Protecting Your First Investment Property
Buying your first investment home is exciting, but it’s important to ensure you have the protection you need for your property.
What you’re covered for can vary and depends on the policy that you take out. But to give you an idea, here are some of the benefits landlord insurance policies may include:
Accidental Damage: Cover up to $10,000 for damage to your contents – like carpets, curtains, washing machines and portable furniture – and the option to increase cover for greater amounts.
Loss of rent and rent default: Policies may include covering rent loss due to an insured event, due to tenant hardship, or to cover you for missed rental payments. Some may even include the cost of replacing locks if your tenant has left and has not returned the key.
Liability cover: If visitors were to seriously injure themselves, perhaps by tripping down a set of stairs, public liability insurance will often cover associated medical and legal costs.
Malicious and accidental damage by tenants: Accidental damage by your tenants is a common inclusion in landlord insurance policies. Some may have separate coverage for ‘malicious’ damage (like vandalism and theft).
It’s important to get the right cover for your investment. Our team takes the time to understand your situation, ensure you will receive an insurance policy that suits your needs and can explain it to you in plain language.
If you’re keen to ensure your investment is protected, contact us today and we’ll arrange for one of our General Insurance Specialists to discuss your options.