Death, Sickness and Disability Insurance

Your Future Plans for Building Wealth are Worth Protecting

Prowealth has teamed up with Financial Lifestyle Solutions to offer a range of insurance products.

If you were to suffer an unforeseen event such as:

➢ Death,
➢ Major Health Trauma,
➢ Sickness or Accident that prevents you from working, or
➢ Total and Permanent Disability

….your future financial security may be at risk

Imagine you or your family having to suffer the extra hardship of having to sell assets, clear debts and struggling to make ends meet because you were not adequately covered financially.

A sound financial strategy for the future includes a Wealth Protection plan that covers:
➢ Your home loan, and any other personal loans
➢ Investment loans
➢ Loss of income
➢ Immediate expenses such as funeral, medical, etc

We provide comprehensive and professional advice covering all aspects of Financial Planning, including Wealth Protection, Superannuation, Self-Managed Super Funds and Estate Planning.

If you would like us to assist you in protecting your wealth assets and future goals, please contact Prowealth and we will arrange for one of the qualified and experienced Financial Advisers at Prowealth Financial Planning to contact you.

Alternatively, you can -
Click on the link below
Complete the attached enquiry / application form
Fax it to us on 02 43 222 247 or email to info@prowealth.com.au
and we will arrange for someone to contact you with a quote within 48 hours.

Download Form

Exclusive - No Vacancy Gap Cover

One of our core philosophies at Prowealth is diligent research into the areas and properties in which we sell to our valued clients. Many clients do however express concern as to what might happen if their property was vacant for a period of time through the normal course of leasing the property or changeover of tenants.

To assure you of our belief in the area and properties we recommend, we now offer exclusive 3 year ‘No Vacancy’ Gap Cover on selected properties for a small additional investment.

Is this a 'rental guarantee' ? What do we mean by 'additional investment' ?

Many property groups, property developers and some government departments offer 'rental guarantees' when they market or sell investment property. They might give you a 5, 10 or even 15 year rental guarantee for a certain amount of rent for the period.

The reality is that you are more than likely paying for that guarantee in the purchase price of the property. We have seen examples where property is inflated by $10,000 or more to offer such a rental guarantee. On these occasions a property valuer will generally down value your purchase by the amount of the rental guarantee, so in essence, you are simply paying an inflated amount in advance to the developer to cover any shortfall in rent.

At Prowealth we have always been against this type of marketing as we believe the property should stand on its own when it comes to rental and no guarantee should be needed if the property is in a well located area with high rental demand. The property should also pass an independent valuation.

However, many clients do however express concern as to what might happen if their property was vacant for a period of time through the normal course of leasing the property or changeover of tenants and this is the reason why we have implemented an OPTIONAL 3 Year 'No Vacancy' Gap Cover program.

How it works -

1. Select your Prowealth Investment Property and check its available in the program.
(currently only available for new purchases after 1st August 2010)
2. Obtain a quote for the Gap Cover premium from us.
3. Decide, based on the premium payable if you want the Gap Cover or not.

We don't inflate the purchase price and can you decide if you want the
3 Year No Vacancy Gap Cover or not.

To give you an example, on a property that usually rents for say $300 per week, the premium payable would $1,500. (Which is the equivalent of 5 weeks rent in this case).

You can then decide if you believe the property could be vacant for longer than 5 weeks over a 3 year period or not. If you believe it may be, then the Gap Cover is a smart choice. If you don't think it could be vacant more than 5 weeks, don't take the Gap Cover. Pretty simple really.

The Gap Cover premium can be borrowed in your loan for the property and is also fully tax deductable, so the actual premium is much less when you take this into account.

Prowealth's 3 Year 'no Vacancy' Gap Cover really gives you total peace of mind for your new Prowealth Investment Property.

Download the flyer below.

Ask your consultant about this Gap Cover option today or phone our office on 1800 13 22 64 to arrange an appointment.
Some conditions apply.

Form here

EBM Rent Cover Ultra

Even the best tenants can have difficulties or accidents that can result in property damage and lost rent. RentCoverUltra covers you against theft and damage (accidental or malicious) by your tenants or their guests, to $50,000. It also covers rental income loss due to unpaid rent (depending on the circumstances) or vacancy while insured damage is repaired.

With RentCoverUltra we'll also help with up to $50,000 for "defined events" such as fire, storm, and water damage to your contents (carpets, curtains, blinds, light fittings etc. And should an accident occur on the property, RentCoverUltra insures you for legal liability cover to $20,000,000.

RentCoverUltra is how tens of thousands of landlords throughout Australia protect their income and their asset, at a highly competitive premium cost. The features of RentCoverUltra include:

Low Excesses - the portion you contribute towards the claim (the excess) is extremely low when compared to many policies. In fact, Loss of Rent claims have no excess whatsoever.
Quick Claim Settlements - nothing is worse than battling to have your claim paid and sometimes waiting for months. RentCoverUltra claims are settled under a claim settling authority which means that most claims can be settled within 5 working days.
Accidental/Malicious Damage - most policies will only cover Accidental Damage to your contents but RentCoverUltra pays valid claims for Accidental or

What is covered by RentCoverUltra

Loss of Rent due to: Cover
Denial of Access 52 weeks
Prevention of Access 52 weeks
Default of Rent 6 weeks
Departure without notice 6 weeks
Breaking of lease 6 weeks
Malicious Damage 52 weeks
Accidental Damage to Contents 52 weeks
Accidental Damage to Building 52 weeks
Theft by Tenant 52 weeks
Hardship 6 weeks
Death of a Tenant 6 weeks
Defined Risks to contents (Fire and storm etc.) $10,000
Damage & Theft (building)
Malicious Damage $50,000
Accidental Damage $50,000
Theft by the Tenant $50,000
Damage & Theft (contents)
Malicious Damage $50,000
Accidental Damage $50,000
Theft by the Tenant $50,000
Defined Risks (Fire and storm etc.) $50,000
Legal Costs $5,000
Legal Liability $20,000,000 Malicious Damage to both your building and contents.

To see the frequently asked questions, simply scroll to the bottom of this page.

PDS Statement

EBM Rent Cover Platinum

EBM Insurance Brokers makes it simple, fast and inexpensive to combine comprehensive cover for the building and contents with the protection of landlords' insurance, in one policy. Choosing RentCoverPlatinum covers the investment property home and contents against a range of insurable events as well as damage by the tenants, and protects your rental income at a premium around 20% cheaper than buying both policies individually.

With RentCoverPlatinum, you're covered for damage to the building or contents through fire, earthquake, explosion, storm or rainwater (but not flood) glass breakage, impact, theft, fusion, malicious acts by intruders or water damage from burst pipes or overflowing sinks.

In addition, you get all the tenant-related features of RentCoverUltra, including:

Malicious damage or theft by tenants as well as accidental damage to both building and contents including unauthorised home alterations, up to $50,000.
Unpaid rent in many situations such as breaking of leases and default (up to 52 weeks depending on circumstances).
Legal Expenses in minimising a claim up to $5,000.
Tenant Hardship and Death of a Sole Tenant.
Legal liability claims arising from injury or other circumstances on your property, up to $20 million.
Tax Audit cover - pays professional fees up to $1,000 incurred by you due to a Tax Audit in respect of the income from your investment property.
Workers Compensation cover (WA only).
Choosing RentCoverPlatinum makes it easier to make and manage claims as well, with these benefits:

No excess on Loss of Rent claims.
Low excesses on damage claims compared to many other policies.
More comprehensive cover, including Accidental Damage to the building as well as contents.
Claims settled faster under EBM's claims settling authority rather than going to the Insurer - usually in just 5 working days.

To see the frequently asked questions, simply scroll to the bottom of this page.

PDS Platinum

FAQ for Landlord Insurance

1 - Why do I need it?
Most owners would not contemplate going without their fire and storm insurance because we've been conditioned to understand the risk. However, the incidents covered by RentCoverUltra happen far more often.

2 - I've already got insurance!
The problem is that many of the major risks associated with rental properties are not covered under normal household insurance. These exclusions include "loss of rent" and "damage by tenants".

Note: The owner may have "loss of rent" if their property burns to the ground for example, but not under the common circumstances, such as a tenant who just doesn't pay the rent.

3 - If my property manager does their job properly, I don't need this!
Unfortunately, these days no matter how well a property manager does their job, some things are beyond their control. These include - loss of jobs, domestic disputes, tenant illness or death, breaking of leases for personal reasons etc., as well as many accidental damage situations. Tenants are also becoming increasingly devious in using false references etc., as well as tribunals and courts becoming more sympathetic towards the tenant.

4 - I'm already covered against loss of rent and damage
You should read your existing policy carefully. You are likely to find:
Loss of rent may only be payable due to damage by an insured risk (e.g. fire, storm damage). No cover for rent default, broken leases, denial of access by the tenant etc. which are far more common.
Many policies either exclude damage caused by the tenant or it is provided with a high excess applicable. There are also many accidental damage possibilities not payable under normal household insurance (or many landlord policies) that are payable under RentCoverUltra.

5 - We've already got a bond
Yes, but unfortunately there are an increasing number of cases where the bond is just not enough. Take the simplest example where a tenant doesn't pay the last four weeks rent because they figure "that's our bond anyway". This leaves no money for the inevitable cleaning, lawn and minor repairs.

With RentCoverUltra the bond money could be used to pay all the expenses you are legally entitled to, and you can claim for the loss of rent. The result being you would not be out of pocket or would at least have your loss reduced.

6 - What damage does it cover?
Your normal household policy is only designed to cover certain circumstances such as fire and storm damage. What it may not cover is damage caused by the tenant, yet this is a far more common event.

Malicious Damage: The extreme is where a tenant deliberately damages your property. This may occur when you have issued them with a "notice to quit" for being behind in their rent. You may be acting legally but cannot prevent a disagreeable tenant damaging your property. It also may just happen during a tenancy, the tenant may have lost their job, and take out their frustration on the property.

We've had many incidents where a tenant has been given a notice to quit for being in arrears, when they have left 2 weeks later they have left a property with holes in walls, curtains torn, and major stains on the carpet. These types of claims have resulted in settlements in excess of $30,000.

Without RentCoverUltra these owners would have been left with a severely damaged property and possibly no funds to return it to a relettable condition.

Accidental Damage: Sometimes things occur which weren't done deliberately by the tenant. The policy will also cover many of these accidental damage situations.

One important aspect of this feature is that it takes the onus of proof off you to prove that the tenant did it maliciously.

e.g. Tenant held a party in the property. The party got out of hand and there are stains that cannot be removed to your brand new carpet. The following morning the tenant decides to remove the stains, finding them difficult, they use bleach. Few insurance policies will cover this, RentCoverUltra does.

7 - What damage won't it cover?
The damage section is designed for specific incidents that occur, not for a general deterioration of the property. This means that not every nick and scratch that happens, nor wear and tear, will be included in a claim settlement. Relate this to your car insurance; Insurers pay out for an accident, but not every bump throughout the car’s life.

8 - What loss of rent will it cover?
The highest number of claims occur in the loss of rent section. This is designed to cover virtually every situation where the tenant does something wrong. These circumstances include:

A tenant who leaves owing rent.
A tenant who leaves before their lease has expired.
The time taken to repair a property following damage that is payable by RentCoverUltra.
A tenant who refuses to leave your property and wont pay rent.

9 - Am I covered for rent loss if my agent can't find a tenant?
RentCoverUltra is not a general rental guarantee, in fact it is unlikely that you would find a policy that is. There may be cover whilst your property manager finds a new tenant in certain circumstances (such as following a tenant breaking their lease), however if the tenant has simply moved at the end of their lease there is no cover.

10 - What about theft by the tenant?
Theft of your fixtures and fittings such as carpets, curtains, blinds, light fittings, stoves, hot water systems etc. are covered by RentCoverUltra.

11 - What about my legal expenses?
We'll help out with up to $5,000 of legal expenses incurred while attempting to minimise a rent loss.

12 - What if a tenant injures themselves on my property and blames me?
This is where you need Owners Legal Liability Insurance which is automatically included in RentCoverUltra. A recent example was where a tenant held a party and one of the guests became intoxicated and fell through a balcony railing. The owner and the agent were sued for damages for not maintaining the property properly, the settlement was in excess of $1,000,000. RentCoverUltra includes $20,000,000 owners liability.

13 - What about fire and storm damage?
RentCoverUltra includes cover for landlords contents (such as carpets, curtains, blinds etc. as well as items left for the tenants use) against "defined risks" such as fire and storm damage. For houses you should ensure you have a suitable "defined risks" building policy in place.

14 - What about fire caused by the tenant?
Fire damage to your contents, whether caused by the tenant or otherwise, is covered by RentCoverUltra. In relation to the building it should normally be covered by your household insurance. For houses this would be your defined risks building insurer. For strata-titled properties the building would generally be covered by the body corporate insurance. It is important to note that some insurers do not include cover against fire by a tenant so it is imperative you check. If cover is obtained through EBM this risk is included.

15 - Are there many claims?
Over $4,000,000 in the last 12 months has been paid to owners just like you.

16 - What excess will I pay?
The following excesses apply:
Loss of Rent [nil]
Malicious Damage [$400 per claim]
Accidental Damage [$400 per event]
Theft by Tenant [$400 per claim]
Legal Expense [nil]
Owners Liability [nil]
Contents fire and perils [$100 per claim and earthquake - $200]

17 - My bond is not equivalent to 4 weeks rent
The policy requires a bond equivalent to at least 4 weeks rental value, however there are occasions when there may be circumstances that leave the bond short of this which may be deemed acceptable. If the bond is short because the rent has risen since the start of the tenancy (meaning the bond is only equivalent to 4 weeks of the original rental value) it will not present a problem. If submitting a claim where your bond is equivalent to less than 4 weeks rent include full details as to why this is the case so that it can be assessed. You can get advice by phoning 1800 661 662.

18 - How long does a claim take to settle?
Most claims are settled within 5 working days from when our claims office receive the full information they require. Once the settlement has been calculated the cheque is sent either to you or your real estate agent via Australia Post. Some claims take longer, particularly major damage claims and those requiring an assessor. If we require more information to settle your claim we will generally contact you or your property manager within 48 hours.

19 - What if I'm not satisfied with my claim settlement?
Clients who are not fully satisfied with our service should contact our customer relations/complaints officer. Elkington Bishop Molineaux Insurance Brokers Pty Ltd also subscribe to the Insurance Brokers Dispute Facility (IBDF), a free customer service, and the General Insurance Brokers Code of Practice. Further information is available by phoning 1800 661 662.

20 - What information is required to submit a claim?
Everything that is required when submitting a claim is detailed on the claim form, you can download the claim form here. Information not being supplied is likely to delay the settlement so it is worthwhile ensuring all information is included with the original claim form.

21 - Can I submit my claim by fax or email?
No. You need to submit an original claim form signed either by yourself or your managing agent. Faxed or emailed copies are not acceptable. Only submit information by fax if you are specifically requested to do so by an EBM claims officer.

22 - How do I arrange cover?
You can apply online simply by clicking here. Alternatively you can request a brochure and application form to be forwarded to you by contacting us.

23 - How much do I pay?
The price varies depending on where your property is located.

24 - How do I pay?
When you receive your invoice you will be offered a number of ways to pay including cheque, credit card and BPay. You can also pay by credit card by phoning 1800 661 662 during business hours. Should you wish to pay by cheque or money order payments can be sent to 4/651 Victoria Street, Abbotsford, VIC 3067.

25 - Is RentCoverUltra all I need?
RentCoverUltra is designed essentially for tenant-related risks as well as "defined risks" (fire, storm, water damage etc.) for your landlords contents. If you have a house you need to maintain a "defined risks" building policy, which can be arranged by contacting us on 1800 661 662.

26 - When should I take out cover?
You should only take cover when your tenant is up to date with their rent and you have a bond equivalent to at least 4 weeks rental value in place, or if you do not yet have a tenant you should arrange it immediately to ensure cover for your contents against "defined risks".

27 - Where do I send the application form?
Download one online by using the links above and send it to Prowealth.

28 - Is it tax deductible?
Generally yes, depending on your tax rate you may expect as much as 48.5% back as a tax deduction. You should check this with your accountant.