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If you own a rental property, then you may need insurance that protects the premises, its assets and the income you receive from the property. Landlord insurance protects your investment by covering additional risks to your property.
Landlord building and contents insurance covers your property against catastrophes like natural disasters, fire and storms as well as fixtures like window coverings, ovens and stovetops. Landlord insurance also covers damage to the property caused by tenants or their guests.
If for some reason you cannot rent out your property due to damage, landlord insurance can help to cover the loss of income due to unpaid rent.
Janet and Ross bought an investment property in Sydney’s inner west. They relied on the rent from the property to help cover their mortgage repayments. One year, they rented the property to some tenants who caused extensive damage to some of the walls, floor coverings and doors – they then left owing 12 weeks’ rent. Because the property needed repairs, Janet and Ross were unable to rent it out immediately. Fortunately, the couple had taken out landlord’s insurance and included the rent default option. They successfully claimed on their insurance to cover their repair costs – and just as importantly, their missing rent. This allowed them to make their mortgage repayments and repair the property quickly so they could get new tenants in.