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. 

Keep up to date

get updates on properties, news and more across Melbourne

More To Explore

Lifestyle

Beef Rib Taco Recipe

Inspired by the Kansas City style of barbecuing and his love of flavors from the comfort foods of the southern United States, Lance closed his restaurant Rusk to embark on a new direction. One fueled by apple, oak and cherry wood. Many thought he had gone completely mad, even his wife. His love of BBQ

Insider Tips

Pros and Cons of investing in apartments

So you want to invest in real estate? Congratulations. It’s a big step and an exciting one. Real Estate has made many Australians wealthy and you could be the next real estate millionaire. With this post, we wanted to briefly touch upon the relative benefits of investing in apartments whilst also being realistic and looking

Insider Tips

Pets & Apartments: 6 Tips to Make It Work

Pets are an important part of the family. They can become an incredibly fulfilling part of your life. But having a pet when living in an apartment presents its own set of challenges. With this article, I want to share with you 6 tips that can help make apartment living with Pets work.  Speak with

Lifestyle

Simple ways of making your apartment feel larger

Living in apartments for any amount of time can get you feeling cooped up, hemmed in, and craving the outdoors. Humans and nature are inseparable, no matter how much we’ve evolved. The earth, sky, sunshine, greenery, and air calm and refresh us. One of the most straightforward solutions if you can’t go out to nature

Looking for a property?

Search across Melbourne with Buy Melbourne Apartments

Sign in to see your favourite properties

Save your favourite properties and access them anytime. Your shortlisted properties will appear on this page.