Sell with Confidence
Read More

Landlord insurance – Are you really covered?

By Tamara Lloyd

Like all insurances, landlord insurance policies are not created equal. Before purchasing or renewing your coverage, it’s essential to thoroughly read the fine print.

When you have an investment property, landlord insurance should be on the top of your “must haves” list.

It’s additional coverage that building and contents insurance won’t cover you for including loss of rent, malicious damage or even legal costs for evicting a tenant. The good news is; being an investors expense, the cost is tax deductible.

When selecting your insurance, you need to do your research and review what each policy does and doesn’t cover, we’ve witnessed too many scenarios where the landlord discovers this and it is simply too late.

Some of the aspects to identify include whether:

  • Your insurer recognises a periodic lease as a lease. You want to ensure you are still covered if your tenant goes on a month by month tenancy at the end of their fixed term lease. The policy has a weekly rent limit.
  • It covers damage caused by the tenant, tenant’s guests or their pets. Make sure to verify whether they will pay for accidental damage or malicious damage only
  • It covers for theft or burglary caused by the tenant
  • It includes public liability cover for injury to someone visiting your investment property
  • You’re covered for rental loss and for what scenarios (i.e. death of tenant, rental default, failure to pay or vacate)
  • You’re covered for repairs or maintenance including change of locks and removal of tenant’s goods

Take the time to review your Product Disclosure Statements – otherwise you may regret it. We encourage landlords to review landlords insurance by Property Insurance Plus and EBM Insurance to see if they are a good fit for you.

For more information please contact us on 9725 7444.

Up to Date

Latest News

  • Rolling Lockdowns and the Real Estate Market

    Rolling lockdowns seem to be the mid-term future of most Australian capital cities. In Melbourne, we are accustomed to these after all the practice we got last year and perhaps it’s this fact, or simply buyers’ and sellers’ motivation, that has kept the market strong here – it seems buyers … Read more

    Read Full Post

  • High-end property to continue to be in high demand

    The drivers of demand for our most expensive properties has been consistent with the general market – very low interest rates and high savings rates means there is plenty of buyer competition for these high end homes. Plus there is also accelerated growth in regional areas due to many buyers … Read more

    Read Full Post