What is Residential Landlord insurance and why do you need it?

What is Residential Landlord insurance and why do you need it?

Landlords understand all too well the costly nature of things that catch them by surprise.

Burst water pipes, for example, or damage to the property caused by extreme weather, or a problematic tenant who leaves early or simply does not pay their rent.

Yet many property owners do not take into account, or simply underestimate, the costs involved.

Some property investors spend significant amounts of money renovating their properties and getting them ready for tenants, but leave little to cater for unforeseen events. These events, sadly, are a fact of life.

This is why Residential Landlord insurance is so important. The cover includes damage to property and contents, legal liability and potential loss of rent.

More specifically, it covers cases such as:

  • Unforeseen damage such as fire or storms
  • Accidental damage in the form of spillage or breaking, or just general wear and tear
  • Theft by the tenant or their guests
  • Malicious damage by the tenants or their guests
  • Legal expenses if you take action against a tenant
  • Loss of rent if the tenant defaults on their payments or leaves early

If you think Residential Landlord insurance might be for you, please apply online or call us on 1300 787 789.

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