Firstly, what is included in Landlords Insurance?
A good Landlord Insurance policy protects you as a homeowner against tenant, pet or scorching related damage, as well as contents such as theft, fire or weather related damage. It should also cover you for loss of rental income, which can be a huge set back for you being the homeowner.
What your insurance covers will slightly differ depending on what insurer you choose. We prefer Terri Sheer, they are easy to sign up and offer many additional benefits that other insurers don’t include as standard. So if you don’t have insurance, and think you should please see the link below for further information on what they cover, and to get a quote.
https://www.terrischeer.com.au/
Why should you have it?
When you decide to become a Landlord you expose yourself to many risks, being tenant or property associated. You might think it isn't necessary to have Landlords Insurance and that you might have things under control without it. Whether you manage your property yourself, or through a property manager, we want to highlight the benefits and show why it’s best to have it.
Without insurance you are entirely responsible for any tenant-related costs, such as any content damage, break/eviction fees or loss of rent should they occur during their tenancy. Some other insurances may not cover any of these costs, and in most cases their bond will not be enough. If you rely on just the bond, you could incur extra charges that you must cover upfront.
Landlord Insurance can provide peace of mind and prevent any stress as your property is covered should anything go wrong. It is easy to think or hope that you will not run into any issues, however it is better to be safe than sorry, in our opinion. Accidents can occur, even with the best tenants in your property.
All in all, we want all Landlords to be covered and not be out of pocket for anything preventable. Please follow the above link for an extensive list of what you can be covered for.
DISCLAIMER
The following advice is of a general nature only and intended as a broad guide. The advice should not be regarded as legal, financial or real estate advice. You should make your own inquiries and obtain independent professional advice tailored to your specific circumstances before making any legal, financial or real estate decisions.