Landlords Insurance – GeelongAugust 1, 2019
Do you need a good quality, a comprehensive landlord insurance policy? Well… a landlord insurance policy is specifically designed for investment or rental properties, weather that be houses, flats or units, townhouse etc..
The cover is usually categorised into three sections:
- Building Insurance:
- Building & Contents:
- Contents only Cover:
Building Insurance: This is cover for the bricks and mortar of the investment, which covers outbuildings (such as a garage or shed) and items that are attached to the building like an awning. Most policies will also include in built swimming pools and spas. Something to note here is that some “building” only policies will not cover things items such as carpets and drapes, that is why we always suggest to consider a Building & Contents cover
Building & Contents: Fairly self-explanatory, this product will cover the building and any sum insured for contents. Contents are generally described as household goods, furniture and furnishings etc. There may be exclusions to this cover due to being a landlords policy, so we urge you to check the PDS for these – or ask your broker.
Contents only: If your building is insured under an owner’s corporation or if you lease the property out, you may want to consider insuring the carpets/drapes or contents, if you are offering the property fully furnished.
Tenancy Related Risks
Within a landlords insurance policy, there are optional extra covers that you may wish to add, these include:
- Loss of Rent
- Rent default by tenant
- Theft and or malicious damage
Always ensure that whatever covers, within a landlords policy that you decide to purchase, it should include a Public Liability section – this is so important. This will cover your legal liability as a result of an incident that causes loss or damage to someone’s else property – or death or bodily injury to other people.
There are several growth corridors that are attracting large numbers of investment properties that would require Landlord Insurance.
Please contact Remingtons Insurance Brokers and we will be happy to assist