Understanding Our New Suncorp Landlord Insurance PDS
Introducing the new Suncorp Landlord Insurance Product Disclosure Statement (PDS) for policies renewing on or after 25 March 2021. The PDS is an important legal document that contains details of the product you purchase, so you need to read it carefully.
The purpose of this page is to advise you of the various changes that we have made to our Suncorp Landlord Insurance PDS.
We’ve changed the layout of the PDS to help make it easier to understand. We have also made other changes to the policy – we have updated some of the wording to make it clearer and we have added and changed some covers, conditions and exclusions.
Below are some of the sections in the PDS where we have made changes (some section names have changed):
Extra Support (new section in your PDS)
Sometimes your circumstances might mean you need additional support or assistance in dealing with us. If you are comfortable, you can tell us about your situation, and we will work with you to arrange support.
Your responsibilities
Several changes have been made to the ‘Your responsibilities’ section. For example, to boost transparency, the reference to ‘take all reasonable care’ to prevent theft, loss, damage or legal liability has been replaced with ‘take steps’. Ensuring there are working smoke detectors in the property is given as an example of a step you can take.
When you need to contact us
Additional situations for when you must contact Suncorp have been included in the PDS. For example, you must tell us as soon as possible if:
- you have been charged with or convicted of, a criminal act or offence;
- you have had another insurer cancel or decline an insurance policy, impose specific conditions on a policy or refuse a claim;
- you start farming, manufacture or repair work at or from the insured address (or your agent becomes aware your tenant is doing this).
Storm Surge
We have created a standalone “storm surge” insured event to increase transparency, for loss or damage caused by storm surge that happens at the same time as other insured damage caused by storm.
Fire (including bushfire)
We have added further clarity for what is covered in the event of a fire, including cover for certain extra costs in the event of a bushfire.
Property, unit or contents not in good condition
The exclusion ‘Property, unit or contents not in good condition’ has been added in order to improve transparency. An example in the general exclusion has been updated to ‘the roof leaks when it rains’ and a fresh example of ‘property (including all sheds, outbuildings and any other structural improvements at the insured address) is not structurally sound, is unsafe or unfit to live in’ has been added.
This exclusion has replaced the previous exclusion ‘Failing to take care of your home or contents’.
Property, unit or contents not in good condition
The exclusion ‘Property, unit or contents not in good condition’ has been added in order to improve transparency. An example in the general exclusion has been updated to ‘the roof leaks when it rains’ and a fresh example of ‘property (including all sheds, outbuildings and any other structural improvements at the insured address) is not structurally sound, is unsafe or unfit to live in’ has been added.
This exclusion has replaced the previous exclusion ‘Failing to take care of your home or contents’.
Property, unit or contents not in good condition
The exclusion ‘Property, unit or contents not in good condition’ has been added in order to improve transparency. An example in the general exclusion has been updated to ‘the roof leaks when it rains’ and a fresh example of ‘property (including all sheds, outbuildings and any other structural improvements at the insured address) is not structurally sound, is unsafe or unfit to live in’ has been added.
This exclusion has replaced the previous exclusion ‘Failing to take care of your home or contents’.
General Exclusions are now called ‘Things we don’t cover’.
Things we don’t cover include some new and updated exclusions such as:
- Property, unit or contents not in good condition
- Deliberate or reckless actions
- Illegal drugs and other chemical or poisonous substance
- Not complying with building regulations
- Communicable disease
We have removed the concept of ‘Additional features’ and have combined all additional covers and additional features to be ‘additional covers’ under ‘Additional cover that comes with your policy’.
Loss of rent following an insured event
Suncorp has introduced a definition for ‘Cannot be lived in’ and provided examples in the PDS of what this might include.
How we settle your claim
We’ve made a range of changes to this section to better explain how we will settle your claim, including for example, that we will aim to use a member of our supplier network to repair or rebuild your property. If you do not accept our offer to repair or rebuild, your claim will be cash settled. This amount will be based on the assessed quote amount for a member of our builder supplier network to repair or rebuild on a ‘new for old’ basis.
Alternatively, if a member of our supplier network is unable to complete the repair or rebuild, we will ask you to engage a builder to provide a scope of works and provide a quote on the cost to repair or rebuild on a ‘new for old’ basis. Following an assessment process, if that quote is appropriate and reasonable, we will pay you the assessed amount.
Refer to the PDS for more details.
Lifetime guarantee on Property repairs
We have removed our guarantee on the quality of materials – we continue to offer a guarantee on the quality of workmanship for repair or rebuilding work to the property that we authorise, arrange and pay the builder or repairer directly for.
Our right to recover from those who are responsible
To promote transparency, we have added examples of the assistance that may be required from you if we take action against a party for the recovery of your loss.
Joint policyholders
During the period of insurance, we might ask all joint policyholders first before we action a request or direction in relation to your policy (e.g. before we cancel your policy, reduce your cover or remove another policyholder). This way we can help protect the interests of all policyholders.
New section - Conduct of others
When we consider a claim, we will have regard to prejudice suffered by you due to conduct of others and may meet the claim when we are not legally required to do so.
Removed - Cancellation fee
If you decide to cancel your insurance cover with Suncorp, you will no longer be charged a cancellation fee.
For full details, please refer to your PDS.
The information above is not a complete list of the changes to your Suncorp Landlord Insurance. For full details of what is and isn’t covered, please read the Suncorp Landlord Insurance Product Disclosure Statement (PDS). Consider the PDS before making a decision about this insurance. The Target Market Determination is also available.
Property, unit or contents not in good condition
The exclusion ‘Property, unit or contents not in good condition’ has been added in order to improve transparency. An example in the general exclusion has been updated to ‘the roof leaks when it rains’ and a fresh example of ‘property (including all sheds, outbuildings and any other structural improvements at the insured address) is not structurally sound, is unsafe or unfit to live in’ has been added.
This exclusion has replaced the previous exclusion ‘Failing to take care of your home or contents’.
Short-term rentals and holiday letting
The policy will no longer provide any cover if the property is used for short-term rental, holiday letting or house sharing, including an arrangement booked through an online booking platform, such as Airbnb or Stayz.
