Cover your rental property and its contents against a range of risks
If you own a rental property, you’re vulnerable to the same risks of any homeowner, such as storms, floods and fire. You’re also vulnerable to damage that tenants can do to your contents. And if you can’t rent out your property while it’s being repaired or if your tenants break the lease or leave owing you rent, you could also lose valuable rental income.
That’s why it pays to have landlord insurance, which is designed especially to protect owners of investment properties.
The cover you’ll receive depends on the policy that you take out, but your landlord insurance policy may include:
Automatic cover for flood, fire or explosion
Liability cover for injury or loss of life to a third party or their property
Cover for to landlord’s contents – like carpets, curtains, washing machines and ovens
Catastrophe cover
The option to cover loss of rent
Loss or damage caused by tenants or their visitors
Electric motor burnout
Tax audit cover (up to $5,000)
Extra cover for demolition and debris removal
A Product Disclosure Statement (PDS) is available for Landlord Insurance and can be obtained from Oracle Insurance Solutions. You should consider the PDS in deciding whether to acquire, or continue to hold, Landlord Insurance
If you’re one of the 2.6 million Australians who own an investment property, you should consider taking out landlord insurance to protect your investment and the income it provides. As well as long term leases, Landlord Insurance policies may also cover short term holiday rentals or holiday homes, such as approved Airbnb and Stayz residences.
There are exclusions. There is also often a deductible or excess and limits on cover, so check with Oracle Insurance Solutions.
