As a Landlord you know the value of a good investment
As a Landlord, you know the value of a good investment, and most Landlords have insurance cover, but do they have all bases covered?
Insure 247’s Steve Sloan explains some basic cover options;
Property Cover – Defined events
Defined events are basic property cover policies for a range of perils like fire, storm, burglary, leaking pipes and motor burn out cover.
Most Landlord Insurers offer this type of cover, however, some risk may not be covered, for example, malicious damage or vandalism by a tenant, and some may even exclude accidental damage by tenants.
As a company for Landlords Insure 247 recommend the extra coverage offered by an Accidental Damage Policy.
Property Cover – Accidental Damage
Accidental Damage policies cover all accidental loss or damage to buildings or contents, other than those events specifically excluded by the contract.
For insistence a pot on a bench top may be excluded in a Defined events policy would be covered in an Accidental Damage policy.
Check the product disclosure document or discuss it with a broker.
Loss of Income Cover – Tenant Default
When your tenants stop paying the rent, it can take what seems like an eternity to resolve the issue to have the tenant removed, and then you often have no way to pursue the tenant for loss of income.
Likewise, after a claim for fire, leaking pipes and motor burn out, you may not be able to charge rent or tenant your property during repairs.
Tenant Default or Loss of income cover will see your insurer compensate you for that loss, but once again there may some exclusions, for instance, theft/vandalism by tenants
For more information see How To Avoid The Loss Of Rental Income
Loss of Income Cover – Malicious Damage
Malicious damage or vandalism by tenants or their guests, is more common than you may think, often as a result of unpaid rent evictions tenants will often damage the property before they leave.
If you are still unsure speak to one of our team to discuss your risk
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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification.
About Insure 247
The Insure 247 Team is here to Help with your business insurance needs, our team of specialist are experts in small to medium enterprise (SME) insurance. As well as your business needs the team can also look after you and your family’s needs.
The Insure 247 Team has access to a network of insurers and specialist underwriters and through our licensee Ausure and Steadfast we have access to all major insurance markets
The Insure 247 Team is Gold Coast based but services a client base Australia wide