For those that have the means to invest in real estate, it's not without its challenges. From tenant-related issues to property damage, landlords can face a variety of risks. This is where landlord insurance comes into play, as it is designed to help protect your investment in the event of something happening. Whether your property is a house, townhouse, or apartment, landlord insurance offers added peace of mind in the face of unforeseen circumstances.
The importance of landlord insurance
Landlord insurance is designed to offer a safety net for property owners renting out their investment properties. Regardless of whether your property is damaged by tenants, natural disasters, or other incidents; depending on the policy, landlord insurance may cover the cost of repairs or replacements.
Emergency repairs
Imagine finding out your tenants are knee-deep in water after a burst pipe, or major roof leakage from heavy rain. The right policy may be a lifeline in such situations. Many insurance providers have a network of local tradespeople who can arrange emergency repairs, minimising the damage to your property and helping to protect your investment.
Tailored coverage for your property
Every investment property is unique, and its insurance coverage should reflect that. Landlord insurance is typically available for a variety of property types including standalone houses, townhouses, and modern apartments.
Flexible payment options
Understanding that financial situations vary, many insurance providers offer flexible payment options. You can often choose between annual, monthly, or even fortnightly payment schedules through direct debit, providing convenience and budgeting flexibility.
Customisable insurance options
Your investment property might be fully furnished, partially furnished, or empty. Generally, you can customise your coverage based on the contents of your property and your specific requirements. Whether you need extra coverage for situations such as liability or loss of rent, you can generally tailor your policy accordingly.
Landlord building & contents coverage
Landlord insurance typically provides two main coverage options: building and contents.
Building coverage
If your tenants are responsible for furnishing the property, building coverage might be more suitable. This option focuses solely on the property's structure and often includes:
- Residential buildings
- Domestic outbuildings (garages, sheds)
- Infrastructure (services)
- Built-in swimming pools and spas
However, it usually excludes coverage for items like carpets, curtains, and internal blinds, which are considered contents.
Contents Coverage
If your property's structure is already insured through a strata or owner's corporation policy, you might opt for contents coverage. This protects the contents you've provided for your tenants' use, such as:
- Non-built-in swimming pools and spas
- Carpets
- Curtains and internal blinds
- Furniture and white goods
Note that generally this coverage does not extend to the building's structure or domestic outbuildings.
Complete Coverage for Building and Contents
This coverage option offers comprehensive protection for both the structure of your property and certain contents within it. It often includes:
- Residential buildings
- Domestic outbuildings (garages, sheds)
- Infrastructure (services)
- Swimming pools and spas
- Carpets
- Curtains and internal blinds
- Furniture and white goods
Having landlord insurance can provide added peace of mind for property owners and helps ensure that you're financially prepared for unexpected events – explore your options today.
QPCU Limited trading as QBANK ABN 79 087 651 036 acts under its own AFSL 241413 and under an agreement with the insurer Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance. Any advice is general only and does not take into account your personal circumstances. Consider the Product Disclosure Statement (PDS) and Target Market Determinations (TMDs) available in branch or from www.qbank.com.au to see if the product is right for you.
QBANK helps protect your investment property with cover provided by CGU Insurance.
Generate a personalised online quote. Alternatively, give our insurance specialists a call on 13 77 28 between 8am-8pm (AEST/AEDT) weekdays.
