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Landlord Insurance: Do You Have The Right Cover On Your Rental Property?
Commercial Property Insurance
Property Insurance
Owner Builders Insurance
Property Investor Insurance
Commercial Property Owners Insurance
If you’re a property investor, procuring the proper insurance is one of the best ways to protect yourself from financial disaster. When considering landlord insurance, you’ll want to ensure that you are covered for damage to your property’s structure and contents as well as for damage caused by tenants. In addition, landlord insurance can assist you with loss of rent in the event of a tenant default or eviction.
As a landlord, you’ll want to be certain you have the right insurance to cover you from these risks (no matter how unlikely) so that you can feel confident your assets are securely protected.
Risks for Properties
As with any property, it’s vital to have the appropriate cover for potential risks. Building coverage should cover damages resulting from natural disasters. This can include such things as flooding, storms, earthquake, and fire. Such catastrophic events may be unlikely to ever occur, but if they do, the financial repercussions would be enormous. It’s always better to be prepared for even the most uncommon of events, than to have inadequate coverage. The cost of yearly premiums is negligible when compared with the potential financial fallout from a major disaster.
Good coverage should include different aspects of your property’s structure, both internal and external. Make sure the policy covers cables, pipes, plumbing systems, and other permanent fixtures. Policies vary widely in what’s included in their coverage, so you’ll want to discuss your specific landlord needs with your insurance broker.
Specific Rental/Landlord Risks
Typical landlord insurance policies will include both building insurance (to protect the property itself) and coverage for tenancy issues. A strong policy will include protection for rent default should your tenants fail to pay their rent or if they break a lease agreement. It should take care of the legal costs that may result in such situations as well. You’ll also want to look for a policy that covers loss of your rental income if the property becomes uninhabitable due to damage. In the case of theft, vandalism, or malicious damage caused by your tenants, the right policy will cover the associated costs of repairs and resulting actions. Lastly, you’ll want to look for liability cover that protects you in case someone is injured while on your property, whether that be a tenant or one of their visitors.
A Broker Will Make Sure You’re Covered
Landlord insurance can cover the above concerns as well as countless other “add-ons” your situation might require. If you own several properties or one building with several units, you will have different needs than a single-home landlord with few tenants. Working with a qualified broker can give you true peace of mind that you’re selecting the best policy to handle your needs. Your broker will thoroughly assess your risks and work on your behalf, finding you the highest quality landlord insurance coverage, at the most reasonable price.
Cyber Liability Insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack.
Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.
A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.
Landlord insurance can cover the above concerns as well as countless other “add-ons” your situation might require. If you own several properties or one building with several units, you will have different needs than a single-home landlord with few tenants. Working with a qualified broker can give you true peace of mind that you’re selecting the best policy to handle your needs. Your broker will thoroughly assess your risks and work on your behalf, finding you the highest quality landlord insurance coverage, at the most reasonable price.
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Brendan Goddard
Are you a landlord looking for a new policy? A new property investor overwhelmed by your options? Or perhaps you’re concerned your current landlord coverage isn’t enough for your needs? Don’t stay in the dark. Contact our friendly, reliable team at Macey Insurance Brokers today for your personalised quote, and to find the policy that’s right for you.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
Brendan Goddard, Macey Insurance Brokers, ABN 92 003 364 065, AFSL 240 922
This article originally appeared on Macey Insurance Brokers Blog and has been published here with permission.
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