In a perfect world everything goes according to plan. However sometimes the unexpected can occur.
When it does, it is important that you have the correct insurance.
If you have a freestanding home no doubt you will have insurance on the home.
In a strata complex the strata corporation will have insurance over the complex
But what if your tenant decides to become the cause of the problem?
This is where Landlord Insurance comes into play and is one of the most important aspects when having an investment property.
There are different types of level of insurance but the crucial things to be insured for are:
– Loss of Rent
– Accidental loss or damage
– Malicious loss or damage
– Contents insurance (This may cover things such as flooding by a burst pipe)
– Legal liability (should someone be injured at your property)
Insurance quotes can be easily obtained through your managing agent. Your premium can also be paid from the rent collected on your behalf making for an easy transaction and ensuring you are always covered!
As always you need to read the policy document carefully to ensure you are covered appropriately.
Let us know if we can assist.