A complete Landlord Insurance policy can adequately cover the replacement costs for damage sustained to the building, permanent fixtures and fittings. You can also cover personal items such as furnishings and home appliances that your tenants use.
Even if you have what you would describe as the best tenants residing in your investment property, accidents and mishaps can occur resulting in damage.
Imagine if an insured event, such as a fire, happened and the tenants couldn’t live in the property until it was repaired. That situation could cause an enormous amount of stress and anxiety. But, with the right policy, you can be covered for the damage to the building as well as loss of rental income in these circumstances.
You can elect to insure for loss of rent for scenarios such as a tenant defaulting on their payments, absconding, the death of a tenant, or financial hardship.
When you’re a landlord, the hope is that things will go smoothly, however, you do need to be prepared for these sorts of occurrences and protect yourself from financial loss.
Here’s a list of commonly insured events for a Landlord Insurance policy:
There are additional covers available too for things like malicious or accidental damage to the building or specifying items that would be hard to replace.
Landlord Insurance can really set your mind at ease knowing that if damage occurs, your out of pocket expenses will be minimised.