The finance company Suncorp has had a long history of what it offers and how good it is at what it does. Among the benefits it delivers is landlord insurance to help them in their daily tasks.
But among all the facilities it gives and the high coverages, it is normal to want to know all about Suncorp’s landlord insurance and how easy it is to get an insurance policy with them.
What does Suncorp’s policy cover?
The main quality of Suncorp insurance is that it covers everything to do with your lease. You can live while you work from your home, contents, and tenants.
Among the benefits offered by the policy for your home are all plumbing and electrical systems. Such as ducts, cables, switches, fixed appliances, covered parking lots, paved roads, and vehicle access.
Accessories or permanent lease installations include swimming pools, terraces, a spa, and Jacuzzi. To maintain the site’s integrity and continue offering the same or improved image.
Suncorp’s coverage also applies to your property as a landlord, things you are responsible for. Carpets, curtains, furniture, blinds, movable appliances, fixtures, and non-permanent lighting fixtures.
Household goods and the swimming pool, with its accessories, are other responsibilities of the property policy for the protection and care of all its facilities.
One of the most sought-after benefits among those who opt for a landlord’s insurance is the tenants’ insurance since the coverage protects against loss of rent. Covering any breach of contract for the tenant.
If the person cannot pay because of a financial problem, he damages something of the property or his friends. Or if the property suffers so much damage that it is declared unfit for use, it will be covered 100% by Suncorp insurance.
What benefits come with the policy?
Suncorp’s essential factor is protection against natural disasters like floods, storms, rain, or fire. Also, cover against theft or burglary of the property, both from tenants and non-tenants.
Explosions and water leaks are included in all bank and animal damage coverage. Destruction or violence to property due to civil unrest or public disturbance. For waste disposal or storage of undamaged contents, only 10% of the sum of the insured property or home is covered.
On the other hand, it does not cover costs and repairs of the contents but the home. In environmental improvements, it does not cover contents, and the home is covered up to $2500. And in damages to the garden or unloading costs to the mortgagor, it only gives $1000 to the home.
The payment of the amount of rent or loss can cover 52 unpaid weeks or 10% of the amount of the dwelling. Legal fees for recovery of rent owed are up to $5000.
Are there optional coverages?
The finance company in its landlord insurance section also offers various coverages that it is up to the client whether to take or not, such as accidental damage, engine burnout, and safety net protection.
Accidental damage protection is perfect if you want to ensure every inch of your home, to avoid unexpected expenses, or to leave for later the repair of small things. Such as broken tiles, plates, or glasses and the cost of removing shards of glass from the property.
Coverage for electric motor repair works in cases where the motor is damaged or fused, providing reasonable payment for the repair of the motor.
Increased safety net protection when a major problem has occurred, and the original policy is not enough to fully repair your home and its contents. You can increase the amount granted by up to 25% to cover more expenses.
What is out of Suncorp’s hands?
Like any insurance policy, it is not perfect, and there are certain damages it cannot cover. Among them is damage from chemicals or heat, exposure to the sun, or laminate installation.
Insurance against natural disasters, such as earth movement or rain, does not apply until after 72 hours. Before that, the insurance will not cover any damage in this situation.
It does not cover the cost of repair or replacement of contents that are very worn or old; it will need to be evaluated by an assessor to know whether it is worthwhile for the insurance. It also does not cover damage done by yourself or someone with your authorization, such as a partner or friend.
Writer and content creator interested in Entrepreneurship, Marketing, Jobs and landlord issues. I have a bachelor’s degree in Communication from the Andrés Bello Catholic University, VE, and I also studied at Chatham University, USA. In this blog I write and collect information of interest around agreements, property and mortgage.