Protect your property investment with landlords insurance

Just as there are countless different types of tenants, so too are there all sorts of different landlord insurance policies.

And just as you’d want to ensure the right kind of tenant ends up living in your property, all landlords ought to be just as careful about their insurance choices – because it’s never a case of ‘one size fits all’.

While people spend an eternity finding the perfect investment property for future growth and capital gain, they often skimp on some of the essential expenses - and insurance is often high on the list of things you might skimp on. Premiums can differ in price, but it is important to understand why they differ and essential to get the right cover to protect your investment.

"It pays to check you are covered for acts of nature, particularly if your property is in a flood prone, storm or bushfire prone area."

Check the fine print when it comes to what you will actually be covered for when it comes to the building. You should get cover for: pipes and cables, gas or plumbing systems; fixtures and fittings; your car port or shed; outside blinds or awnings; and any appliances.

Building insurance should cover you for partial or complete destruction of the property and cover you for lost rent while the place is being repaired and untenanted. Your cover should also take into account any damage caused by the tenant or their guests.

And don’t think you don’t need contents insurance just because it’s unfurnished. Contents also covers such things as: carpet, window coverings, light fittings which aren’t fixed to the house, as well as any other domestic appliances, utensils or furniture you may choose to lease with the property.

Landlord’s insurance should also cover you for rental default – usually this takes about a month to kick in, but being able to claim that lost rent to cover your mortgage could prove a godsend,

"Fortunately finding the right broker to help you is much easier than pinpointing the perfect property."

The service you get from your insurer is very important, especially where you may not live near your investment property. In the event of physical damage, you want to know how quickly and when you can claim. Many insurers operate 24/7, but it is good to confirm that in advance of making your choice.

It pays to check you are covered for acts of nature, particularly if your property is in a flood prone, storm or bushfire prone area.

There is a lot to consider when incomes to Landlord Insurance and it pays to enlist the help of an insurance broker to help you wade through the myriad of options available to make sure the cover you have is just right for your circumstances.

Fortunately finding the right insurance broker to help you is much easier than pinpointing the perfect property, or wading through the policies yourself. Simply use the broker finder tool on this webpage, or call 1300 53 10 73 to find a broker near you who specialises in providing advice on landlords insurance.

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