Renting out your investment property can potentially pose some risks, so it’s important to adequately protect it from unexpected incidents. Some investors make the costly mistake of assuming that home and contents insurance is sufficient enough to protect their rental property, but it’s also important to consider covering some of the additional risks that may come about when leasing out a property. Now may be a good time to check your policy and see if you should seek additional cover to better protect your asset.
Like any form of insurance it can help protect you. Landlords Insurance is designed to protect property owners and landlords from some risks associated with leasing a residential property, that isn’t covered by home and contents insurance. The exact cover provided varies depending the provider of the insurance product. However, some of the more standard and common inclusions are:
If you don’t have Landlord Insurance in place to help you with the cost of repairs to your property should your tenant (or visitors) cause damage, you could be held liable for the full cost of repairs. In cases where the tenant may not agree with your claim, it could leave you in a situation that’s financially and mentally straining, which makes landlord insurance so important.
CGU Landlord insurance through MyState Bank can provide you with broad protection and more peace of mind for your investment property, plus there is additional optional cover that can be added to protect you against incidents such as loss of rent, rent default and helps protect you against unexpected events.
Please note: rent default and theft by tenant cover is available to landlords from June 2021. Customers who took out a policy without rent default and theft by tenant cover over the last 12 months now have the option to add this cover to their renewals.
Whether your property is damaged by tenants, destroyed by fire, if you’re owed rent or are liable for medical bills, we can help customise your insurance coverage so you have the optimal coverage that can be offered. – find out more.
*Conditions, limitations and exclusions apply. MyState Bank Limited (MyState Bank) ABN 89 067 729 195 AFSL 240896 acts under its own AFSL and under an agreement with the Insurance product issuer, Insurance Australia Limited ABN 11 000 016 722 (IAL) trading as CGU Insurance. Offer is subject to underwriting T&Cs and acceptance criteria.