Smart Landlord Insurance Options to Consider

 

Landlord Insurance Options to ConsiderDid you know that as a landlord you can get cover for almost all types of risks? There is a wide selection of specialized landlord insurance solutions available for all investment property owners in Australia. The varied features and inclusions are sure to provide you with comprehensive cover for the protection of your investment.

One of the most important features of landlord insurance is loss of rent. You may be wondering if it is even worthwhile to add loss of rent as an option to your landlord cover. Consider the fact that even the best tenants can experience accidents or difficulties and suddenly become unable to pay rent. If this happens, you can be in a financial bind when you have mortgage payments to meet. Since you derive income from rental, unpaid rent or vacancy when your property gets damaged can also leave you with serious financial difficulties. To minimize your losses, with loss of rent cover you can recover unpaid rent depending on the circumstances specified in your insurance policy.

What would happen to you if your tenant suddenly moves out? How much would it cost you to lose rental income if your property is damaged? Loss of rent cover can pay out in case tenants cannot stay in your property because of a fire or flood. Keep in mind that policy inclusions differ from one insurer to another and depending on your choice, simple rent default by tenants may not be covered. It is advisable to understand policy features when you buy loss of rent cover.

Features of Loss of Rent Cover

Depending on your insurer, loss of rent cover can include circumstances such as:

  • Tenant death

  • Denial of access

  • Loss of rent due to damage

  • Defined events like fire, flood, etc.

  • Tenant hardship

For an additional premium, various insurers also offer cover for legal liability, malicious or accidental damage, theft, etc.

By combining loss of rent with your landlord building and contents insurance cover, you can benefit from wider coverage for all unforeseen events and tenant related risks. You can make your insurance cover a cost effective package by carefully choosing smart landlord options that protect your investment from every type of risk.

We understand how important it is to obtain comprehensive cover and receive professional support and advice. We aim to provide you with the highest quality landlord insurance solutions available in Australia.

When you request a quote online you obtain the most effective yet affordable landlord insurance products by top Australian insurers. You get to compare landlord insurance products offered in the market so you can choose what you need only at the best prices or call Landlord Insurance HQ on 1300 815 344 to speak to our brokers.