What is landlord insurance?

Landlord insurance works to mitigate the liability of the landlord for possible risks unlike owner’s corporation insurance, which only covers liability associated with strata zoned areas of a property. A good landlord insurance policy works to cover a landlord's financial liability for contents, fixtures and tenant related risks, including loss of rent.

When considering the example of fire or water damage, landlord insurance will cover the damage associated with all areas beyond the front door of the strata-titled dwelling. This will include contents and fixtures and may also cover the rent if the property is not fit for a tenant to reside in.

Anyone who has had to make a sudden insurance claim will immediately understand the importance and the benefit, of taking the time to select the correct insurance policy (or policies) to help cover all risks associated with their investment property.

A comprehensive combination of owner’s corporation insurance and landlord insurance is necessary to ensure adequate coverage of a strata titled dwelling. No matter what insurance policy you ultimately select, insurance cover is not one size fits all. Each insurance policy offers a diverse suite of benefits that may differ depending on the insurer and type of policy that is ultimately selected by a landlord.

Regardless of what type of policy you choose or how comprehensive the cover is, insurance is always merely a safety net. It does not take the place of the regular upkeep of your investment property. When selecting a landlord insurance policy, you will achieve better results by making your insurer aware of any current issues with the property and by making sure that it remains well kept throughout your ownership.