BENLOR LANDLORD PACK
LANDLORDS INSURANCE. Protecting your investment property, we recommend that you have the appropriate cover in place to protect you and your property should any problems arise. There are different types of insurance that you must consider as a Landlord prior to renting out your property.
BUILDING INSURANCE. This is designed to cover the permanent fixtures in your building or house. This includes things like the roof, ceiling, walls, floors, doors, windows, fixed cabinets and cupboards. Additional structures such as sheds and pergolas are also generally covered but it’s best to check this with the insurer. Generally, your building insurance will provide cover for events such as, fire, storm damage, lightning strikes, breakage of fixed glass, earthquake, vandalism, impact from falling trees. It’s important to remember that inclusions on your building insurance will differ depending on the policy and provider whilst some risks are optional extras which need to be added.
CONTENTS INSURANCE. This sort of cover normally covers such items as carpets, blinds and light fittings, for example if your hot water service bursts internally, you may be covered for wet carpets.
LANDLORD PROTECTION INSURANCE. Landlord insurance may come in handy to help cover you against some of the financial risks involved in renting out an investment property. For example, while many tenants will pay their rent on time and treat your property as if it were their own, it could be beneficial to insure against the worst-case scenario where a tenant does not pay their rent or causes damage to your property. There is also the risk of unforeseen disasters or events, such as fires and floods, that may damage your property and possessions.
PUBLIC LIABILITY INSURANCE. This covers you in the event that someone is injured or killed on your property, both your Building and Landlords also incorporate Public liability in their policies.
TYPE OF PROPERTY AND INSURANCE NEEDED. If your investment is a house you will require to have Building and Landlord protection insurance (and contents if not already covered by the Landlord policy) If your investment is a unit and you have an Owners Corporation, you will only need Landlord Insurance (and contents if not already covered by the Landlord policy). Your Owners Corporation have the responsibility to take out building insurance to cover the building, the cost of which forms part of your Owners Corporation fees. If your investment property is a villa unit, duplex or townhouse within a small subdivision, you will then need Landlord Insurance you may also need Building (and Contents if not already covered by Landlord Insurance) you will need to check with your Owners Corporation to see if there is a Building cover in place. 14
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