Financial Planning Solutions

Landlord Insurance

Anyone who owns investment property that is rented out, even if the renter is a relative is a potential candidate for landlords insurance. Accidents can happen at any time, resulting in damage to your property or injury to someone on your property. As the owner of the property, you’re liable if someone slips and falls on the stairs, for example. If the building burns down accidentally, you’ll want the funds to rebuild again. If your relative decides to leave before the end of the lease and you’re stuck without rental income, you’ll wish you had coverage.

Landlord insurance generally covers your rental building for:

  1. Accidental loss or damage caused by you, the property owner
  2. Vandalism and damage caused by tenants
  3. Certain defined events. These can vary depending on the insurance company, but often include fire, lightning, theft, storm, and earthquake.

Depending upon the insurance company, the policy may offer complete repair or replacement, or it may only cover up to the dollar amount you’ve chosen.

Landlord Insurance Is a tailored insurance product designed to protect your investment property against a range of circumstances that are NOT generally covered under a standard home insurance policy.

Core Policy Benefits

  • Loss of rental income
    – Tenant who vacates with or without required notice, leaving unpaid rent
    – Rent default
    – Tenant refusing to pay rent and vacate property after court order
    – Death of a tenant
    – Hardship
    – Untenantable property
    – Prevention of access
  • Accidental Damage – Cover for damage to contents caused by your tenants or their guests.
  • Malicious Damage/Vandalism- i.e. a door that’s been kicked in
  • Property – cover for carpets and floating floors, from Fire, Storm, Water Damage or Flood.
  • Deliberate Damage – i.e. Foxtel installation or TV bracket installed without your permission
  • Legal Liability
  • Short-term Rentals – Most Landlords policies exclude short term rentals but we have a solution should you fall into that category.

Landlord Insurance Fact Sheet