You worked hard to invest in your property to ensure a bright future for you and your family. Naturally you want to protect this investment from potential risks of damage and expensive repairs. At Landlord Insurance HQ we aim to provide you with everything you need in order to obtain the best rental property insurance in Australia.
Rental property insurance is different from your standard home insurance. It is specifically designed for landlords; hence, it is also known as landlord insurance. When you rent out a property to tenants you are exposed to certain risks that standard policies don’t ordinarily cover, whether the risks are accidents or not. For this reason, it is best to be protected with rental property insurance to lower your risks.
To protect your rental property, landlord insurance provides policy additions for your peace of mind. Depending on your insurer, rental property insurance in Australia can protect you from accidental and malicious damage to your building or its contents and from damage from unforeseen events such as fire, flood or storm. You can also protect the income you receive from your tenants with cover for loss of rent.
As you can see, your needs as a rental property owner are very different from that of an average homeowner. When your property becomes damaged and unfit for lease, you can lose the income you generate from the property while it is being rebuilt or repaired. Without the right insurance cover you can be exposed to huge financial losses that would have a negative impact on your financial standing.
Different Features of Rental Property Insurance
Today, many Australians are investing in real estate properties for lifestyle purposes or financial gain. Whether it is one property or a portfolio of rental properties, it is imperative that you have comprehensive insurance cover to reduce your potential financial risks.
A rental property insurance cover can provide you with protection from:
damage due to fire, flood, earthquake, and other unforeseen events
tenant accidental damage or malicious damage
Loss of rent
You can obtain cover for contents as well as the building if you rent out furnished properties.
It is a mistake to cover only the building or contents of your rental property because more often expenses are incurred for accidental and malicious damage which can be costly.
Ensure that your rental property insurance covers all types of risks that you are exposed to as a landlord.