We are often asked if it would be a good idea to get landlord insurance for a rental property and our answer is always a resounding “YES”! There are a multitude of things that can go wrong in a property, whether they are related accidental damage, natural disaster, weather events, equipment malfunctions, tenant related actions or non payments.
Our advice is that if you are in the business of owning an investment property then you simply must have insurance. Having insurance can save you a lot of money and difficulties should there be an expensive issue that comes up and it will also give you peace of mind.
When obtaining insurance for your property you will need to look at two types of insurance:
- Building insurance
- Landlord insurance
The building insurance covers the building structure whilst the landlord policy covers things like non payment of rent and malicious damage by the tenant. Some companies combine these into a single policy whereas others separate these into two distinct policies.
Shopping around for quotes is imperative as quotes can differ considerably between insurers. Comparing insurance policies is also tricky business and can be a little bit like trying to compare apples and oranges, but it is very much a worthwhile exercise to ensure you are getting the best value for your money and you are covered.
In Queensland, in some locations you’ll want to ensure you have flood cover and in all locations you’ll want to have storm cover! We can certainly have some wild and crazy weather sometimes!
Our Property Management Team are more than welcome to talk to you in regards to landlord insurance, so get in touch with one of the team and they will be able to assist you and provide contacts for you to speak with.