RAA shakes up landlord insurance with versatile policy covering long and short stay rentals
Friday, 24th May 2019
RAA has announced a major expansion of its insurance business in South Australia with a new all-in-one option for landlords that covers permanent tenancies, holiday home rentals and Airbnb stays.
Building on its existing insurance products including car, home and contents, caravan, boat, motorcycle, trailer and travel insurance, RAA’s versatile new landlord cover provides a market-leading option for South Australian investment property owners, whether they rent their property to tenants all year round or on a short-term basis.
RAA Senior Manager, Insurance Product and Pricing, Shaun Ryan, said RAA’s new landlord insurance has been tailored to meet modern-day requirements and the specific needs of investment property owners in South Australia.
“We’ve closely examined existing landlord insurance policies currently on the market and engaged with landlords across the state to determine what was most important to them when it came to insuring their investment property,” he said.
“Common feedback from our members was that they wanted more versatility with their landlord insurance to cover permanent tenancies and holiday home rentals under the one policy, as well as short-stay Airbnb rentals which have become increasingly popular.”
Other key benefits of RAA landlord and short stay insurance include cover options for accidental loss or damage caused by tenants, domestic pet damage – which is not included in many other landlord policy options – and loss of rent for up to 20 weeks. Discounted rates are also available for RAA members who hold multiple insurance policies.
Mr Ryan said RAA aims to write 20,000 new landlord insurance policies in South Australia over the next five years to consolidate its position as the state’s leading insurance provider.
“Our new landlord and short stay insurance adds to our extensive portfolio of value-for-money insurance products, and reaffirms RAA’s position as the state’s leading and most trusted insurer,” he said.
“Our new landlord insurance fills a gap in our product offering, and importantly, enables our members to have all of their insurance needs managed by the one provider.”
RAA has been providing insurance products to South Australians for over 75 years and in February was named Australia’s Most Recommended General Insurer at the inaugural DBM Australian Financial Awards in Sydney. The award followed RAA’s back-to-back success as Small/Medium Australian General Insurance Company of the Year at the Australian Insurance Industry Awards in 2016 and 2017.