Australia's first smart home and contents insurance provider, Honey, has launched a Landlord Insurance product. It will provide property investors with smarter options to mitigate the financial risk associated with having tenants or facing rent arrears and property damage.
With more than two million residential rental property owners in Australia, landlords and investment property holders represent a significant growth opportunity for Honey and its differentiated home insurance offering.
The number of investors in the market has grown precipitously, with industry reports revealing 62% of Australians believe that now is an optimal time to invest in property. It is now more important than ever that landlords find an insurance provider that is invested in helping them proactively protect their investments.
Simon Farrugia, VP of Product Management at Honey Insurance said, “We offer smart insurance for the cover Australian landlords need in today’s property market. With so many Australians now investing in property, we’re delighted to be able to offer this new product to property investors, knowing they are covered for loss of rent and rent default as well as fixture and fittings. This new offering is proof of our commitment to making real change in the lives of our customers and local real estate owners.”
Honey's landlord insurance offering will include:
- Coverage for tenant damage: When a tenant accidentally or maliciously damages the property, Honey can cover the individual for up to 15% of the sum insured.
- Lost rent: When a property is being repaired after an insured event, Honey can pay the net rental income up to 10% of the sum insured for up to 12 months.
- Rent default: When a tenant is in default, Honey can pay the net rental income up to 10% of the sum insured.
- Landlord’s fixtures and fittings: Whether it’s an apartment unit or house we cover those items that may not always be protected by a building policy like blinds, curtains and light-fittings whether it’s an apartment or a house. .
“We understand landlord products are not necessarily new, but we’ve worked hard to provide a smarter option to ensure that property and rental income are safely protected. With the use of satellite and third-party data at the time of a quote, Honey can provide not only a quicker but also a more accurate quote. After all, big investments don’t come without risk – smart investors manage and mitigate these risks by investing in the smart choice”, Simon concluded.
For more information on landlord insurance, visit the Honey Insurance website.
Honey is smart home insurance on a mission to eliminate the majority of avoidable accidents that happen in the home. We give our customers $250 of technology upfront, and ongoing services to keep homes safer when they sign up for house and contents insurance. We then reward them with a lower price on their insurance for being safer. We raised $15.5m, the largest seed investment in Australian history, from industry leaders such as AGL, Metricon, Mirvac, PEXA, and many others. Honey is underwritten by RACQ, one of the most trusted insurance companies in Australia.