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Know the Ins and Outs of Your Landlord Insurance

By Tamara Lloyd

With the introduction of new legislation and the changes to the real estate market here in Victoria, it has never been more important to have reliable and comprehensive insurance cover as a rental provider. When was the last time you reviewed your landlord insurance? Let’s be honest – insurance policies are difficult to navigate and finding the right one among the plethora of choices can be confusing and overwhelming. But taking the time to find the right policy, no matter how onerous a task it may seem, is essential. After all, there is no point in having cover if you aren’t covered for the right thing at the right time.  A great example of this is the introduction of legislation that precludes rental providers from discriminating against pets. Does your insurance cover pets and any damage they might cause? Do your due diligence, read the disclaimers and the fine print, and check the changes that have been made in some policies because of COVID.

The legalese and mumbo jumbo that insurance policies include can be mind-numbing but it is important to understand what each part of your coverage means. For instance, take malicious and accidental damage. Does your policy cover both? These are two different things so ensuring the distinction is made in your policy is essential. For example, malicious damage involves criminal intent and usually needs to be reported to the police. It doesn’t include neglect, poor renter decisions or damage associated with pets. Making sure your policy spells out what is actually covered and that you understand it will give you peace of mind.

Some of the key things you need to check for include:

  • Pet Cover
  • Malicious Damage
  • Rental in arrears
  • Legal Liability
  • Failure to vacate

But you don’t need to tackle this by yourself. Engage an insurance broker that specialises in landlord insurance to help you navigate the choices and find the right policy for you. Companies such as Property Insurance Plus, Terri Scheer and EBM are all reliable organisations that offer good cover for rental providers. Take some time to review your existing policy and find out what changes you need to make to ensure you aren’t left out of pocket when you need to lodge a claim.

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