Malicious Damage – Is it covered?

You’ve worked so hard to become a landlord and to offer your property to a stranger so they can have a roof over their head.

It is a devastating blow when your tenant decides to kick and punch few walls, destroy the curtains to ease their frustration. With a small minority not giving any thought to the heartache and disappointment that their actions have caused to you, their landlord.

The landlord is left to pick up the pieces that can also result in a large property damage bill.

Insurance claims resulting from malicious damage or vandalism is very common and sadly will forever continue to occur.

Many insurers can describe Malicious damage as being:

a wrongful act motivated by malice, vindictiveness, or spite with the intention of damaging the property.

The odd handle falling off the door, scuff marks on the skirting boards, poor housekeeping and a lazy tenant may not fit the description of “malicious damage.”

Insurance companies can increase their basic policy excess when this type of claim is made, and some will pay a claim after the bond, or a specific bond amount has been deducted.

Landlord insurance policies are offered by many insurers, and they all offer very different policy coverages. It is important to remember your policy will not cover everything and many policy cover options are optional so you will have to pay an extra premium for a more comprehensive policy!

A stock standard off the shelf Home and Contents policy may not allow for coverage for damage caused by your tenants or their guests so it is important to tailor a specific Landlord insurance policy to suit your needs.

No two insurance policies are ever the same so make sure you read the Product Disclosure Statement (PDS) and policy schedule before you purchase any insurance policy.

Don’t be left short, review your insurance today with a qualified insurance broker.

Ever in doubt, keep asking questions!

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The information contained within this document including links is general and is not intended to serve as advice. It does not take into account the objectives, financial situation or needs of any particular person. For qualified advice please contact our office.

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