Looking Onwards to 2023It’s been another big year for Australia and the world with the ongoing pandemic, cost of living crisis, war in Ukraine, and supply chain crunch all adding to a general sense of …
Owning an investment property that is rented out comes with the same risks as any homeownership.
Among them, damage caused by storms, fires or floods. What’s more, you’re vulnerable to any damage your tenants may cause to your property and its contents or the loss of valuable rental income.
Landlord Insurance can cover you if you’re unable to rent out your property while it’s being repaired. It can also compensate you if your tenants break the lease or leave owing you rent.
Do I need Landlord Insurance?
If you own a rental property you should have landlord insurance. Many lenders even make it a requirement of a loan for an investment property.
What can Landlord Insurance cover?
The exact cover you’ll receive depends on the Landlord Insurance policy that you take out, but your Landlord Insurance policy may include:
- Automatic cover for flood, fire or explosion.
- Liability cover for injury or loss of life to a third party or their property
- Cover for the landlord’s contents – e.g. carpets, curtains, washing machines and ovens.
- The option to cover loss of rent.
- Loss or damage caused by tenants or their visitors.
- Extra cover for demolition and debris removal.
- Catastrophe cover
- Electric motor burnout
- Tax audit cover (up to $5,000)
What isn’t covered?
There are exclusions and there is often also a deductible or excess and/or other limits on cover. We can make sure you are aware of all that apply to the cover you select so talk to us about your specific needs and concerns.