclone, earthquake or flood, it is common for building costs to increase significantly in line with demand.
If you select Disaster Cover, we will increase the sum insured on your buildings by 30% for covered loss or damage caused by a named cyclone (including storm surge), flood or earthquake (including tsunami).
6. No Claim Bonus
To qualify for the maximum No Claim Bonus of 30%, landlords must have had no landlord losses in the preceding three years. However landlords who have had up to two claims may still qualify for reduced No Claim Bonus.