Two months ago, as Covid-19 related restrictions resulted in job losses and a potential crisis among tenants and landlords, insurance companies suspended issuing new landlord protection policies.
The suspension was a reaction to the likelihood of significant evictions and claims under tenant default provisions of policies. The Government freeze on evictions and other support measures helped minimise the risk of claims.
In welcome news for residential property landlords, some insurance companies are starting to recommence issuing these policies. This allows for some price shopping on renewals. However, new policies are not currently being offered with optional tenant default cover nor, in some cases, cover for theft or malicious damage by tenants.
Among the Suncorp Group, AAMI continues to offer new policies. Suncorp and Terri Scheer policies are still suspended as are policies of Australian Landlord Insurance. Coles Insurance (backed by IAG) has recommenced issuing policies as have companies such as EBM RentCover and Allianz.
Examples:
AAMI Suncorp Terri Scheer Australian Landlord Insurance Coles Insurance
June 2020
© PELEN 2020
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