Who should consider it?
If you’re one of the 2.6 million Australians who own an investment property, you should consider taking out landlord insurance to protect your investment and the income it provides. As well as long term leases, landlord insurance policies may also cover short term holiday rentals or holiday homes, such as approved Airbnb and Stayz residences.
What can it cover?
The cover you will receive depends on the policy that you take out, but your landlord insurance policy may include:
- Automatic cover for flood, fire or explosion
- Liability cover for injury or loss of life to a third party or their property
- Cover for to landlord’s contents – like carpets, curtains, washing machines and ovens
- Catastrophe cover
- The option to cover loss of rent
- Loss or damage caused by tenants or their visitors
- Electric motor burnout
- Tax audit cover (up to $5,000)
- Extra cover for demolition and debris removal
What isn't cover?
There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Lesure insurance broker.
Product Disclosure Statement
A Product Disclosure Statement (PDS) is available for landlord insurance and can be obtained from a Lesure insurance broker.
You should consider the PDS in deciding whether to acquire, or continue to hold, landlord insurance.