Aussie Renters Insurance

Landlord Insurance provides coverage to a property owner from financial losses connected with a property that is tenanted. A landlord insurance policy will cover the building itself, typically including fittings and fixtures. In some cases, policies will also cover any contents left within the property such as a fridge, washing machine, dryer and other furniture.

Typical landlord insurance policies will cover standard perils such as fire, theft, accidental damage, malicious damage, storm and in some cases flood, lightning, earthquake, arson and explosion. Each insurance policy is different and may or may not include all of these items.

Landlord Insurance can often be extended to include cover against unpaid rent, on the rental property by the tenant. This can be a great saviour if you have the misfortune of having a 'bad' renter. This is particularly important if you are not in a financial position to weather any required repair costs, unpaid rent and potential loss of income whilst the property is being repaired.

It is also a very good idea to look for policies that cover legal liabilities. This includes expenses incurred for any lawsuit that arises as a result of a tenant suffering bodily injury or property damage or loss.

There can be a significant variation in the insurers and policies that are available. Keep in mind that some insures offer lifetime guarantees for repair materials and workmanship. New for old replacement is also available with some insurers. Also, consider the excess charge as this can vary widely.

Some insurers will also offer incentives. This may include discounts if you have multiple policies. A discount can be gained by insuring your residential home and investment property with the same insurer.