A piece of advice: check your cover
There’s always money involved when it comes to property and whether you are a tenant or a landlord, insurance may be one of those things you’ll consider according to your budget.
The big storm in April highlighted the importance of landlord’s insurance. For example one client found that she was covered for accidental storm damage to her wooden floors but not for loss of rent arising from the storm rendering her property uninhabitable. She had Home and Contents Insurance but not Landlord’s Insurance.
Landlord’s Insurance is designed to cover landlords for risks associated with having tenants. For example if your house was accidentally burned down by a tenant, you may not be covered under a standard Home and Contents Policy as the loss was caused by a tenant. It also covers landlords for risks associated with tenants such as accidental or malicious damage to building and contents, related loss of rent, leasing fees that exceed the bond, legal liability and pet damage.
Get more information here
Contents insurance (for both tenants and landlords):
When an accident occurs, for instance fire or flooding, tenants are at risk of losing their possessions without compensation. With contents insurance they indemnify themselves from damage and/or loss of their personal belongings such as furniture, clothes, valuables, electronic goods, etc. Insurance also covers any accidental damage to the property they are renting or may provide financial cover for legal liability.
Learn what contents are covered here
The good news:
Landlord’s insurance starts from as little as $345 per annum
For tenants, a contents policy starts at around $150 per annum
Three companies that specialise in Landlord’s Insurance are:
At Exchange Property Sales & Management we strongly recommend that all our clients have Landlord's insurance.
Exchange Property Sales & Management