If you are fortunate to have an investment property, landlords insurance is a must-have.
Having landlords insurance is not a just in case you get the ‘tenant for hell’. Or your tenant decides to vandalise your property and leave you with a large damage bill. This is just part of the reasons you need it.
Freestanding house – If you have a freestanding house that you are renting out you will need landlords building and contents insurance.
Strata Title property – If you have a strata title property then you need landlords contents insurance as the strata insurance covers the building.
Damage
- Extreme weather can cause flooding to your property
- A tree may fall onto your property
- There may be a fire at your property
- Earthquake or storm damage
- A tenant leaves without notice and rent owing (rental default coverage)
- Faulty wiring or plumbing causing an injury
- Burst water pipes
- etc…
Coverage
Speaking to your insurance broker or insurance provider you can ensure that you are covered for everything you need or want to be covered for. Curtains, blinds, carpets, kitchens and bathrooms are all expensive to replace and a simple burst pipe can damage all these items. Unpaid rent, the need for your tenant to be rehoused and more can all be a part of your insurance coverage.
It is vital that you have a valid lease in place and you have regular property inspections so that if you need to claim it will be accepted by your insurance company.
If you are thinking of buying or selling an investment property – contact Select Conveyancing for all your conveyancing needs.
Note: This article is not providing advice it is just a suggestion to speak to your insurance professional to ensure you have the coverage you need. Speak to your current provider or speak to an insurance broker to ensure you are covered.
