Landlord insurance is a type of property insurance that provides coverage to property owners who rent out their property to others. This type of insurance is designed to protect the property owner in the event that their tenant causes damage to the property or fails to pay rent. Keep reading to learn more about the types of landlord insurance policies available from iSelect how much is landlord insurance, and more.
What is iSelect?
iSelect is an online resource that helps consumers compare and shop for services. The website offers various services, such as health insurance, landlord insurance, energy plans, and broadband packages. iSelect landlord insurance is available to landlords in all states and territories in Australia. The policy can be purchased online or over the phone and tailored to meet the landlord’s specific needs.
Landlord insurance differs from standard home and contents insurance in a few ways. First, it typically offers a higher level of coverage for your property. This is important as landlords are often responsible for damages on their property, even if they’re not at fault. Landlord insurance can also help cover the costs of lost rent if your property becomes uninhabitable.
It’s important to note that landlord insurance doesn’t cover liability costs. If a tenant is injured on your property, you could be held liable for their medical expenses. For this reason, it’s important to have liability insurance as well. If you’re a landlord, ensure you have the right insurance in place.
What are the different types of landlord insurance?
There are a few different types of landlord insurance policies available in Australia. The most common type is property damage insurance, which covers the property in the event of damage or loss. Some policies also include contents insurance, which covers the loss or damage of the tenant’s belongings.
Another type of policy is loss of rent insurance. This covers the landlord’s costs if the property becomes uninhabitable and the tenant is unable to pay rent. This type of policy is usually only necessary if a rental guarantee scheme does not cover the property.
There are also a few specialist landlord insurance policies available, such as cover for properties that are used for commercial purposes. It’s important to speak to an insurance broker to find the best policy for your needs, as each policy will have different features and benefits.
What is not covered under landlord insurance policies?
The Product Disclosure Statement will outline what is not covered under your insurance policy. Depending on the type of insurance you choose and the level of coverage, typical exclusions on a landlord insurance policy can include:
- Malicious damage
- Tenant default
- Movement of the sea
- Falling trees
- War and uprising
Do I need flood insurance?
The most common type of policy is the standard property insurance policy, which covers damage to the building itself in the event of a fire, storm, or another covered event. Flood insurance is another important policy if your business is located in a flood-prone area, as it will protect you from losses incurred due to flooding. Business interruption insurance can also help ensure that you can continue to operate your business after a covered event causes damage or forces you to close temporarily.
Landlord insurance policies are important to protect yourself from any potential damages or losses that may occur while renting your property. There are different types of policies available, so it’s important to research and find the one that is best for you. Landlord insurance policies are a crucial part of being a landlord and can help protect you from costly damages or losses.