If you own an apartment, townhouse, or house, Landlord insurance is vitally important protection to have for your investment property.
You can insure your:
and also add cover for:
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.
– 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.