RAC Landlord Insurance

RAC is a Western Australian provider of landlord insurance as well as car insurance, home & contents insurance, car insurance, travel insurance and life insurance.

Landlord insurance caters to the needs of landlords, providing a home insurance product specifically designed to provide property owners with some protection against the financial loss that may result from owning a rental property.

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The table below displays a snapshot of RAC’s landlord insurance policies on Canstar’s database. Please note the products and Star Ratings displayed are based on a house in NSW.

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What landlord insurance policies does RAC offer?

RAC offers one landlord insurance policy, simply called ‘Landlord Insurance.’ It covers several key risks in order to ensure peace of mind for both tenants and landlords, including:

  • Cover for loss of rent – both for inhabitability after an insured event and if your tenant defaults on their payment.
  • Damage to property – including the building, shed, garage and fence – caused by natural disasters or malicious acts.
  • Accidental glass breakage
  • Legal liability – for damage to third parties occurring on your property.
  • Cover for electric motors – for example, if an air conditioner or toaster is damaged by an electric current.
  • Cover for theft or malicious damagecaused by other people on your property.

RAC landlord insurance also has optional ‘Contents Cover available to add on. It covers anything from furniture and appliances to curtains and carpets.

Exclusions may apply when it comes to making a landlord insurance claim.  Some common exclusions include:

  • Gradual deterioration, lack of maintenance, structural failure or general wear and tear
  • Pre-existing damage
  • Any costs associated with the cleaning up or removal of asbestos
  • Vermin or insects
  • Invasion or war
  • Erosion, landslides or tsunamis
  • Any damage done during repairs or alterations being carried out on the house

For a detailed look at what may not be included on an RAC  landlord insurance policy, see RAC’s Product Disclosure Statement (PDS).

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RAC FAQs

RAC’s landlord insurance policy may protect you from a loss of rental income due to a variety of factors, including:

  • Inhabitability after an insured event such as a fire, flood, storm or riot
  • If your tenant defaults on their payment, RAC will cover the loss of rent for up to 12 weeks

See the PDS for more information on possible exclusions.

See this article for a quick guide to what landlord insurance is and what it may cover you for.

A landlord insurance policy may provide you with cover should damage be caused to your rental property by tenants or their guests.

Under RAC’s landlord insurance policy, cover is included for the following:

  • Damage caused to any buildings, sheds, garages or fences within the property line
  • Damage caused by natural disasters such as fires, floods, and storms
  • Theft (by either a stranger or your tenant/their guest)
  • Malicious damage caused by either a tenant or their visitors

See the PDS for more information on possible exclusions.

Landlord insurance can also protect property owners against damage to the contents they own in their investment home.

Please bear in mind when making a purchase decision that RAC’s landlord insurance policy offers contents cover as an optional extra. For more information about their landlord contents cover, get a quote from their website.

See the PDS for more information on possible exclusions.

In insurance terms, a ‘defined event’ (also known as a ‘listed event’) on a policy is a damage-causing event which you’re insured for under that policy.

Under RAC’s landlord insurance policy, you will generally be covered for the following defined events:

  • Storm
  • Flood
  • Explosion
  • Lightening or thunderbolt
  • A falling tree or branch
  • A riot or civil commotion
  • Earthquake
  • Fire
  • Malicious damage
  • The impact of a machine such as an aircraft or vehicle

To see the full list of defined events and excluded events, see the PDS.

Flood damage can be treated as different to storm damage by certain insurers, and as a result you may not be automatically covered.

RAC’s landlord insurance does offer cover for flood damage, except if the flood occurs within the first 48 hours of taking out their policy.

Please see the PDS for information about exclusions and conditions that may apply.

Landlord insurance policies may also offer additional benefits to suit your unique needs as a landlord for an extra fee.. Some of the additional benefits you may be able to add to your RAC landlord insurance policy include:

  • Landlord’s contents cover
  • RAC Membership

Yes, RAC also offers home insurance as well as landlord insurance.By signing up for both home and landlord insurance under RAC, you may also be eligible to receive up to a 15% multi-policy discount on your premium.

See the difference between home and landlord insurance here.

The table below displays a snapshot of RAC’s home and contents insurance policies on Canstar’s database. The Star Ratings are based on a policy holder under 50 years old in New South Wales and ACT for building & contents worth less than $550,000.

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You can purchase a RAC landlord insurance policy by comparing your options with Canstar and generating a quote on the RAC website. They will ask you some general questions about your personal details, the cover required, the details of the building, and any optional extras you might be after.

It shouldn’t take longer than 10 minutes.

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RAC was formed by a group of motoring enthusiasts all the way back in 1905 – more than 100 years ago. RAC is 100% local to WA, and offers its financial services and products to about 900,000 members.

RAC covers the largest geographical area of any automotive club in the world, and is a firm advocate for safer and more innovative roads in the state. RAC’s vision is to build Australia’s first electric highway by the year 2020, and it sponsors two emergency rescue helicopters to help Western Australians.

 

RAC Landlord Insurance

Canstar Research
Rating:
Award: Landlord Insurance 4-Star Rating

House

New South Wales

2017 Star Ratings Report

Written by: Regina Collins | Last updated: