Landlord Insurance is a comprehensive policy designed to financially protect landlords from some of the most common risks associated with leasing a residential property. This type of insurance covers problems with tenants, loss of rental income and ensuring landlords aren’t caught out if unexpected issues arise. Read on to learn more about why Landlord Insurance cover is crucial for property owners.
The cover provided with this insurance policy differs between providers, but generally will protect landlords from the following issues:
- Loss of rental income due to property damage from events such as a storm or fire.
- Rental default if tenants leave without paying outstanding rent.
- Fixtures and fittings cover in the case of malicious damage or theft.
Policies also provide compulsory landlord liability insurance, in case someone is injured on the property due to an issue raised by the tenants, but not addressed by the landlord.
Comprehensive policies can cover a single rental property or multiple units, such as in an apartment block or holiday complex. The level of cover required depends on your needs.
Landlord Insurance can be tailored to your needs with the help of expert broker services. While most providers will offer the above options as standard components of your policy, additional insurance cover includes:
- Reimbursement for legal expenses associated with handling tenant issues.
- Removal of a tenants possessions and re-letting expenses after rental default.
- Cover for professional tax audit fees at the end of financial year.
There are many misconceptions about what Landlord Insurance applies to. The common relates to standard wear-and-tear to a property’s fixtures and fittings. These expenses are considered as an unavoidable cost of leasing property and will rarely be covered.
There are a number of factors as to why you need an insurance policy, including the location of your property, the kinds of tenants you have and potential losses you expect to face. But what’s universal is that residential landlords can face many issues that leave them financially crippled without adequate insurance cover. A landlord that relies on their rental income and has no means of protecting it is greatly exposed.
Choosing the right insurance policy for your property may seem a simple next step – but finding what package offers the perfect cover and nothing else is more challenging than it seems. That’s where a broker service is crucial for ensuring your insurance is optimised for your needs.
Determining the cover you need from the policies can be difficult for anyone inexperienced in Landlord Insurance claims. Trans-West are acutely aware of this fact, which is why we have an expert broker team specialised in Landlord’s Insurance. Your insurance policy should be customised to your needs and your claims handled by a specialist – that’s what Trans-West offers.
Compiling your personalised insurance policy starts with a comprehensive consultation from our team, deciding on what insurance options are necessary for your case. We then offer a range of options that suit, guiding you towards a cost-effective plan that still affords you maximum protection.
So, if you’re a landlord in need of the right insurance policy at the right cost, contact our team at Trans-West Insurance Brokers today.
Located in New South Wales
Trans-West Insurance Brokers Pty Ltd
79 Bathurst Street Liverpool
NSW 2170 Australia
Ph (61) 2 9601 7166 Fax (61) 2 9821 2010