August 05, 2021
Why do I need landlord insurance?
Whether you are a first-time landlord or a seasoned property investor, it is critical that you are protected from financial risk by obtaining good landlord insurance.
Not all landlord insurance policies are the same, you must make sure to compare apples with apples to make sure you have adequate cover.
Landlord insurance works to cover a landlord's financial liability for a myriad of reasons. A basic contents insurance policy may also be required for your property, for items not covered by landlord insurance.
Landlord insurance provides cover for the following:
Loss of rental income including
Failure to give vacant possession
Death of a tenant
Prevention of access
Storm or rainwater
Escape of liquid
Fire (including bushfire) or explosion
Additional benefits can include legal expenses, replacement of locks, emergency service damage and legal liability cover.
Taking the time to select the correct policy is important when the time comes to make a claim.
Whether you are a self-managing landlord, or have a property manager, we recommend landlord insurance specialists Terri Scheer for all your property insurance needs.