What is landlord insurance?

The purpose of landlord insurance is to guard your investment property against loss or destruction when you rent out your house, apartment, or rental unit. Theft or damage to your investment property that results in a loss of rental income is covered by landlord insurance.

What is covered by landlord insurance?

Depending on your policy and choice of insurance, what you are insured for will change. A landlord policy can help you pay for losses or damages to your buildings or contents that result from an insured event. Landlord insurance can pay for the costs associated with loss or damage to buildings and/or contents resulting from a variety of insured events, such as:

accidental breakage of glass such as windows or mirrors

burglary, break-in, or theft (including by tenants or paying guests)

deliberate or intentional damage caused by tenants or paying guests

damage caused by natural events, such as a bushfire, floods, cyclones, earthquakes or storm

impact damage, such as damage caused by a falling tree

Loss of rent is covered by landlord insurance if your rental property is rendered inhabitable due to an insured event, or if your only renter perishes. Additionally, legal liability insurance is provided, protecting you from claims brought against you in the event that you are found legally responsible for someone else's loss or damage to their property or their death. Whether you have building coverage, content coverage, or both affect the type of coverage you receive.

Whether you have building coverage, content coverage, or both affect your level of coverage. For a full list of events covered by your Landlord Insurance, as well as the terms, conditions, and exclusions, please refer to the Product Disclosure Statement that your insurer has issued.

Does landlord insurance cover unpaid rent?

It is recommended that you review your policy because rental protection coverage varies between insurers. Landlord Insurance might cover loss of rent for insured events including:

• if your rental property is rendered inhabitable due to an insured event

• if your only renter perishes.

It's crucial for landlords to have a tenancy agreement in place so that both sides are aware of the specifics of the lease. Most Landlord Insurance policies do not provide coverage for tenant theft or optional rent default unless there is a clear and valid tenancy agreement. For more information on the terms and conditions, please refer to the Product Disclosure Statement that your insurer has issued.