What is the danger for a landlord in allowing a tenant to insure the building?
One common issues which arises is where a clause in a lease requires the tenant to insure the building for loss and damage.
At Acuri & Associates, we have seen repeated examples of situations in which the actions of the tenant when insuring the building has resulted in significant prejudice to the interests of the landlord. So as a landlord, you need to be careful to ensure that you are adequately covered and in control of the insurance over your property.
Some of the issues that Landlords have faced include:
- The tenant insured the building but selected a very large excess;
- There was a non-disclosure by the tenant which allowed the insurer to cancel the policy from inception;
- The tenant, in breach of the terms of the lease, failed to insure the building for full replacement value and did not insure the landlord for loss of rent.
Landlord Insurance Case Study:
Recently, another issue arose in a claim where the tenant was required by the lease to insure the building. The tenant insured the building in the name of the tenant and the landlord.
The tenant intentionally set fire to the building and because of the way in which the policy had been set up, the insurer was able to deny the claim.
In this case, then Landlord would have been much safer for them to have insured the building and charge the tenant with the associated insurance premiums.
Most Viewed Insurance Brokers
- Brett Thiedeman
- Peter Johnson
- Kevin Doyle
- AIS Insurance Brokers
- Areesha Khan
- Greg Dobrin
- Patrick Selle
- Luke McMahon
- David Hill
- Austbrokers Countrywide
- Milne Alexander
- Peter Collins
- David Taylor
- Polina Kesov
- Elaine McNulty
- Lanyon Partners
- Cowden Limited
- John Rix
- Luke O’Neill
- Bruce Insurance
- Meena Wahi
- Mark Prolisko
- Brian Cotter
- Michael Kelly
- Raymond Wong
Want to make the list next month?
Share your profile with your clients, generate some great reviews and did you know you can feature your content on Advisr and link it to your profile as an Experts Opinion.
Have any questions or comments? email us
Youi Dollars or YouiDollars or YOUI $$$
So what are YouiDollars, how can you earn them and where can you use them?
YouiDollars are a rewards program by Youi and YouiDollars are available to both new and existing Youi customers .
Here is what Youi says about YouiDollars.
“Just by using YouiRewards®. Sound good? You could save big too. Each of your Youi policies will earn you half your premium in the form ofYouiDollars®. You can use them to save real money on things like food, fuel and flights with our great partners.”
So what steps do you need to do to ensure that you can claim your YouiDollars?
In order to be eligible to participate in YouiRewards, you must be an individual who:
(a) holds one or more Eligible Youi Policies;
(b) possesses a smartphone device operating iOS or Android;
(c) has installed the Youi App on that device;
(d) Create a YouiRewards Account on the Youi App; and
(i) via the Youi App; or
(ii) by calling the Youi Client Services team on 13 YOUI.
Did you know you can Earn Bonus YOUI Dollars:
For every eligible policy that you link to YouiRewards, Youi will credit its customers with 50 YouiDollars immediately. Youi call this Bonus YouiDollars.
To use your YouiDollars, you need to link your policy to your Youi Rewards Account. You earn YouiDollars for each Eligible Policy, irrespective of whether you link those Eligible Policies to a YouiRewards Account. However, until an Eligible Policy is linked to a YouiRewards Account, the YouiDollars you earn will be Inactive. So if you want to use your YouiDollars, then you’ll need to link them.
Do YouiDollars expire?
Yes, YouiDollars will automatically expire and be forfeit if you have not redeemed those YouiDollars via the App within 18 months of those YouiDollars being earned. So make sure you are aware of them as then
What is an eligible Youi policy for earning YouiDollars:
Eligible Policy means an active Youi Car, Home Building and/or Contents, Motorcycle, Watercraft, Business Liability, and/or Caravan and Trailer insurance policy held by you. However, NSW Compulsory Third Party (CTP) Insurance policies underwritten by QBE are not an Eligible Policy.
YouiDollars – Some of the Partner Rewards available include:
Here are some of the offers available through Youi Dollars:
There are many many more offers to consider.
Want to know more?
YouiDollars – Terms and Conditions:
Recently the team from Advisr were invited to present to senior executives at Allianz as part of the Venturetec Allianz Startup Day.
Andy Jamieson, Advisr Founder and CEO spoke on three key themes for the Insurance industry and shared some insights around how Advisr is working for customers, industry and insurance brokers:
1: Customers want insurance to be simpler to understand:
Insurance is complex. Insurance products often come with detailed product disclosure statements and legal jargon that, whilst important, is complex and hard for people to understand. One challenge that the insurance industry faces is to engage customers who have become disenfranchised (unhappy) with how their insurance providers serve, communicate and engage with them. In short, insurtechs provide one opportunity where some of the complexity can be reduced.
2: Collaboration between Insurers and Insurtechs is key:
The insurance industry provides a very important product to the market. Insurance providers give customers security and confidence in areas where they are looking to mitigate risk. Whilst insurtechs may not have the capacity to service all areas of insurance, due to capital and regulatory requirements, there are niches where insurtechs can create significant value for insurers due to the insurtechs ability to adapt, trial and test what connects with customers through fast feedback loops and iterative processes.
3: Customers want insurance to be about them:
Customer centricity is a cliche, thats for sure. However, truly being able to design products, services and experiences through the eyes of a customers is still desired. Customers want their insurance to be customised, personalised and made relevant to them as an individual.
So why are people using Advisr…
Advisr gives people back time. We make life admin easier, we do the thinking for you so you don’t have to remember your insurance and we’re working hard, all the time, focused on making your experience of insurance the best it can be.
Have you signed up yet? Join Advisr
Checklist before going away on holiday
- Secure your house – make sure you lock the front door, back door and any access ways into your house.
- Put away your valuables – don’t leave jewellery or precious items out and about. If you have a safe, then it is worth putting your valuables that are not coming with you into a safe or somewhere else that you feel is secure.
- Mow the lawn – Keeping a house looking neat and tidy goes along way to making it looked lived it. Imagine if you grass is looking a little long when you leave on holidays, can you imagine what it might look like when you return weeks later.
- Lock your windows – If you are leaving home in summertime, then do a quick walk around the house to check and secure all your windows.
- Turn on your lights – Put your lights on a timer. Now days there are even options to control your lights from your smart phone, enabling you to add some random patterns into what light is turned on when to make the activity in your house look less predictable.
- Organise for packages or letters to be collected – an overflowing mailbox or packages that sit on a front porch and haven’t been collected for a few days are a clear signal that no one is home. Organise either for you mail and parcels to be held at the post office or collected periodically by a friendly neighbour.
- Remove your spare key – If you leave a spare key outside your house, just for emergencies, then now is the time to put it inside for the duration of your holiday.
- Unplug electrical devices – printers, kettles, toasters, washing machines and dryers are just some of the electrical devices you should unplug before going away. A good rule is that if an electrical devices doesn’t need to remain plugged in, then unplug it.
- Photograph your important travel documents – your travel details, receipts for bookings and your passport are important documents and storing a digital copy can make life a lot easier if you loose them or need to access them.
- Close your curtains – Closing your curtains makes it harder for people to see into your house and be tempted by any of your items.
- Let a friend or neighbour know – If you can, it is good to let someone know so that you are going away, so they can keep an eye out for you on your property.
- Water your plants – a little water before you go can buy you sometime with plants and hopefully enable them to last till you are back from your holiday.
- Check your travel insurance – If you don’t have any, then consider buying some. You can save 20% on travel insurance through Advisr with Travel Insurance backed by AIG.
- Lock the front door – worth saying this again as leaving the keys in the front door or leaving it unlocked can happen.
Going away on holidays is a great opportunity to have fun, create new memories and enjoy new experiences. To make it more enjoyable, a little preparation can enable you to relax.