Cost and Benefits of Landlord Insurance

Benefits of Landlord InsuranceIf you own a property investment and are letting it to tenants one of your biggest priorities should be finding a landlord insurance that is tailored to your needs.

Landlord insurance cover can provide protection for a great number of things that an average home insurance policy cannot. When you consider the benefits, you will find that landlord insurance prices aren’t really high and well worth the cost. To top it off, landlord insurance expenses is tax deductible. This means you are getting cover to minimize your risks and you can charge it as a business expense deductible from your tax.

A lot of people erroneously think that a building insurance policy is enough to cover a rental property they own. The truth is that building insurance does not cover all of your risks as a landlord. So many things can go wrong with a tenant. For example, building insurance does not cover contents you provide for your tenants’ use. In case of flood, carpets and other fittings are not covered by your policy. This kind of damage can be very costly.

In addition, landlord insurance covers loss of rent. Although policies do vary from one insurer to another, landlord insurance cover generally includes:

  • Default in cases when the tenant stops paying the rent, including tenant death

  • Property becomes unsuitable for lease due to damage

  • Malicious and accidental damage caused by tenants and guests

Some policies can provide cover for legal expenses for instances when a landlord takes a tenant to court.

Reviewing Your Landlord Insurance Cover

It is important to keep in mind that when buying landlord insurance you must review the terms and conditions of your policy. Know what is covered and the applicable excess. It is critical that you get cover for your exact circumstances.

When you have the right type of cover, you are assured that your landlord insurance cost is worth your every cent. Instead of asking if you can afford to buy landlord insurance, it is perhaps more fitting to ask if you can afford not to obtain cover.

It is a great idea to shop around for the best landlord insurance that suits your needs and budget. You can get cover for building and contents damage, theft, damage from natural events, rental default, and so much more.

Get online quotes instantly and start to compare landlord insurance cost with top insurers from Australia.

As a landlord, you can be safe and secure in knowing your investment property is 100% risk free with the best landlord insurance solutions today.

Landlord Insurance HQ can explain to you the costs and benefits of Landlord Insurance to cover your property. Call  our specialists today on 1300 815 344 or request a quote online.