Landlords Insurance

Landlords Insurance

Landlords Insurance – What is it?

When it comes to insurance, being an owner-occupier is quite different from being a landlord. A recent survey conducted by Woolcott Research of 300 landlords showed that two out of five self-managing landlords interviewed had experienced tenants defaulting on rent or damaging their property. That’s why it’s important to take out landlord-specific insurance.

Landlord protection insurance covers some particular risks associated with renting out a property that may not be covered by a typical home and contents or strata title insurance policy. According to the Woolcott study, less than half of all self-managing landlords have specific landlord insurance, even though three out of five recognise a bond is not sufficient to cover most incidents with tenants. These landlords are putting their valuable assets at risk. You do need to make sure you are covered should something go wrong.

 

Why do you need it?

Most tenants take good care of the property they are leasing, those that don’t may intentionally cause extensive damage which is not generally covered by a standard home insurance or body corporate policy. Standard home buildings and contents policies do not usually provide cover for two of the most significant risks facing landlords malicious or international damage by tenants and failure to pay rent.

What does it cover?

Common features of a landlord insurance policy include:

Not all landlord protection policies are the same. Some, for instance, are

 Who can help?

An insurance broker’s role is to act as your representative and work in your interests, seeking the best cover at the best price for you with their skill, market knowledge and experience. Call a good one. Call CPR –Experts who will save you 

CGU Will offer Flood Cover now on Landlords Cover