What’s the difference between Landlord Insurance and Home Insurance?
Home Insurance helps cover the costs of repairing or rebuilding your home if it is damaged in an insured event.
Landlord Insurance is similar, but also includes policy options and benefits for investment property owners to minimise the financial risks associated with renting out their property.
The features of Landlord Insurance vs Home Insurance
Both Home and Landlord Insurance may cover you in case of events like flood, storm, and fire (including bushfire). But insurance designed for landlords may also cover you for:
- theft, vandalism, and malicious damage by tenants or guests
- accidental glass breakage
- up to $20 million legal liability for death or injury to other people, or loss or damage to their property
- loss of rent due to an insured event if the property cannot be tenanted.
- Rent default – covers lost rent and legal costs to recover unpaid rent.
The last two are particularly important when it comes to maintaining the return on investment for your property. Chasing up unpaid rent can be time consuming, but the right cover can help.
If you have a residential investment property and would like your current policy reviewed, contact the team at Provide Insurance.