Insurance
There are various insurances that you need to consider when your property is for lease.
You should seek professional advice on what the best solution for your insurance needs are however we have provided you with a basic overview.
Building
This will cover you for things such as fire, storm damage, water damage, accident.
If you own a unit, your building insurance will be part of the owners corporation policy which you pay for via your Owners Corporation levies.
Public Liability
This will cover you for items where the tenant or the tenant’s visitors may injure themselves. You may need to investigate this cover further if you own a unit as often the owners corporation insurance only covers the common areas, not the inside of your unit.
Landlord Protection
There is a wide selection of policies for this cover on the market. This type of insurance will cover you for tenant default as well as accidental and malicious damage. There are several companies that specialise in this insurance and we advise you to shop around and choose carefully.
We strongly recommend that you take out cover for all three of areas.