So you are a landlord - But do you have the right insurance coverage?

Landlords insurance and Home & Contents insurance are two very different coverages even though they are both covering your property and contents.

Standard home & contents covers you for your building that you and your family live in, as well as the contents you keep within the home. Depending on your coverage you would be covered for any losses or damages done by you, your family and the environment.

When you rent out your property you need to have landlords insurance as it has many extra features that protect you as a landlord that your standard coverage wont.

What does landlord insurance cover?

Building

It will cover you for damage that may be caused to your building depending on the level of coverage that you use. This part of the insurance is similar to how home and contents insurance works.

Landlords Contents

This covers you for your fitting and fixtures within the building, this is thinks like your carpets, cupboards, benches etc. It also covers you for any form of furniture, appliances or other contents you may keep in the property that the tenants have access to.

Damage by tenant

This covers you for any from of damage that may be cause by the tenant, for example if they were to put a few holes in a wall while moving out.

Theft by tenant

This covers you if your tenant was to steal anything from your property, for example if you had furniture provided and when they moved out they took all your furniture with them.

Landlord liability

This covers you for death or injury to other people (tenant or guests) or damage to other people's property, for example if the timber on the stairs was to rot and the tenant was to fall and break their back you would be liable for the costs.

Rent default

This covers you for if a tenant fails to pay the agreed rent and is breach of a written rental agreement. For example if a tenant leaves without notice and you lose 3 months of rent you would be able to claim this back under rent default so long as their lease was still in place.

Loss of rent

This covers you for if your building was to suffer a loss or damage and is uninhabitable, this causes you to lose your rental income. For example your house flooded and repairs were going to take 4 months and the property was uninhabitable.

Ensuring you have the right coverage to protect your self in your time of need is hard. That is why we are here to not only protect you, but also your world.

Brokers take the time to determine what you need as well as listen to what you want to cover. Then go to the market to find you the best policy to fit your wants, needs and budget.

Remember, brokers are in your corner because they work for you, not the insurers.