There are different insurance premium costs and other considerations that depend on the type of dwelling, the suburb or location and also the type of tenancy. That’s why it pays to talk to an experienced broker like Tudor to help you navigate the various options and levels of cover available to you.
Along with your typical 6 or 12 month lease situations for more permanent residents there are also short-term tenancies such as Airbnb and holiday rentals that require cover. It is important to check that you are actually covered for the type of rental structure you’re engaged in.
Like home insurance, landlord insurance can cover your rental property and its contents against risks like storms, floods and fire. It can also cover the damage that tenants can cause to your contents - and even loss of rental income.
Unlike some landlord policies, Landlord Insurance can cover holiday rentals and long term rentals.
Without landlord insurance, you could lose your valuable investment if it’s damaged or destroyed.
You could also lose income from rent if you’re unable to rent it out during repairs, or if your tenants get evicted or break the lease.
Anyone owning or part-owning a residence that is rented out in any way should seriously consider appropriate insurance.
This can include;
Other strata titles
Malicious damage by tennants
Landlords fixtures and fittings
Loss of rent