Landlords' Insurance: Protecting Your Investment
Once you’ve decided to rent out your property, the next decision you should make is what kind of insurance cover to get. While building insurance can help protect some aspects of your investment, landlords’ insurance can cover a number of situations that specifically impact rental properties, such as loss of rent due to tenant hardship, or damage caused by storm, flood, fire, pets, or the tenant—whether it be accidental or malicious. Some policies can even cover legal expenses.
While we take every precaution to prevent our landlords ever needing to make a claim, good tenants can ‘go bad’ or accidental damage can occur. We have lodged claims for landlords that have seen them recover lost rent due to tenant’s losing jobs, repair damage caused by storms or internal leaks, and even replace fixtures that were stolen from vacant properties. Most of our landlords have been pleasantly surprised at the payouts they’ve received from their insurer, and the whole process is made easy as we do all the hard work, from gathering evidence and quotes to liaising with your insurance company.
If you would like any advice about what benefits to look for in a landlords’ insurance policy—feel free to contact our office for advice. Note that not all polices are created equal, so it is vital to not just choose a policy based on price alone.
The best part is that insurance for your rental property is generally tax deductible, so it makes great financial sense to be covered. For a very comprehensive policy, visit rentcover.com.au