Landlords Insurance

Introduction

As a landlord you place an incredible amount of trust into your Real Estate Agent or Managing Agent to get it right when selecting and reviewing the type of tenant that is allowed to inhabit your investment property. Even with the best screening techniques, incidents can and do happen all over Australia on a daily basis. Your asset is worth protecting properly, this is where the landlord insurance policy has been specifically designed for your needs.

 

Cover is available for theft, malicious damage or vandalism caused by a tenant.


There are six sections to a landlord’s policy:
 

Building Cover

Most policies cover the main dwelling plus any other domestic use garage, outbuildings, walls, gates, fences, driveways, verandas, patios, in-ground swimming pools and any landlords fixtures and fittings such as stoves, built in air conditioning, kitchens, etc.. Ensure that your sum insured covers the cost of the current rebuilding value, plus costs associated with removal and dumping of the damaged property and any other professional costs associated with rebuilding (such as architects, soil tests, application fees etc..)

 

Contents cover

Covering the cost of replacing furniture, carpets, curtains, internal blinds etc. Note that the definition of contents will change from policy to policy and some items may or may not be covered by the building section.
 

Damage or theft caused by tenants

Cover for your loss or damage to building and / or contents at the situation caused by a deliberate or intentional act by a tenant. This will generally include larceny, theft, malicious damage or vandalism.
 

Rent Default

If a tenant defaults on the payment of their rent, vacates the premises - leaving them unfit for occupation, vacates without notice prior to their lease expiry date or is legally evicted from the situation, then cover is generally available under this type of extension.
 

Loss of Rent

When a building, insured under a landlord’s policy, is damaged and cannot be inhabited then this extension to cover will pay the amount insured for the weekly rent that cannot be charged on the property.
 

Legal Liability

This covers you should you be responsible for another person being injured or if they have any of their property damaged while on your property. It does NOT cover other people who work in or on your home, such as cleaners, gardeners, builders or plumbers.These people should have their own business liability insurance policy to protect them for the damage they may do to your tenant or your property.

 

MGA covers a wide range of different properties and with connections to the Strata Title industry we understand the needs of Landlords and the types of issues they can face. Contact us today to see how we can assist you.