Landlord Insurance has been specifically designed to protect owners of investment properties. If you own a rental property, you are subject to the same risks as a homeowner. In addition to storm, flood and fire risks, you are also vulnerable to damage that tenants can do to your building. Should your tenants break lease or leave owing rent, there is the potential loss of valuable rental income.
Who needs it?
There are over 2 million Australians who own investment properties. It is a wise move to protect this asset with Landlords Insurance to protect this investment and the income it provides. In addition to a traditional long term leases, there are Landlord Insurance policies available for short term holiday rentals or holiday homes such as approved AirBnB and Stayz residences.
What does it cover?
This will depend on the type of landlord policy you decide to take out however it may include:
- Cover towards landlord’s contents – carpets, curtains, washing machines, hot water systems
- Cover for flood, fire or explosion
- Liability cover for injury or loss of life to a third party or their property
- Loss or damage caused by tenants or their visitors
- Option to cover loss of rent
- Electric motor burnout
What is excluded?
As with any policy there are exclusions. There is also often a deductible or excess and limits on cover so check with us to further investigate these on your behalf.