Landlord Insurance

Landlord insurance is designed to protect your property and contents from damage and is offered by a number of companies under the name of either landlord insurance or investment property insurance.

In choosing a landlord insurance policy there are a number of important things to consider.

Home and contents insurance

While most landlord insurance covers damage to the home often you need to choose contents insurance as an optional extra if you rent out the home with some furniture or items provided to the tenant. Make sure that the policy covers everything you need it to, but also check you’re not paying for anything unnecessary.

Tenant problems

Landlord insurance will generally deal tenant problems as such as rent defaulting or malicious damage, but some policies will also cover additional expenses as such as legal fees for certain actions against tenants. You can gain a lot of additional protection by choosing the best insurance deal.

In many cases tenant protection is offered as an extra or as a premium form of the insurance and so it is important to ensure that you are purchasing the right plan for your situation.

Investment property insurance

Investment property insurance will often cover both home and contents, and tenant problems, but they may also cover additional fees like demolition costs. When choosing an insurance plan it is important to decide whether you are likely to need these things and if not you may find it is more cost effective to stick with a designated landlord insurance scheme.

Insurance advice

Landlord insurance is offered in some form by most of the major insurers, including AAMI, NRMA, Commonwealth Bank and GIO and a number of these offer a variety of suitable plans or options.

When considering your insurance plan you should aim to look at as many of these options as possible and try to get the best deal that gives you want you want, but doesn’t expect you to pay for anything extra.