Do you need Landlord Insurance?

When leasing out any property risks must be considered. We recommend that any person to avoid unnecessary exposure research and invest into the best comprehensive landlords insurance policy.

The areas we specifically recommend that landlords or people new to the investment property game note include: 

  • Loss of rent cover – Specifically how long does the cover last and under what circumstances the policy will cover this.
  • Accidental damage and Malicious damage– We would again try to obtain the most comprehensive package, it is important to take time to read the small print.
  • Excess amount and how many are payable depending on the situation (Some policies will charge multiple excesses for different items, even if they all happened at the same time).

The following loop hole and issues with policies at the time of claim include: 

  • Insurance does not pay the first 4 weeks rent loss and then have an excess on top of that.
  • Insurance will not pay claims if a Tenant is on a periodic lease or lease continuation.
  • Policy does not pay claims where a Tenant has applied to the court on hardship grounds.
  • Policy will not pay Tenant damage without a police report.
  • Coverage does not pay Tenant damage unless it can be proven that the Tenant did it with malicious intent.

Specifically to city apartments it is important to remember that owners corporation insurance will only cover building related items and not contents items such as carpet, paint, blinds and floorboards. This is another reason for our strong recommendation. 

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