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With all the different types of insurance policies out there, it’s not always obvious which insurance covers what. There’s contents insurance, building insurance, landlord insurance – and they all cover different things.
Renting your property out to a third party involves risks – essentially, you’re handing it into someone else’s care. Unfortunately, you can’t always trust that care and events happen which are outside of your control.
This is where landlord insurance comes in – it protects you financially against some of the risks that come with renting your property out.
Every policy is different, it’s about shopping around, reading the fine print and securing suitable cover for your needs.
If you want to keep your costs low, you may opt for one of the more ‘basic’ policies, which cover the most common risks. Keep in mind, you may have specialised or unusual requirements that aren’t included.
What’s typically included under a standard landlord insurance policy?
While a standard landlord insurance policy may be on the cheaper side, will it provide the cover you need? For example, some standard insurance policies may not include damage caused by floods or natural disasters prone to the area, or there may be restrictions that limit the amount you can receive under a claim.
And if you experience a loss of rent for a prolonged period, it can have a huge financial impact.
There are a few other things you might want to weigh up when researching policies:
Sometimes you may have specialised requirements because of the location of your property or unusual circumstances not covered under many policies.
Such cases may include:
As with most insurance products, there are a variety of different landlord insurance policies on the market. It’s tempting to take out the cheapest policy to keep your costs low, but remember landlord insurance may be a tax-deductible expense2, so paying that little bit more to get full coverage and the level of protection you need could be justifiable.
Click here to view iSelect’s range of home & contents providers, and select the one which suits you.