A landlord’s insurance policy is designed to protect your investment property and your rental income. When you’re insured under a landlord’s insurance policy, this should bring you peace of mind and confidence that your policy will respond to any insurable event that you have chosen to cover. Like any other insurance, it’s a safety net.
Available on the market are numerous policies specifically designed to reduce a landlord’s risk against unexpected events. Standard home and contents insurance will not protect you against many of the risks that landlords face. Be it loss of rent due to an absconding tenant, malicious or accidental damage or a whole range of other circumstances including tenant hardship; landlord’s insurance can help to protect you against these risks.
Learn how EWIB can help you
At East West Insurance Brokers, we encourage landlords to insure themselves with landlord’s insurance. While most tenants take good care of the property they are leasing, those that don’t may intentionally cause extensive damage. Intentional damage is also not generally covered by a standard home insurance or body corporate policy.
Our brokers know just how important it is to ensure you have adequate coverage. Insurance policies can vary significantly in both price and offerings, so we aim to offer you security and flexibility with adequate landlord’s insurance.
Benefits in this policy may include:
- Loss and damage from insured even like flood, storm and fire
- Theft, vandalism, malicious damage including by tenants or guests
- Accidental glass breakage
- Legal liability
- Loss of rent
Why Is Landlords Insurance Important?
It’s extremely important to adequately protect your investment property with not just building insurance but with landlord’s insurance too. Reason being, most investors make the very costly mistake of assuming that building insurance is sufficient, however building insurance does not cover damage to your property or non-payment of rent by a tenant.
Having landlord’s insurance is a contingency plan should the unthinkable happen. For example, if your tenant were to damage the property, legal fees could incur if you decide to take legal action. An example of this cost could be such as the representation of a property manager attending court, which can be an additional cost above the normal management fees.
How Confident Are You that Your Insurance Risks are Adequately Covered?
East West Insurance Brokers aim to arrange the most appropriate cover for you by providing tailored solutions to suit your business needs. We will also support and assist you, in the event of a claim.
Speak to us to ensure your business is protected with appropriate landlords insurance today.
*Please note all insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording before deciding whether the insurance policy meets your needs.