If you own an apartment, townhouse, or house, Landlord insurance is vitally important protection to have for your investment property.

You can insure your:

  1. Building,
  2. Landlord’s contents / fixtures & fittings, and
  3. Liability

and also add cover for:

  1. Loss of rent,
  2. Rent default & theft by tenants,
  3. Strata title mortgagee protection.

In addition to the type of losses you Insure your own Home for, Landlord Insurance needs to cover you for tenant-related losses. Things like loss of rent due to the tenant breaking their lease, eviction costs,  Accidental damage caused by tenants (like drink spills on carpets.) or worse still – malicious damage by tenants.

Not all Landlords policies cover these events and the price of the cover varies accordingly.

 

Handy hints

– Short term or holiday leasing will generally increase the cost/reduce the cover available.

– Most Insurers require professional property management for rental default cover.

– Buildings need to be insured for their full replacement value

– Contents includes any household goods that you own such as carpets, curtains, internal blinds and any other furnishings that are not built-in.  Also includes structural improvements (such as pergolas, sunrooms) for which the Body Corporate is not responsible.