Rental properties need a different insurance policy compared to owner-occupied homes. There are additional risks you’ll want covered and there are certain
requirements your insurer will want you to meet too. Contrary to popular belief, insurers don’t want to decline claims! The policy wording/schedule
is a contract, between you and your insurer; the contract defines what is and isn’t covered and your understanding of this policy is essential.

 

Non-Disclosure and incorrect policy

If you take out a standard home and contents insurance cover for your rental property and fail to tell your insurance company that your property is occupied
by tenants, your insurance company has a right to reject any claims related to the tenancy.

 

Lack of policy knowledge

Reviewing your policy documents (schedule and wording) for key benefits, limits and exclusions are essential to making informed claims. If you have specific
concerns, don’t wait for an uninsured loss to occur – check with your insurer about the policy coverage.

 

Weak claim applications and how to avoid them

 

Insurers need to know the specifics of What happened, When, Where and Why. If you are unable to provide any part/s of this information, you will run the
risk of having your claim delayed and, in some cases, declined. Take photos of
damage, record dates and times if the loss is changing, keep the damage as minimal as possible. Find out about your insurer’s claim processes and
requirements. Initio has lots of information online through the resource page 
and How to Make a Claim.

 

 
Other helpful tips for savvy...