Landlord Insurance - what to look for? What other insurances necessary for IP?

[illumination]

Hi all,

Newbie here and very new to investment properties and everything.
My brother owns a IP here and has gone overseas for work so I've kind of inherited the responsibility of looking after it.
He's had this IP for approaching 6 months, and we haven't got any sort of insurance on it in addition to the building insurance covered by strata.

It's a 800k property and NAB have offered us landlord insurance for $315ish/year with what appears to be decent inclusions.
Before I actually sign up for this for him though, I just want to make sure that I am getting a decent deal.
The important inclusions (from my understanding) are:
Contents Cover:
Sum Insured: $30000
Limit of Legal Liability: $10,000,000
Excess applicable to claims: $400

Optional additional covers:
Rent Default and Theft by Tenant: Included
Landlord Workers Compensation: Not available
Flood Cover: Not included

Additional Excess Details:
Voluntary Excess: $200
Imposed Excess: $0
No Claim Bonus: 30%

I'm happy with no flood cover as this is an apartment in a high rise building, but it has been brought to my attention that flood cover may cover for a leaking pipe in the apartment.
Other ideas that I've come up with from this is - does landlord insurance ever cover things like the lock on a door breaking, or lets say the vanity or some pipes in the bathroom requiring replacement? I ask because we have had to shell out money for this.
What specific inclusions should I be really be looking out for? What other types of insurances would other people recommend? In fact, would anyone maybe even recommend going with another company?

 

[Colin Rice]

Is the lease periodic or a term lease, for example 12 months?

Some LL policies wont cover periodic leases meaning month to month. Would be worth checking the policy NAB are offering.

Seek the services of an insurance broker who will accurately answer your other queries. They work in a similar fashion to Mortgage brokers but often charge a small brokerage fee that is well worth paying if you have a good one on side. They will go into bat for you in the advent that you need to make a claim in the future.

Not aware of any that post on here regularly but I can recommend one that I use in Perth.

 

[illumination]

Is the lease periodic or a term lease, for example 12 months?

Some LL policies wont cover periodic leases meaning month to month. Would be worth checking the policy NAB are offering.

Seek the services of an insurance broker who will accurately answer your other queries. They work in a similar fashion to Mortgage brokers but often charge a small brokerage fee that is well worth paying if you have a good one on side. They will go into bat for you in the advent that you need to make a claim in the future.

Not aware of any that post on here regularly but I can recommend one that I use in Perth.

I'm not entirely sure - I will have to research into that.
I'll see if I can source one (insurance broker) - not sure how I'll do it but I'll try.

 

[Colin Rice]

Search the forum for "insurance broker".

Consult Lord google.

Wait to see who else responds to your post.

All the best.

 

[Lil Skater]

Malicious and accidental damage is a must.

Check out Terri Scheer or EBM they both specialize in LL insurance and include many things some don't.

 

[HD_ACE]

check loss of rent numbers. amount, no of weeks and excess. Also loss of rent during repairs or rebuild etc

Make sure the bond doesnt have to go towards loss of rent and can instead be used for the cleanup etc if they abandon the place.

Cant go wrong with ebm or terri. Do yourself a favour and sit down and look through their pds documents. That will give you the understanding of whats needed and then youncan compare with others.

cheers