Whilst an ideal tenant would look after your property as you would your own, unfortunately not all tenants do. Reference checks by real estate agents are not always fail-safe. Accidents are sometimes unavoidable, yet there are also many distressing stories where a landlord’s property has been neglected and damaged by careless tenants. Circumstances such as these can run into thousands of dollars and without the right cover means you having to foot the bill.

But don’t just automatically go for the cheapest deals you can find. Renting out your property to strangers can be a risky business, and you want to be properly covered if something goes wrong. The key with buying insurance is making sure that you have adequate coverage for your situation. The cost of landlord insurance can vary with cover and service differing per policy.

Key areas of cover to review include:

• Acts of nature, such as floods, bushfires, hail storms, etc.
• Rent default – an element often overlooked and sometimes excluded from a policy, situations can arise from examples such as:
  • The tenant refuses to pay due to a dispute
  • The tenant is evicted by a court order
  • The tenants obtain a hardship order
  • Unexpected death of the tenant
• Contents that can be damaged such as carpets, furniture, curtains, etc.
• Building cover protecting items such as pipes, cables, fixed fittings, gas or plumbing systems, external fixtures, etc.

That is clearly a lot of insurance. But don’t panic, it isn’t that expensive and at Insurance Brokers Australia we have a policy that bundles them together into the same policy, making it easier to manage and cheaper for you.

As a member of Steadfast, Australia’s largest brokerage network, Insurance Brokers Australia is able to guide you through the small print to help you find the best possible policy for your individual circumstances. We do the homework for you, finding the most suitable coverage for you at a competitive rate. In the event you need to use the policy, we can also help with the claims procedure.

Investing in property can be a positive financial opportunity, though it can also have the opposite effect if not protected adequately. Having an experienced insurance broker to guide you ensures your investments are covered at the level right for you.

Call us today and let us look after what’s important to you.

Important disclaimer – Insurance Brokers Australia ABN 58 123 301 806.

Important disclaimer – Insurance Brokers Australia Pty Ltd – ABN: 58123301806 – AFS License : 309265, its subsidiaries and its associates. The views expressed are those of the author only and do not necessarily reflect those of Insurance Brokers Australia. This magazine provides information rather than financial product or other advice. The content of this magazine, including any information contained on it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product. Information is current as at the date articles are written as specified within them but is subject to change. Insurance Brokers Australia make no representation as to the accuracy or completeness of the information. Various third parties, including Know Risk, have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Insurance Brokers Australia.