Frequently Asked Questions
How does the claims process work for rental insurance?
If you need to make a claim, contact your insurer immediately. It is typically required to provide details of the incident, a list of damaged or stolen items and supporting evidence such as photos or police reports. Your insurer will assess your claim and, if approved, arrange for the repair or replacement of your belongings, subject to your policy’s terms and conditions.
Does rental insurance cover my belongings when I’m travelling?
Many rental insurance policies offer some level of coverage for your personal belongings when you’re away from home. This is often referred to as ‘portable contents cover’ or ‘away from home cover’. However, limits and conditions may apply, so it’s important to check your policy details or speak with your insurer about the extent of this coverage.
How can Duo Insurance help landlords in Australia?
As a landlord in Australia, you are presented with unique challenges and responsibilities. Managing these can sometimes be overwhelming, but that’s where we step in to help you understand the landlord insurance policies available to you.
Our comprehensive coverage protects you and your investment against a range of potential risks and insured events – adding a layer of security to your venture.
- Wide range of coverage: Our landlord insurance coverage spans across everything from damage caused by tenants or their guests, loss of rental income, some aspects of contents cover, legal expenses, and even natural disasters. Whether it’s a residential property or a commercial building, we’ve got you covered.
- Personalised policies: We understand that every landlord and investment property is unique. That’s why we offer customised policies tailored to meet your specific needs and circumstances, ensuring complete protection.
- Efficient claims process: In the unfortunate event that you need to make a claim, our process is simple and swift, ensuring minimum disruption to your business.
Investing in rental property requires a lot of effort and plenty of financial risk. We protect you from an insured event if it happens to pop up. Let us give you peace of mind and the freedom to focus on maximising your property returns without major distractions or worries.
What happens if I move to a new rental property?
Most rental insurance policies are portable, meaning you can transfer your coverage to your new address. However, you should inform your insurer about the move as soon as possible. They may need to adjust your premium based on the new location’s risk factors. Also, make sure your coverage limits are still adequate for your new living situation.
What are the risks associated with not having proper non-strata insurance?
Non-strata insurance is crucial for landlords of non-strata residential buildings in Australia who want to mitigate potential financial risks. With proper coverage, landlords may have the correct insurance, which can lead to heavy financial losses.
Often, these landlords end up with a single-tenant landlord policy that fails to cover the full value of all the units in the block. In other instances, landlords may be relegated to an expensive commercial insurance package, which often includes unnecessary coverages for residential blocks.
Lack of proper non-strata insurance makes it easier for landlords to manage unexpected damages or losses due to fires, floods, theft, or tenant misconduct. The out-of-pocket cost for such incidents can be steep and significantly impact the financial stability of the landlord.
Without coverage for loss of rent, landlords must bear the brunt if a tenant cannot pay rent. This could lead to severe impacts on their cash flow.
Does rental insurance cover damage to the building I’m renting?
No, rental insurance typically doesn’t cover damage to the building structure. That’s the responsibility of your landlord and should be covered under their landlord insurance policy. Rental insurance focuses on protecting your personal belongings and liability as a tenant.
Do you provide landlord insurance for all types of properties?
We are dedicated to ensuring that all landlords, regardless of the type of property they own, receive adequate protection. Our landlord insurance caters to a wide range of properties, from single-unit homes, and holiday rental properties, to multi-story apartment complexes, commercial buildings and real estate to mixed-use properties.
We have established a reputation for providing comprehensive and flexible coverages that align with each property type’s unique needs. This guarantees that whatever your property type or investment goal, Duo Insurance has got you covered.
How can I save on my rental insurance premiums?
Here are some ways to save:
- Choose a higher excess to lower your premium
- Bundle your rental insurance with other policies, such as car insurance
- Install security features like deadlocks and alarms to reduce the risk of theft
- Pay your premium annually instead of monthly to avoid additional fees
- Shop around and compare quotes from multiple insurers to find the best deal
What is the process of filing a claim for home insurance?
We make the process of filing a claim simple and straightforward. When an incident occurs, you just need to contact us. All you need is your policy number and details about the incident, such as when it occurred, the damage it caused, and any other relevant information. In some cases, we may need to see a written rental agreement.
Our experienced team will guide you in filling out the claim form accurately, ensuring a speedy response. Plus, we have skilled claim handlers who aim to finalise your claims as swiftly as possible while maintaining high professional care toward all insured events. From there, we’ll work out the sum insured against your property, the full details and the security you can access.
What is the process of applying for non-strata insurance with Duo Insurance?
Applying for non-strata insurance with Duo Insurance is a straightforward process, designed to offer convenience that aligns with your busy schedule as a landlord. The first step is to contact us through a phone call or by filling out the contact form on our website. You must provide some background information about your unit block to get started.
Once we have these details, one of our experienced insurance advisors will assess your situation and discuss the insurance options available to meet your specific needs.
We’ll set it up for you once you’re completely satisfied with the proposed plan. Remember that we’re here to cater to your needs, answer any questions, and provide you with all the necessary information. Consider us as your insurance guide – safely navigating this vital process.