Landlord Insurance is a specific insurance policy designed to financially protect investment property owners for common risks associated with renting out their investment properties.
Even with the best screening practices & techniques, incidents can and do happen all over Australia on a daily basis. Your investment property is your asset, and it’s worth protecting properly. Landlords cover is available for theft, malicious damage or vandalism caused by a tenant, and also incorporates an option for rent loss coverage.
We have specifically designed the landlord insurance policy to meet your needs, allowing you peace of mind and confidence that your investment property will be in safe hands should something go wrong.
Most policies cover the main dwelling plus any other domestic use garage, outbuildings, walls, gates, fences, driveways, verandas, patios, in-ground swimming pools and any landlords fixtures and fittings such as stoves, built in air conditioning, kitchens, etc. Ensure that your sum insured covers the cost of the current rebuilding value, plus costs associated with removal and dumping of the damaged property and any other professional costs associated with rebuilding (such as architects, soil tests, application fees etc.)
Covering the cost of replacing furniture, carpets, curtains, internal blinds etc. Note that the definition of contents will change from policy to policy and some items may or may not be covered by the building section.
Cover for your loss or damage to building and / or contents at the situation caused by a deliberate or intentional act by a tenant. This will generally include larceny, theft, malicious damage or vandalism.
If a tenant defaults on the payment of their rent, vacates the premises – leaving them unfit for occupation, vacates without notice prior to their lease expiry date or is legally evicted from the situation, then cover is generally available under this type of extension.
When a building, insured under a landlord’s policy, is damaged and cannot be inhabited then this extension to cover will pay the amount insured for the weekly rent that cannot be charged on the property.
This covers you if you were to be responsible for another person being injured or if they have any of their property damaged while on your property. It does not cover the liability of other people who work in or on your home, such as cleaners, gardeners, builders or plumbers. These people should have their own business liability insurance policy to protect them for the damage they may do to your tenant or your property.
If you are a landlord of a short-stay rental property, such as a holiday rental, and your property is professionally managed, you can get a short-stay landlord policy which covers situations unique to holiday properties.
These can include the death or serious illness of a guest and consequent difficulty in subsequent rentals, and failure to give vacant possession when a short stay tenancy is complete.