LANDLORD'S
PROPERTY PROTECTION INSURANCE
Landlords
are able to insure their premises against certain vagaries of the
rental market. A typical policy contains the following features:
- LOSS OF RENT
AND LEGAL EXPENSES:
Loss of rent limited
to 52 weeks if the premises are untenantable (for at least T days)
and a loss of rent for up to 6 weeks through the premature departure
of the tenant (subject to bond monies remaining following deduction
of cleaning up expenses). Legal expenses up to $500 on each and every
claim (requires the prior approval of the Insurer). Also covers loss
or rent for up to 6 weeks because of the prevention of access,
- BUILDING
AND CONTENTS INSURANCE:
Extra cost
reinstatement. Aggregate limit of $20 000. A minimum claim of $250
and most claims under this heading have an excess of $50. Excludes
carpets, curtains, blinds or light fittings.
- LANDLORD'S
LEGAL LIABILITY: Limit of liability is $5 million for any one occurrence