What are the benefits of having landlord insurance for your investment properties?

If you're an investment property owner, one of the first things you should investigate is the landlord insurance for your property. This is something that will help you protect your investment, providing you with a sense of security and peace of mind.

This is a special type of insurance that can help you avoid suffering financial losses from your rental property in a number of ways. From loss of rent to malicious damage caused by tenants, these insurance products will give you the chance to ensure you aren't left out of pocket.

Loss of Rent

This is a great thing to have cover for. With the unpredictable nature of people, you could find yourself with a vacant home. For example, your tenants could simply decide to leave without providing you with notice or rent, making your investment a financial sinkhole - especially if you're making regular mortgage repayments at the same time.

Furthermore, it could just be a bad time in the market and you might have difficulty finding tenants to occupy your property. In times like this, having landlord insurance can help to minimise the impact of these financial blows.

There are cover options that can be sought in the event of a building being unoccupied for more than seven days if your tenants leave without notice or they stop paying rent and prevent you from entering into the property.

Malicious Damages

Furthermore, if your property is damaged in an intentionally destructive way, landlord insurance will help to provide you with cover for this. The insurance will help you take care of repairs costs - including replacing items that are stolen - in order to help you get your investment back into a rentable state.

Securing insurance for your investment portfolio is a great way to protect yourself against the unforeseeable complications that can arise as a property owner in Australia.