Landlord insurance is an agreement that if your rental property gets damaged, a sum of money will be paid out to you. It can be seen as a type of home insurance that offers a financial safety net against unforeseen damages to or the destruction of your investment property.
A typical landlord insurance policy covers the building, permanent fixtures and fittings against unforeseen damage or destruction. As a landlord, you also have the option of insuring your belongings or contents that reside in the building, such as furnishings and home appliances.
What do I need to know about landlord insurance?
As a landlord, you don’t hold any financial responsibility for your tenants’ belongings. You are, however, liable for your property and any of your own belongings inside your property. The good news is carefully chosen landlord insurance can offer financial cover for the value of both your rental property and your belongings that reside there.
When you’re renting out your property, be it a house, an apartment, a holiday unit or a granny flat, you want to have the best financial protection against unwanted incidents that may endanger the safety of your property and your tenants. This is why you need to choose a landlords insurance policy that covers all bases for you.
At comparethemarket.com.au, we understand the risks borne by investment property owners. We know that you’ve worked hard to obtain that source of additional income, and therefore we strongly believe in the importance of risk-proofing those four walls and a roof.
The additional cost of landlord insurance goes a long way. And while standard landlord insurance policies might not cover you for all kinds of events, you can choose from a range of extras to combine with your policy.
Why do I need to secure my investment?
You may have the best tenants in this part of the world or your property might be in one of the safest suburbs, but you have to realise that things can sometimes get out of control.
Whether they are minor scenarios like carpet stains caused by wine spillage or major ones like fire or flood, accidental loss or damage can happen. These also involve tenants sending you out of pocket by breaking the lease and moving out before the due date.
According to recent statistics, four out of five Australians underinsure for home and contents and a quarter of us don’t have any kind of home and contents insurance. That risk, however, is simply not worth it.
This is why we want your rental property to be safe as houses and protected against possible damage or loss. We’ve made it easy for you to find a landlord insurance policy that suits you best. At comparethemarket.com.au, we’ve got your back. Simples.