It has been reported that landlord insurance claims have increased by 42% during in the last year and the average total claim by landlords increased by 20% as well.
It is important then that all landlords with fully or partly-furnished properties ensure that their landlord insurance coverage is sufficient. Items that can typically be claimed for with landlord insurance include refrigerators, dishwashers, mattresses, framed pictures, washing machines, beds and plasma televisions. Other more unusual claims include air conditioners, door handles and lawnmowers.
Landlord insurance covers the risks that can occur in rental properties which are not included under the strata title or home and contents insurance policies. The sad fact is however that less than half of Australian landlords do not have landlords insurance.
Many landlords think that are saving money by not having insurance and agent fees, their assets are in danger if they do not have landlord insurance. Even if a landlord has relatively careful and good tenants there is still a danger of damage that can be caused unintentionally that can result in big expenses. Only a landlord-specific insurance would help recover these losses.
Costs incurred by intentional or malicious damage to property, loss of rent due to non-payment, theft and legal liabilities that are filed against the tenant are the most common incidents covered be landlord insurance.
Related posts:
- FAQ – Landlords Insurance What sort of rental property qualifies for a Landlord Protection policy? A property which is a full-time domestic rental. Full-time...
- The tenant from hell Every property investors nightmare, the tenant from hell. This tenant doesn’t pay their rent for months but when they finally...
- Protect against negligence claims Professional indemnity insurance protects you against negligence claims. This insurance covers professionals of all industries and it shoulders legal costs...
- APRA releases data on PI claims The Australian Prudential Regulation Authority has released a report on the policies and claims for public and product liability insurance...
