AAMI Strata Title Landlord Insurance with Tenant Protection
AAMI Strata Title Landlord Insurance with Tenant Protection provides all the protection and benefits of AAMI Strata Title Landlord Insurance plus cover for:
rent default,
theft of your insured property by your tenant,
malicious damage to your insured property by your tenant.
What we pay
Any payment we make will be:
within the amount covered for your insured property and will include GST,
subject to the same terms, conditions and exclusions as apply to AAMI Strata Title Landlord Insurance, other than as set out below in this AAMI Strata Title Landlord Insurance with Tenant Protection section.
When we will not pay
Once we have paid a claim arising during the period of cover against any of these benefits and:
you make a further claim for a separate event, and
your tenant is the same tenant whose actions resulted in the first claim,
we will not pay the further claim regardless of which benefit is claimed against.
Our payment is reduced by the equivalent of the tenant’s bond.
Our payment for rent default claims does not cover the first four weeks your tenant is in default. Claims for theft or malicious damage by your tenant are reduced by the equivalent of four weeks rent.
Four weeks rent ordinarily is the amount of the security bond paid by tenants and retained by landlords when the rental agreement is sufficiently breached by the tenant.
Rent default
We will reimburse you for your loss of rent when your tenant stops paying and you stop receiving rent due under the current rental agreement and your tenant:
remains in default after you have issued any required notices, or
vacates your lot or unit permanently without providing the notice required under the current rental agreement.
We will pay the weekly equivalent of the rent provided by the rental agreement, commencing from
the fifth consecutive week your tenant is in default,
and continuing:
for 13 weeks, or
until your lot or unit is re-tenanted, or
until payment re-commences,
whichever comes first.
We will not pay for the first four consecutive weeks your tenant is in default.
We will not pay at all, unless your tenant has actually paid rent due under the current rental agreement for at least four consecutive weeks from the later of:
the commencement of that agreement, or
the commencement of this policy.
Malicious damage by your tenant
We will pay to repair or replace damage or loss maliciously caused by your tenant or your tenant’s visitors to your insured property at your lot or unit.
Our payment will be reduced by an amount equivalent to four weeks rent at the rate payable under the current rental agreement.
We will not pay for loss or damage caused by carelessness, lack of maintenance or poor housekeeping by you or your tenant or anyone normally living at the lot or unit.
Theft by your tenant
We will pay to repair or replace damage or loss caused by theft of your
insured property from your lot or unit by your tenant, or your tenant’s visitors.
Our payment will be reduced by an amount equivalent to four weeks rent at
the rate payable under the current rental agreement.