Landlords Insurance

Landlord Insurance on the Mid North Coast

Protect Investment Properties

Are you renting out a property on the Mid North Coast? Owning and leasing a rental comes with a range of risks, from damage caused by fire or flood, through to tenant theft and vandalism. That’s why we advise our clients to consider landlord insurance. At Insurance Advisernet Australia, we can help you choose a policy that offers the level of coverage you need. We have offices in Taree, Armidale and Dungog and work with clients all throughout the Mid North Coast and Upper Hunter Valley, including Forster, Nelson Bay and Medowie.

Landlord insurance covers you for tenant-related risks such as loss of rental income or damage to your building caused by the tenants. There are a range of policies available that can cover the building, contents or both. This helps you to stay protected for all scenarios and minimises the chance of being left out of pocket.

What Is Landlord Insurance?

Whether you are renting out a holiday home or a residential apartment, landlord insurance can help you minimise risk and swiftly recover in the event your property is damaged. This specific type of insurance is designed to protect owners of investment properties and can cover the property itself, its contents or both. Depending on your policy, a range of items or scenarios can be covered:

Damage or theft by tenants or the tenants’ invited guests
Loss of rent
Rent default
Legal expenses taking tenants to court
Liability
Building damage
Damage to contents

And more. Building damage or damage to contents may occur as a result of fires, lightning strikes, storm damage, falling trees or more. It’s important to check exactly what’s covered in your policy, which is where our insurance advisers excel. We can provide reliable advice to help you understand the insurance plan and choose an option that suits your needs. To determine what kind of coverage you need, get in touch with our friendly team.

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Do I Need Landlord Insurance?

While there is no legal requirement for landlords to have insurance, it’s standard best practice to take out a policy. This is because landlord insurance minimises risk for everyone involved. It can save you valuable time and money and also protects against public liability.

If your investment property is strata-managed, you will likely already have cover for building insurance. It’s best to check with your strata to find out exactly what is covered under their policy, along with what areas you are responsible for. Our insurance advisers can help you determine which policy suits your individual situation. We also offer a range of business policies, including commercial property insurance.

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What’s Not Covered?

While landlord insurance can help you recoup the losses from tenant damage or damage due to fire, flood or storms, you are still responsible for general expenses. If you lose rental income due to not having a tenant or your property sustains damage due to general wear and tear, these costs fall to you as the landlord.

Whether or not you choose to take out landlord insurance is of course, up to you. You’ll need to consider how much risk you are comfortable exposing yourself to and calculate if you would be able to cover the costs of unforeseen events without an insurance payment. To learn more, or discuss your situation, book an appointment with our team on (02) 6551 8712.