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A Guide to Landlord Insurance
Landlord Insurance is a necessity, whether you just own one or two properties that you use to generate some extra income, or you’re a full-time landlord with a wide portfolio. Our landlord insurance comparison is there to ensure that you’re able to lease property while being protected for risks, including damage to your property, theft of contents, liability claims, loss of rent and vandalism.
Types of cover
Below are some of the most common types of cover you can get with a landlord insurance policy –
- Building insurance - This cover option will protect your buildings themselves for structural damage. Structural repairs can be extremely expensive so this should always be the cornerstone of any good insurance policy for landlords.
- Contents cover - If you lease property that’s furnished, or even part furnished, then you should certainly consider getting cover for the contents. Contents cover will typically pay out for theft and accidental damage. Malicious damage to contents by one of your tenants is sometimes included too but not always as standard.
- Unoccupied property insurance - If you have any unoccupied property, then it’s essential that you get it covered with the right type of cover. Unoccupied property is at greater risk from thieves and vandals so you always need to have cover in place.
- Liability claims - Liability claims are certainly a risk for landlords, whether they come from members of the public or your own tenants. You can have as much liability cover as you need included in your policy although the standard amount is usually enough for most landlords’ needs.
- Legal expenses - Fighting liability claims in court can become costly very fast so having legal expenses included in your policy is very wise.
- Rent guarantee – If you were to get into a dispute with a tenant and were unable to get rent from them, then rent guarantee would ensure you were compensated until you were able to have them legally removed from your property.
Things that affect Insurance Quotes for Landlords
Below are some of the main factors that affect the cost of a landlord insurance quote –
- The number of properties on the policy - The number of properties you want to insure on your policy will certainly impact on its costs. It’s not the only factor that insurers take into account of course, but the more property you have, the higher the cost will be.
- The location of the properties - It’s no surprise that property in affluent areas with low crime rates are going to be cheaper to insure than those in high crime areas with a greater risk of burglaries and vandalism.
- The security of the properties - Most landlords make security a big priority and for good reason. The more secure your properties are, the less likely they are to be broken into or vandalized. Insurance providers will take this into account and adjust the price of the policy accordingly.
- The level of cover - The number of cover options you have included in your policy will certainly affect the cost. If you’re on a fairly tight budget then it’s a good idea to think about what the biggest risks are and prioritize them in your policy.
Benefits of getting cover online
There are many benefits to getting landlord cover online. These include –
- Save yourself time - Not many people have the time to call many different insurance providers on the phone. Luckily there’s no reason to do that anymore since you can get all the quotes you need in one place.
- Save yourself money - By getting a lot of quotes from different insurers, you can pick the one that offers the best value for money.
- Get a quote that’s perfect for you - Every landlord has different needs when it comes to insurance so it’s great to be able to easily see what cover options are available and add the ones you want to your policy.
- Get quotes from specialist providers - Because the quotes are provided by specialist providers of insurance for landlords in Australia, you can be sure that the customer service is excellent and the claims process is easy.
- Speak to expert advisors - If you’re a new landlord and you’d like to get some advice on the best type of cover to take out then there are always advisors ready to speak with you.
Ways to save money
- Secure your property - Making your property secure is very important if you want to keep the cost of your insurance to a minimum. Simple measures such as installing alarms, security cameras and motion lighting can make a big difference to the security of your property.
- Be picky with tenants – It’s much better to be picky with who you lease your property to rather than having to deal with problems later down the line. Be sure to do background checks on any potential tenants as well as employment checks to reduce the chance of there being any problems.
- Pay annually - Paying annually may not sound all that appealing but if you want to reduce the overall cost of your policy then it’s one of the best ways to do it. Insurance provider always prefer a bigger down payment and the majority of them will be happy to offer a significant discount when you do this.
- Get multiple quotes - Getting quotes from different Australian landlord insurance providers will enable you to easily assess which quotes offer value for money and which don’t.
Get landlord insurance quotes now
Getting landlord insurance quotes shouldn’t have to eat up hours of your precious time and thankfully this is no longer the case. In order to get landlord insurance quotes from specialist providers all you have to do is click the red button below. After you’ve provided some information about your property and the type of cover you want, you’ll then have access to the quotes, which you can compare easily. Get started now!