Landlords Insurance Information
What is Landlords Insurance?
Landlords insurance comprises of the following:
» Building Insurance Covers the structure of a landlords property. This also includes the garage, fixed coverings to walls, floors and ceilings, awnings and anything permanently built or installed on your property for domestic purposes (including swimming pools).
» Contents Insurance is designed to protect your belongings. This includes your carpets and internal blinds, fixtures and fittings, furniture and furnishings, household electrical goods, swimming pools and spas not permanently installed.
Most landlords insurance policies will also offer the following additional coverage options:
» Liability insurance covers you for any claim for compensation made against you for an incident which you become legally liable (eg. death of or injury to any person or loss of or damage to property).
» Loss of Rent cover which protects your rental income in the event of the property being so badly damaged that is must be vacated for a period of time.
» Tenant Default cover which protects you against a tenant leaving the premises before the end of their lease without giving the landlord or their agent notice, a tenant not paying rent, or a tenant being legally evicted.
» Theft by a Tenant cover protects you where there is theft of your property by a tenant or their visitors, or their visitors children.
Who needs Landlords Insurance?
Anyone who owns and leases out a residential property; including flats, unit, apartments and houses.
Important Tips
» When determining the value of your building, you need to make sure you insure your structure for the replacement costs 'at the time of loss', not the price in which you paid when you first purchased to home.
» To determine the correct Loss of Rent sum to insure, you need to calculate your weekly rental income by 52 weeks.
More Information
To obtain a quotation or further information on Landlords Insurance you can contact one of our experienced brokers toll free on 1-3000-COVER.
Alternatively, click here to complete a contact request and a broker from our General Insurance team will contact you within one business day.
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