General La Trobe Financial Insurance Questions

How do I purchase an insurance policy?

By calling La Trobe Financial's Insurance Desk on 1800 819 075, between 8:30am and 5:30pm Monday to Friday

How do I make a payment?

We have convenient payment options to suit everyone:

  • Included with your La Trobe Financial loan repayment
  • BPAY
  • Pay by the month - monthly payments can be charged to your savings/cheque account or deducted from your loan or investment account
  • Credit card

* Additional transaction fees may apply for Bpay, cheque & credit card payments

Do I have to have a loan or investment with La Trobe Financial to purchase insurance?

ABSOLUTELY NOT! La Trobe Financial provide insurance to customers who do not currently have a loan or investment product with us. Our flexible periodic payments combined with high quality cover can provide an excellent solution for your insurance needs.

How are premiums calculated?

General premiums levels are set by the chosen Insurance provider and reflect a number of factors, including the cost of current and future claims, commissions, and business expenses.

The particular premium you pay is calculated using a wide range of factors including:

  • Postcode, suburb or location of the home
  • What the home is constructed from
  • Age of the home
  • How is the home secured against burglars
  • The excess you choose to pay in the event of a claim
  • The optional covers your choose
  • CPI increase

These factors may cause an increase or decrease to your premium.

Each time you renew your insurance, your premium may change, even if your personal circumstances have not changed. This is because premiums are affected by:

  • The cost of claims paid to our customers
  • The cost of claims expected to pay in the future
  • Changes in government taxes or charges
  • Expenses of doing business

There are factors outside our control, and they can affect costs of settling claims, so we need to analyse them on an ongoing basis.

Why might my premium increase?

We understand that no one wants their premium to rise.

Sometimes when you renew your insurance your premium will change even if your personal circumstances have not changed.

This is because premiums are affected by:

  • The cost of claims paid to other customers
  • The cost of claims we expect to be paid in the future
  • Any changes in government taxes or charges
  • The expenses of doing insurance business.
  • Sum insured automatically increases to cover CPI increases

Landlords Insurance Questions

What is Landlords Insurance?

Landlord's Insurance offers cover for loss due to fire, flood and other similar perils, including theft and malicious damage caused by your tenants, plus we will cover you for loss of rent following an insured event.

You can also choose optional Rent and Legal Expenses cover for protection against interruptions to your rental income.

Special features and cover options include:

  • Cover for furniture, carpets and blinds (contents cover) – where a tenant is not liable for cover under a rental agreement
  • Cover for landlord's fixtures and fittings (home cover)
  • Cover for accidental breakage of glass
  • Legal liability up to $20 million
  • Accidental loss or damage
  • Landlord's contents
  • Workers Compensation
  • Strata Title Mortgagee Protection

Rent and Legal Expenses option covers you for:

  • Loss of rent if your tenant defaults
  • Loss of rent if your tenant fails to surrender possession
  • Loss of rent if your tenant vacates without notice
  • Legal expenses incurred to minimise loss of rent
Why would I choose Landlords Insurance over a standard home and contents insurance policy?

Whilst you would need to consider your own options and circumstances, generally speaking, customers who elect to insure their investment property with Landlords insurance are covered for any accidental or malicious damage caused by tenants that may otherwise not be covered in a standard home and contents policy.

Landlords Insurance policies also have optional cover for rental income protection in the event that the building becomes uninhabitable or in the event of a rental default, lawful eviction or lawful vacation event occurs.

I have financed my investment property with La Trobe Financial, are there any benefits to taking out Landlords Insurance with La Trobe Financial?

MOST DEFINITELY! At La Trobe Financial, we understand that as a property investor you are looking for products and services that best match your needs & cash flow. With that in mind we offer insurance products that can be paid with your periodic loan repayments with the added convenience of no premium loading for paying weekly, fortnightly, monthly, quarterly or annually. All insurance payments will show on your La Trobe Financial Quarterly Loan Account Statement which we hope will make tax time that little bit easier.

So simply put, insuring your investment property through La Trobe Financial means:

  • One easy to manage payment for your investment property loan & your insurance!
  • Pay in a periodic frequency that works for you, without having to pay more for the privilege of doing so!*

* Additional transaction fees may apply for Bpay, cheque & credit card payments.

Am I required to provide any additional information at renewal time?

When renewing your policy, you have a Duty of Disclosure to tell us everything you know or should know that is relevant to the decision to insure anyone under the policy.

This includes matters we specifically ask about when renewing your Landlords Insurance policy, or any other matters that you know or could reasonably be expected to know that may affect the decision to insure you.

Please read your renewal documentation carefully for information about your Duty of Disclosure obligations.

Also, let us know if there has been a change in your circumstances, which may have an impact on your Landlords Insurance. For instance, if you have renovated your property or entered into a new rental agreement for example, this may have an impact on your sums insured and rental income protection benefit.

What should I do if I need to make a claim?

At La Trobe Financial we try to make filing a claim as easy for you as possible. If you follow the instructions below, you will make it easier to finalise your claim.

  • Notify the police immediately of any theft or damage by intruders.
  • Notify the insurer as soon as possible.
  • Prevent additional losses. If your home is burgled, secure any points of entry after the police have gone. If it is damaged by fire, storm or flood, try to seal off any points where rainwater might be able to get in. Make sure you tell us about all permanent repairs before they are carried out.
  • A loss adjuster (claims assessor) may need to check the extent of the loss or damage. The adjuster may need any information or documents you have that relate to the claim.
  • Have your receipts or valuations of special items available for our insurance department.

To lodge a claim for your La Trobe Financial insurance policy underwritten by CGU, you will need to call and speak to a claims specialist on 1300-886-022.

For any La Trobe Financial insurance policies underwritten by Calliden please call 1-300-880-037 to speak to a claims specialist.

What are excesses?

If you make a claim, the excess is the amount you have to pay for each incident. The amount and type of excesses that apply to your policy are shown on your Certificate of Insurance. Our insurer will deduct the excess from the amount payable to you following a claim, or it will ask you to pay the excess to a supplier, repairer or us.

Depending on the circumstances of your claim, you may be required to pay an additional excess.

Should I keep an inventory of my contents?

It's wise to maintain a detailed list of electrical equipment, which should include makes, models, serial numbers, etc. This will come in handy if you ever need to make a claim.

You should also keep a list of other valuable items that are likely targets for burglars, for instance jewellery, CDs, art works, collections, memorabilia and hand woven rugs.

This list should include full descriptions, valuation certificates and receipts. Photographs or video camera sweeps of your home showing contents items can also be useful in the event of a claim.

What proof do I need when I make a claim?

We will ask you for proof of purchase or evidence of value and ownership at the time of claim. This could be a store or credit card receipt, user manuals for recently purchased electrical items, or even a receipt of repair to the item.

We suggest that you store all of your receipts or valuations in a fireproof area or container.

How are claims paid?

When settling claims, the insurer provides new for old replacement regardless of age, with no allowance for depreciation. We can:

  • Replace or repair damaged items with new items or new materials available from Australian suppliers, or
  • Pay you what it would cost us to repair or replace your Home and or Contents new for old.

However our insurer will not:

  • Pay extra to repair or replace an item to a better standard, specification or quality than it was before the loss or damage occurred
  • Fix a fault that existed before the loss or damage occurred.
  • Pay to replace undamaged parts of your Home and or Contents to create a uniform appearance.

Home & Contents Insurance Questions

I have financed my home with La Trobe Financial, are there any benefits to purchasing Insurance through La Trobe Financial?

MOST DEFINITELY! At La Trobe Financial, we understand that keeping track of your home finances and direct debit schedules can be frustrating and sometimes downright difficult. We also understand that not everyone can afford to or want to pay their insurance premiums annually or even monthly.

La Trobe Financial strives to offer convenience wherever possible for our customers, that’s why we offer insurance products that can be packaged with your loan account and paid periodically with your home loan repayments with no additional premium loadings for paying weekly, fortnightly, monthly or even quarterly!

So put simply, insuring your home and/or contents through La Trobe Financial means:

  • One easy to manage payment for your home loan & your insurance!
  • Pay in a periodic frequency that works for you, without having to pay more for the privilege of doing so!*

* Additional transaction fees may apply for Bpay, cheque & credit card payments.

How much Insurance Cover do I need?

The purpose of your Home & Contents Insurance is to return you to the position that you were in prior to a claim.

You are responsible for deciding the amount of your sum insured.

Homes

To avoid being underinsured, your Home sum insured should reflect what it would cost to rebuild your house today using the same materials and the same style of fittings and fixtures as well as costs involved to demolish and clear the land.

It is always worthwhile to consider whether you need a professional valuation by contacting an architect, builder or other valuation experts.

Contents

The new for old replacement cost of your contents depends on the furnishings, personal items, valuables, appliances and other household goods you have in your home or unit.

One way that might help you calculate the new for old replacement cost of all contents is to walk around the home, room by room, make a list of all the items and place a new for old value against each of them. The total new for old replacement value of all contents items should be your sum insured.

Each year, it is worthwhile noting new Contents items purchased during the period of your Insurance, and call us to update the sum insured accordingly. Unless you are downsizing your home, the sum insured usually needs increasing.

Which items should I list as valuables on my Home and Contents Insurance policy?

Up to the sum insured will be paid for most Contents items, however for certain items there are limits. You can insure the contents items for a higher amount by listing each for its full replacement value on your Certificate of Insurance.

How can I save on my Home and Contents Insurance?

First, improve security and safety. Items such as dead-bolt locks, monitored burglar alarms and key window locks can usually bring discounts. Second, raise your excess. The excess is the amount of money you have to pay towards a loss before the insurance kicks in.

What if I want to change my Insurance cover?

To make a change to your insurance cover, all you have to do is call our Insurance Desk toll free on 1800 819 075. Changes can include:

  • Changing your address
  • Increasing or decreasing your cover
  • Noting or adding Specified contents or Special limit items
  • Taking out Personal Property cover
  • Changing your payment details
  • Cancelling your policy, etc.

You must also contact us if anything changes which might affect the risk you are insuring. This is known as your ‘duty of disclosure’ and is more fully described in your policy wording under the heading “Your Duty of Disclosure”.

What happens at renewal time?

You will receive a renewal notice approximately two to four weeks prior to your renewal date. The renewal notice outlines the amount payable, the payment options and the next steps.

You also receive your Certificate of Insurance, which outlines your policy details including type of cover, sum insured, excess amounts and any optional covers you have chosen.

Please ensure the information on your Certificate of Insurance is correct, and that you have an adequate level of cover for your home and contents. If you need to make any changes, please contact us on 1800 819 075.

Am I required to provide any additional information at renewal time?

When renewing your policy, you have a Duty of Disclosure to tell us everything you know or should know that is relevant to the decision to insure anyone under the policy.

This includes matters we specifically ask about when renewing your Home Insurance policy, or any other matters that you know or could reasonably be expected to know that may affect the decision to insure you.

Please read your renewal documentation carefully for information about your Duty of Disclosure obligations. They are also described in your policy wording under the heading “Your Duty of Disclosure”.

Also, let us know if there has been a change in your circumstances, which may have an impact on your Home and/or Contents Insurance. For instance, if you have renovated your home or if you have purchased new furniture/appliances, this may have an impact on your home and contents sums insured.

Are rented items (furniture, electronics, etc) covered by my Contents policy?

Yes, if they are rented under a signed rental agreement which makes you legally responsible for these items, then a Contents policy will insure these items for loss or damage.

Are my carpets & window coverings covered by my Home Building or my Contents Insurance?

Damage to carpets and window coverings (ie. Blinds, curtains, etc) are covered are covered if you have contents an insurance policy which includes contents.

Is my Home covered while I am away on holidays?

Yes, your home is covered for up to 60* consecutive days. If you are going on holidays for more than 60* days and leaving your home unoccupied, you must notify us and obtain written consent for continuation of cover beyond 60 days.

If your home is going to be unoccupied for more than 60* days, the underwriter may:

  • Ask for extra security
  • Ask that someone visit your home weekly while you're away to collect mail and maintain lawns
  • Impose a larger excess or charge an additional premium
  • Discontinue cover
WARNING: if you re-rent your home to a third party through a provider like Airbnb you may invalidate your home and contents insurance. Please call us if you are proposing to use this service.
Why is the unoccupancy period limited to 60* days?

When a home is unoccupied, it becomes more exposed to the risk of loss or damage. According to our claims data, the most likely causes of loss or damage while the home is unoccupied are:

  • Theft and damage caused by thieves
  • Malicious damage
  • Fire

Because of the increased risk associated with you leaving your Home unoccupied, we will only provide cover for up to 60* days, unless otherwise agreed.

What does new for old replacement mean?

If your home is damaged beyond repair or your belongings are damaged beyond repair or stolen, the policy will replace your home and contents new for old, regardless of their age.

Does my Insurance provide cover for a visitor's possessions?

You will receive up to $5,000 cover on your visitor's belongings in the event of loss or damage. This additional feature is not available on Landlords Insurance policies.

What is Legal Liability on Home and Contents?

Legal Liability covers death or bodily injury to other people, or loss or damage to their property resulting from an incident which happens at the insured address. For instance, if a person was to come onto your property and injure themselves tripping whilst climbing the stairs, the legal liability component of your policy could cover you if they seek the payment of damages.

Legal Liability on Contents also covers compensation for an incident, which causes death or bodily injury to other people anywhere in Australia. So if you were playing golf and your ball was to strike another player causing injury, we will cover your legal liability.

What should I do if I need to make a claim?

At La Trobe Financial we try to make filing a claim as easy for you as possible. If you follow the instructions below, you will make it easier to finalise your claim.

  • Notify the police immediately of any theft or damage by intruders.
  • Notify the insurer as soon as possible.
  • Prevent additional losses. If your home is burgled, secure any points of entry after the police have gone. If it is damaged by fire, storm or flood, try to seal off any points where rainwater might be able to get in. Make sure you tell us about all permanent repairs before they are carried out.
  • A loss adjuster (claims assessor) may need to check the extent of the loss or damage. The adjuster may need any information or documents you have that relate to the claim.
  • Have your receipts or valuations of special items available for our insurance department.

To lodge a claim for your La Trobe Financial insurance policy underwritten by CGU, you will need to call and speak to a claims specialist on 1300 886 022.

For any La Trobe Financial insurance policies underwritten by Calliden please call 1300 880 037 to speak to a claims specialist.

What are excesses?

If you make a claim, the excess is the amount you have to pay for each incident. The amount and type of excesses that apply to your policy are shown on your Certificate of Insurance. Our insurer will deduct the excess from the amount payable to you following a claim, or it will ask you to pay the excess to a supplier, repairer or us.

Depending on the circumstances of your claim, you may be required to pay an additional excess.

Should I keep an inventory of my contents?

It's wise to maintain a detailed list of electrical equipment, which should include makes, models, serial numbers, etc. This will come in handy if you ever need to make a claim.

You should also keep a list of other valuable items that are likely targets for burglars, for instance jewellery, CDs, art works, collections, memorabilia and hand woven rugs.

This list should include full descriptions, valuation certificates and receipts. Photographs or video camera sweeps of your home showing contents items can also be useful in the event of a claim.

What proof do I need when I make a claim?

We will ask you for proof of purchase or evidence of value and ownership at the time of claim. This could be a store or credit card receipt, user manuals for recently purchased electrical items, or even a receipt of repair to the item.

We suggest that you store all of your receipts or valuations in a fireproof area or container.

How are claims paid?

When settling claims, the insurer provides new for old replacement regardless of age, with no allowance for depreciation. We can:

  • Replace or repair damaged items with new items or new materials available from Australian suppliers, or
  • Pay you what it would cost us to repair or replace your Home and or Contents new for old.

However our insurer will not:

  • Pay extra to repair or replace an item to a better standard, specification or quality than it was before the loss or damage occurred
  • Fix a fault that existed before the loss or damage occurred.
  • Pay to replace undamaged parts of your Home and or Contents to create a uniform appearance.