When it comes to insuring your investment property, you should know that it is the landlord’s responsibility to ensure their property is adequately insured for the following:
- Public Liability
- Building Insurance including fire, fixtures, fittings and the removal of debris
- Landlord Protection Insurance
- Mortgage Protection Insurance
- Contents Insurance
Property Management Melbourne has access to insurance providers and can assist with arranging cover on the landlord’s behalf.
We recommend that all property investors with tenants have landlord insurance. This is essential for covering you against things such as loss of rent, legal costs, deliberate damages by a tenant, tenant theft etc. It is good to know exactly what your insurance policy covers and what it does not cover as not all policies will cover what you think they might. Each insurance company will cover different things so make sure you do your homework thoroughly!
Building insurance is a necessity, it should cover your house (bricks and mortar) from environmental damages as well as curtains, blinds, carpets, tiles etc. If your property is in an apartment building or similar, your Owners Corporation building insurance may cover these items. Remember, if you do own a property that has an Owners Corporation and you don’t have a landlord insurance policy, you may not have public liability cover as some Owners Corporation building insurance only covers the common areas.