Landlord insurance provides protection for your property against malicious or willful damage and loss of rental income as well as legal liability relating to injuries or damage resulting from management or ownership of the property.
Why would I need landlord insurance?
If you are a landlord, your property (the building) and any contents you have in it (such as curtains, blinds, and other items that are not fixtures of the property), are susceptible to many new risks associated with tenants, along with the normal threats facing property ownership. Landlord insurance protects your investment and can cover lost rent in certain circumstances. Additionally, for those people who have the need for a mortgage over their property, most banks will generally require that you adequately insure your home as a condition of the loan to ensure that they are covered should anything occur to destroy the building.
Different cover options available
If your tenant stops paying rent during the term of your rental agreement, your insurance pays you while you organise another tenant.
Vandalism, malicious damage or theft
If your rented buildings or contents suffer loss or damage caused by your tenant, your insurance will pay you to repair or replace your property, ensuring your investment’s back in the black in no time.
Landlord Insurance buildings cover
This insures the residential buildings you own or have an insurable interest in, for replacement or repairs up to the sum insured. This includes damage to the walls, the roof and the floor, plus any structural improvements.
Landlord Insurance contents cover
Will insure all your contents in your investment property that are provided for use by your tenant. In a strata title development, this includes fixtures and fittings which are not able to be insured by the owners’ corporation or body corporate.
Loss of rent
“If your tenant stops paying rent during the term of your rental agreement, your insurance company may pay you while you organise another tenant” depending on the terms and conditions of your policy.
If an incident occurs on your property’s site causing death or bodily injury to other people (or loss or damage to other people’s property) and you’re legally liable, your insurance may pay up to $30 million (inclusive of GST) depending on the policy selected. This includes cover for the legal costs if lawyers are involved with the claim.
If you would like further information on the products we offer or would like a quote on landlords insurance please contact our office.