At the end of the day, your insurance cover is entirely your personal choice. However, it is important to remember that there are options available that are specifically designed to cover the owners of investment properties.

Your insurance needs will vary depending on the type of property you own. If your rental property is a house, we would recommend having a Building policy AND a Landlord policy. If it is a unit or apartment, (within an Owners Corporation), you may only need a Landlord policy as the building is usually covered by the Owners Corporation policy. However, if there is no active Owners Corporation, you will need both Building and Landlord policies.

There are many variations between different Landlord policies. However, you should look for a policy that recognises both fixed and periodic lease agreements; and which covers you for loss of rent, accidental and malicious damage along with legal liability cover. We would suggest that you avoid policies that have large excesses for damage, whilst loss of rent claims should have NO excess at all.

Keep in mind that we are not insurance advisors, nor do we sell Landlord insurance. Our recommendation is that you review your current cover and talk to an experienced advisor in this field. Of course, if you would like a referral to a trusted professional in this field, just ask your Barry Plant Property Manager.

If you need any advice or assistance on any other matter related to your rental property, you can give our award-winning Property Management team a call at any time on 9330 1088, or our Property Management Director, Grace Pugliese, on 0413 139 752.