The Two Biggest Concerns for Landlords…

Every landlord who owns an investment property has two big concerns.

Firstly, that the rent is paid on time and secondly, that the property is well cared for, with no damage.

It is our agency’s focus to ensure that we are strict with the tenant selection process and reference checking; however, circumstances can often change during the tenancy.

To eliminate these concerns, it is important to consider having adequate insurance cover to protect your asset.  This article is a reminder to those landlords who are exposed to these concerns by not having insurance.  We still have landlords who do not have this cover and it is our duty of care to inform you of this insurance.

Landlord insurance is a specific policy designed to protect your rental income and costs associated with property damage.

It is important to be aware that not all landlord policies are the same. There are varying excesses, inclusions and exclusions with different insurance providers that can reduce your level of cover and payout.

To assist in comparing landlord policies we have summarised the seven different components that you will need to discuss.

  1. Loss of rent in the event that your property suffers damage, which makes it unable to be tenanted for a period of time
  2. Rent default
  3. Tenant theft
  4. Damage & malicious damage (excluding normal fair wear and tear)
  5. Ordinary house and contents insurance (fixtures and fittings)
  6. Legal costs
  7. Public liability