Your rental property is an important source of income.
Protecting that income from loss of rent, damage or legal liabilities is important.
Your needs as a property owner and landlord are different to the needs of someone who owns and lives in their own home.
Landlords Insurance covers:
- Landlord’s fixtures and fittings
- Public Liability
- Tenant Rent Default
- Malicious damage by tenants
- Theft by Tenants
- Loss of rent due to damage from an insured event (fire, storm etc)
There are some unique risks associated with renting a residential home that do not apply to your own home insurance.
Residential Landlords Insurance offers a complete package to cover your home, your contents (floor coverings, blinds, curtains etc), Public Liability, Loss of Rent with the most common being due to a fire, storm, cyclone and Tenant Rent Default. Many times we have seen residential property investment owners insure the Home and Public Liability but neglect to either include their contents, loss of rent or tenant rent default. These additional items are relatively inexpensive to insure and we highly recommend including these items (additional premiums can be shown separately if required.)
Once again it is important that your sum insured on your home represent the replacement value, please refer to below calculators to help guide you with replacement estimates.
Typical building replacement costs are provided by Reed Business Information Pty Ltd (ABN 80 132 719 861) trading as Reed Construction Data (‘Reed’) and typical building contents replacement costs are provided by Sum Insured Pty Ltd (ABN 55 947 630 521 (‘SI’) trading as Home Contents. Whilst every care is taken to ensure the accuracy of the information as a guide for costing, no responsibility is accepted by either Reed, SI, Steadfast or the Steadfast Broker for its accuracy. Please check with an Architect, Builder, Quantity Surveyor, Valuer or other suitably qualified professional for an accurate estimate.