Loss of Rent Insurance Benefits

 

Loss of Rent Insurance BenefitsLandlord insurance for residential investment properties is not mandatory in Australia but is certainly prudent for any landlord to have. Insurance premiums should be necessary expenses if you want to have the satisfaction of knowing your investment property is secure at all times.

What are some of the benefits of having landlord insurance? This type of cover provides landlords with protection from risks including; property damage, theft by tenants, malicious damage and loss of rent.

You may already have a policy that provides cover for damage from fire or flood as most standard home insurance covers this. However, comprehensive landlord insurance can provide you with additional protection that will ensure that you continue to profit from your property investment during your lifetime.

We can assume that a lease contract specifies to tenants what is expected during the period of lease. But like everything in life, unexpected things do happen. Some tenants may not be as careful as you wish with how they use the property and cause damage. You can also lose rental income when the property becomes unavailable for lease during periods of repair.

Landlords in Australia can benefit from loss of rent insurance. This means that a landlord does not lose income while a rental property is being repaired or rebuilt after a fire, flood, storm or other insured event. It also provides protection for other scenarios such as; a tenant who absconds with rental payment, rental default, tenant death, hardship, failure to vacate and more. Terms and conditions can vary from one insurer to another but generally, loss of rent insurance ensures that the landlord does not lose rental income due to defined events.

Assured Income with Loss of Rent Benefit

Loss of rent insurance is associated with property insurance or landlord insurance which can be obtained from leading insurers in Australia. You can easily obtain online quotes to get a fair idea of how much you will spend for monthly premiums.

At Landlord Insurance HQ we aim to provide property owners in Australia with the most affordable and comprehensive cover to protect their investments and income.

Aside from loss of rent insurance, landlord insurance can also provide residential properties in Australia with additional protection including; liability cover, contents cover for furnishings and other fixtures, rental default and tenant theft.

Call us today on 1300 815 344 or request a quote online for obligation free quotes and advice.