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Changes to laws for short-term rental accommodation – Insurance obligations

Since the NSW Government announced the changes in laws for short term rental accommodation, that will take effect 18th December 2020, we have received a number of enquiries from clients seeing if their insurance policy covers their new insurance host obligations in having cover for third party injury or death.

We mentioned in our previous article, https://homsure.com.au/new-changes-to-the-shortterm-rental-accommodation-laws/ that most landlord policies have a liability cover and suggested you should check with your insurance professional as to whether your current insurance cover is sufficient, but we wanted to break this down even further.

Have you disclosed your property is used as a Short Term Rental?

We are finding more and more insurers in the direct market do not offer short term rental landlord insurance and we would not like to think of the number of hosts/landlords that believe they have the correct cover but do not. If you have not disclosed that your property is rented to tenants on a short-term basis, your insurer may have the right to deny your claim on the basis of non-disclosure and/or not meeting underwriting guidelines. We strongly suggest that this is the time to review you current insurance policy to ensure you are adequately covered.

Homsure have a number of insurers available to us that provide cover for short term rental properties. Let us help make sure you are covered correctly and a have policy that suits you. Homsure can provide you with a no obligation free quote.

Contact Leigh

E: Leigh@armstrongs.net.au

P: 0438 083 288

https://homsure.com.au/

Important Information This email provides information rather than financial product or other advice. The content of this email, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You shouldconsider the appropriateness of the information, taking these matters into account, before you act on any information. This information is provided to assist you in understanding some terms, implications and common considerations of Landlord Insurance, it is not complete, so please request full details from Homsure. You should consider the Product Disclosure Statement (PDS) in deciding whether to buy (or continue to hold) this insurance and also whether this insurance is appropriate for you. The PDS can be obtained from Homsure or your current insurer. Deductibles, exclusions and limits apply. Landlord Insurance is issued by various insurers