Landlord’s insurance is an insurance policy that covers you, as a property owner, from possible financial loss associated with owning an investment property. As well as long term leases, landlord insurance policies may also cover short term holiday rentals or holiday homes, such as approved Airbnb and Stayz residences.
Generally, the policy covers the building from damage from the usual causes such as fire, lightning, explosion, earthquake, storms, and floods but most landlord’s insurance policies also have cover for:
- accidental damage
- malicious damage by tenants or their guests
- alternative accommodation costs
- theft by the tenant or their guests
- loss of rent if the tenant/s stop paying
- liability, including for claims against you by the tenant
- any legal costs incurred from action taken against the tenant.
Landlord insurance policies don’t usually cover any personal property belonging to tenants, or otherwise protect the interest of tenants.
Contact Armstrong’s Insurance Brokers today to discuss your insurance needs.