Rental Bond Insurance

Protect your rental bond with insurance

Bond Insurance

Did you know that without rental bond insurance, your bond can be eroded by accidental damage or increased cost of cleaning like;

  • Holes in walls
  • Damaged floor tiles or ceilings
  • Damaged fixtures or carpets
  • Extra carpet cleaning to remove stains
  • Curtains cleaned
  • Timber floors re-polished
  • Walls cleaned or repainted

Taking out BondSure rental bond insurance maximises your likelihood of getting the full bond back at the end of your tenancy. We will continue to protect the bond even if you roll over the tenancy into a second period, and your insurances will be invited to continue after the loan is paid off, because your bond is still at risk.

The maximum amount of cover each period is the amount of the bond, less the excess of $200 or 15% of the bond whichever is the greater. There is a maximum of two excesses in any one period and one excess will apply to the final inspection if there is both damage and cleaning costs.

The cover for extra cleaning costs means that it sits above the requirement that you take reasonable steps to clean the property. The standard excess of $200 roughly coincides with the cost of a standard clean by many agents.

How do I apply?

At BondSure, we realise the importance of insurance. As such, it is possible to take the insurance without the loan and the loan without the insurance.

If you can answer ‘Yes’ to the following questions, you are eligible for the insurance assessment included in the approval process;

  1. Is the property less than 100 years old?
  2. Is it in a good state of repair?
  3. Is it secured by locks on external doors?
  4. Is it not left unoccupied for more than 60 days in a row?
  5. Is it not used for business other than a home office?
  6. No renter has had a property insurance policy cancelled or declined?
  7. No renter has been convicted of fraud or a property related criminal offence in the past ten (10) years?
  8. No renter has had more than two (2) property related insurance claims, or claim(s) involving more than $10,000 in the last five (5) years?

 

Need more info?

Please refer to the PDS and Policy Wording listed under ‘Legal’ in our menu. Otherwise, please feel free to speak directly to one of our friendly and attractive team members on 1300 333 007.

Apply For Bond Insurance

Or call us on 1300 333 007 for more information