What can I get included in my Landlord’s insurance policy?
Rent default and theft by tenant
- To cover any damage to the interior of your property such as walls/ carpets/ windows etc which may be caused by client misuse or neglect and to cover your income should you be without a tenant/ have a tenant who falls behind on rent
- For partly or fully furnished homes this could protect your added assets in the event of damage
Strata title mortgage protection
If the strata title development containing your lot is completely destroyed as a result of most natural disasters OR if the body corporate of the Strata title has failed to insure or has inadequately insured the common property of the strata title they will pay your mortgagees:
- The unpaid balance of your mortgage(s) at the date of loss of damage
- The amount of loss or damage
Landlord workers compensation
- Where you employ a person to do work around your rental property, we will pay the amount you are liable to pay if they are injured while working with you.
How much does Landlord’s Insurance cost and how often do I have to pay?
- Your premium will vary according to the replacement value of your property, your added policies and some other criteria
- You can choose to pay in monthly or yearly installments, simply ask us for more information.
Is Landlord’s insurance really necessary?
- Short answer, probably. This is because you would otherwise be completely out-of-pocket for all expenses if a large array of common misfortunes were to obstruct the seemingly simple act of being a landlord. Such misfortunes are covered in the policy extras you can include in your premium.
- Also, it is worth noting that your tenants have a lot of rights under the present legislation – this means that as the landlord you are required by law to make certain repairs and liabilities within a timely manner irrespective of your financial circumstances.