6 Situations Where You’ll be Thankful For Landlord Insurance

If you’ve taken the plunge and purchased that investment property – congratulations! Property continues to be a great investment and you have the added bonus of rental income. But hang on a minute, do you have the right insurance in place to protect the property? If you’re wondering what could go wrong in your rental that would warrant insurance, the answer is, well, plenty. Today, we’ll be looking at the most common situations that landlords face where you’ll be very happy you have the right cover in place!


Rent default

Even if you have awesome tenants who are usually reliable, there may be situations where they’re unable to pay their rent for an extended period of time. This sudden loss of income can have a serious impact on your finances. That’s where your landlords insurance comes in as it will cover you for a range of loss of rent scenarios, including financial hardship of a tenant.

Water damage

If there is water damage to the contents of the property, your landlords insurance will cover you. Whether the water damage is caused by your tenants, or by a faulty water system or leaking tap, you’ll be very grateful that you don’t need to foot the cost yourself. Water damage to the actual structure of the property will be covered by building insurance

Theft or burglary

Although we hope this would never happen, you may find yourself in a situation where you’ve been the victim of theft or burglary by one of your tenants or their guests. Even if you haven’t left much in the house for anyone to steal, you’d be surprised at how quickly the replacement costs can add up if items have been taken. Luckily, your landlords insurance has you covered.

Malicious damage or vandalism

Unfortunately, we see all too often situations where tenants or their guests have caused malicious damage to their rental property. This can often mean expensive repairs and cleaning bills if you need to contend with damaged or defaced walls, damaged window treatments, and other acts of vandalism. These situations are covered under your landlords insurance.

Accidental damage

Not all damage is malicious and your landlords insurance will cover these scenarios as well. Even for the perfect tenants, accidents can happen and you may get a phone call from an embarrassed tenant letting you know that they’ve damaged the carpet or broken a bathroom cabinet.
If you need landlord insurance Australia, the professional team at GSK Insurance Brokers can help. We understand the unique set of risks that landlords face and will look at all of the areas which need cover to ensure that your asset is protected. From the initial set up of your policy to stepping in at claim time, our brokers are here to support you.
For the best landlord insurance for your investment, speak to GSK Insurance Brokers today on 1300 687 962.

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