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Strata Contents and Landlord Insurance

Home and contents insurance is a cover that many owner occupiers purchase to insure their belongings should something happen. It provides cover for your place of residence against nominated risks, offering peace of mind to the home owner against such contingencies as fires, storms and burglaries.

There are generally two types of home and contents insurance available on the market. There’s a basic cover which is limited to defined risks such as fire or water damage and burglary. The second type of cover includes full material and accidental damage. This covers everything from accidentally dropping a vase or television set, to fusion cover and temporary accommodation in case it’s needed.

While home and contents insurance is relatively common, Landlords can also take out Landlord Insurance for their tenanted investment properties.

Joseph Sharbeen is an Account Director with Honan Insurance Brokers, www.honan.com.au.
“As a Landlord there are some risks that are beyond your and your real estate agent’s control. There are also unforeseen circumstances that may cause damage and loss of income to your residential investment property,” said Joseph.

“Your rental property may be one of the largest investments of your life. Therefore, you need appropriate cover in order to enable you to go through hard times with a minimal loss to your income.”

The main benefit of Landlord Insurance is peace of mind, knowing that as a property investor, you have adequate insurance to cover you.

With Honan Insurance Brokers, Landlord Insurance covers the following:

• Landlord’s Contents (fixtures and fittings) (limit up to $50,000)
  Covers Accidental Damage/Fire & Water Damage/Malicious damage/Storm/Rain etc

• Damage By Tenants (limit up to $50,000)
  Covers deliberate, malicious and intentional damage by tenants.

• Rent Default (limit up to 18 weeks)
  If a tenant vacates the premises without notice, defaults in payments of rent, is legally evicted from the rental property or upon the death of a sole tenant.

• Loss Of Rent (limit up to 12 months)
  Cover is provided if your property is uninhabitable due to an insured event.

• Public Liability (limit $20,000,000)
  Covers legal liability for bodily injury and third party property damage

• Legal Expenses (limit $7,500)
  Cover is provided for legal expenses to peruse the rent default of the tenant, subject to Insurer’s consent.

• Fumigation cost following death of a person (limit $5,000)
   
• Fusion of electric motors up to 4HP (limit $2,500)

Therefore Landlord Insurance covers most risks associated with tenanting your property focusing on both damage to the property and situations that prohibit collection of rent.

When deciding which Landlord Insurance policy is suitable for your circumstances, Joseph has this advice, “Always check your policy wording and schedule, and seek advice from an insurance professional or Broker of the adequacy of the cover. In our case, the advice will be free.”