Landlord insurance is not just insuring against fire or other natural events. As a landlord, you need to understand all that you are exposed to and what landlord insurers offer. It does not make sense to neglect this factor when you have invested a lot of money and time into setting up your investment for your security.
Landlord insurance is crucial for all property investors. Real estate investors risk being sued for injury within the property. While you can try to choose your tenants, you can also get one who could land in financial difficulties and stop paying the rent, or go so far as to cause malicious damage. Unless you are covered you will be left to foot the bill.
A rental property can cause thousands of dollars to repair when strong winds shatter windows or water damage makes the property uninhabitable. Top insurance landlord protection means being covered for all these things and more.
Never be Under-insured
Terms of cover under various insurance policies differ. There are simple policies for peril and comprehensive cover for all risks. Landlord insurance premiums depend on several factors, such as building construction, tenants, and optional benefits. Premiums could increase but as long as they offer better protection, you are in good hands. There is no reason to under-insure especially when you consider the fact that insurance is a necessary business expense and can be tax deductible.
You can be shielded from rent loss, legal defense expenses, theft and vandalism, flood insurance and building and contents replacement. In order to save on premiums, you can accept higher deductibles and enforce strict safety measures. With optional cover, you get access to better protection against potential losses.
Always consider exactly what your insurance policy covers and excludes, and the process for filing claims. Being knowledgeable about your insurance cover will save you a lot of headaches in the future.
If you want to obtain better landlord insurance cover, take our top insurance landlord advice and apply for comprehensive landlord insurance today. Choose only the best insurers from Australia with the experience and reputation to safeguard your investment and your income.