Landlords who own a single rental property or several properties share one common denominator. They all have an investment that needs to be protected from all types of risk. Surprisingly, there are many property owners who neglect to obtain adequate landlord home insurance. A standard home insurance does not provide key benefits on a let property with tenants. Landlord home insurance is specifically designed to provide protection for rental properties, including income that a landlord derives from these properties.
Landlord home insurance, also referred to as let property insurance, provides cover for multiple risks. You can choose the best cover to suit your specific needs. When you are shopping for insurance you need to consider what these needs are, such as: building insurance, contents insurance, legal liability, accidental or malicious damage, theft and rental default. It is important that you have adequate cover for these risks so you will never be in a situation where you need to spend thousands out of your own pocket. Understand the level of cover you obtain and how much your policy costs as these vary from one insurer to another. You must also consider the type of tenants you have to determine the type of cover you need. For instance, if you rent property to students or non-professionals, it may be prudent to consider yourself at high risk for damage and rental default.
Rent protection is a crucial aspect of landlord home insurance. Most probably your money is tied up in your investment property and you may have mortgage payments to meet. You depend on regular monthly rent payments to make your mortgage payment. Tenant reliability can never be guaranteed as sudden inability to pay or irresponsibility may occur. With landlord home insurance you can be protected from this huge risk.
Where to obtain the best cover
Landlord home insurance is available online from a variety of leading insurers in Australia. Most insurers aim to make their products convenient and easy to obtain, hence it is possible to get instant online quotes and apply for cover with online application forms.
The first step to getting the best comprehensive landlord home insurance is to request quotes online so you can make an effective comparison. Study the features, terms and conditions of these policies and calculate the costs and savings. Ensure that you are making comparisons for the same level of cover.
Let us help you find the best landlord home insurance that meets your needs and your budget. Just request a quote online or call Landlord Insurance HQ on 1300 815 344 today for quotes for your Landlord Home Insurance.