MEDIA RELEASE 28 June 2005
New landlord insurance policy has a cash bonus and other benefits
A new landlord insurance policy has been launched by Real Insurance, which
is ideal for investment property owners and includes an innovative cash bonus
scheme, under which policyholders will receive 10 percent of their premium back
as a cash back payment, if no claim is made for a three year period.
The policy also has a number of benefits specifically relating to the particular
needs of landlords covering damage or theft by tenants, rent default and legal
expenses incurred in pursuing a claim for loss of rent.
Chief Executive of Real Insurance, Roger Grobler warned landlords to be wary of
normal householder home and contents policies for investment properties which do
not cover many of the issues that relate to tenants.
“For example, our Landlord Protection policy covers the following needs:
- Malicious acts or thefts by tenants resulting in damage to the
landlord’s property;
- Loss of rent following damage which results in a tenant being unable to
reside safely in the building;
- Rent default following the tenant leaving the property, or being evicted
before the end of the lease agreement;
- Not paying rent under the agreement;
- Legal expenses incurred in pursuing a claim for loss of rent.
“In addition to this coverage, we also provide the standard home and contents
cover including protection against major threats such as theft, fire, explosion,
earthquake, lighting, storm, flood, malicious damage, impact, etc and legal
liability.
“As well as the new Landlord Protection Cover, we have also recently launched
our Home and Contents and Life Insurance policies. The Home and Contents policy
also has a cash-back bonus of 10% of the premium if no claim is made for three
years and the Life Insurance policy does not require a medical examination.
“All our policies have been developed in response to research commissioned by
the company, to investigate market concerns about insurance.
“When it comes to insurance, our research showed that people want greater ease
of access and simplicity, and cover that is easy to understand. We also found
that whilst consumers are attracted to a strong brand that can be trusted, a new
brand is just as acceptable as an old one, which is one reason why our policies
are becoming very popular.
“To make understanding insurance simple, we have also significantly reduced the
size and complexity of our product disclosure documentation, which is less than
half of the industry standard of 60 to 100 pages.
“Our product disclosure documents contain everything the policyholder will need
to know, but we’ve reduced its size partly by taking out what we regard as
‘bogus’ and unneeded covers.
“We’ve also simplified the terminology and the exclusions and limitations in the
document, and have made it easier to read by highlighting the most significant
aspects of the cover at the beginning,” Mr Grobler said
Real Insurance products are sold direct to consumers. Real Insurance is
underwritten by The Hollard Insurance Company Pty Ltd, who has been licensed by
the Australian Prudential Regulation Authority since 2000. Hollard is part of
the international Hollard Insurance Group and already insures more than 150,000
policyholders in Australia across several insurance lines, and more than five
million policy holders worldwide.
For further information about Real Insurance policies call 1300 11 7325 or the
website, www.realinsurance.com.au.
***
Released on behalf of Real Insurance by Dennis Rutzou Public Relations. For
further information please contact David Lizzio or Dennis Rutzou on (02) 9413
4244.
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