Landlord Insurance – Why and Who?
All landlord insurances aren’t built the same. The banks offer their own policy, but while there are some good inclusions, it’s the exclusions that can really hurt you. The specialist landlord policies usually offer better inclusions. So what should you watch out for?
The excess: Most claims for rent arrears equate to less than 1 month’s rent. Many specialist policies offer either free or $100 excess amounts, while banks have much higher excesses.
Damage from pets: While allowing pets gives you more opportunity for tenants, you want to make sure you’re adequately covered as it doesn’t take much for pet damage to ‘chew’ through the bond.
Sudden and unexpected impact: Whether it’s a falling tree, or a car colliding with the property, it’s best to be covered.
Accidental breakage: There are many instances where it’s difficult to prove who did what to a property, so accidental damage can save you hundreds.
Legal liability: It’s imperative that you have the most possible – we suggest $20 million. There’s many cases of accidents at properties where the tenant has successfully sued the owner.
It’s more important than ever to ensure that you’re as protected as possible.