If you own a rental property, you’re vulnerable to the same risks of any homeowner, such as storms, floods and fire. You’re also vulnerable to damage that tenants can do to your contents. And if you can’t rent out your property while it’s being repaired or if your tenants break the lease or leave owing you rent, you could also lose valuable rental income. That’s why it pays to have landlord insurance, which is designed especially to protect owners of investment properties.
If you’re one of the 2.6 million Australians who own an investment property, you should consider taking out landlord insurance to protect your investment and the income it provides. 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.
The cover you’ll receive depends on the policy that you take out, but your landlord insurance policy may include:
There are exclusions. There is also often a deductible or excess and limits on cover, so check with a Coastal Insurance Broker first.
A Product Disclosure Statement (PDS) is available for Landlord Insurance and can be obtained from us upon request.
You should consider the PDS in deciding whether to acquire, or continue to hold, Landlord Insurance
Property is likely to be the biggest investment you’ll ever make – so make sure you protect it. To find out more about landlord insurance, talk one of our friendly staff today. They can help you choose the right type and amount of cover for your situation.
Strata Insurance can protect the buildings common areas or facilities, with the premium paid for by the owners corporations.
Residential strata insurance is compulsory in every state – so if you’re part of an owners’ corporation in a townhouse, unit, flat, apartment or duplex, the owner’s corporation will need strata insurance. Business owners who work in a strata building should also consider Strata Insurance.
The cover can be managed by an appointed strata manager, or an insurance broker can take care of it on behalf of the owners’ corporation.
Strata Insurance can cover the building and all common or shared property, and contents which belong to the owners’ corporation. The type of cover and its cost will depend on the kind of building, where it’s located and the amount of common property you share. It may include:
There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Coastal insurance broker.
Product Disclosure Statement
A Product Disclosure Statement (PDS) is available for Strata Insurance and can be obtained from a Coastal insurance broker.
You should consider the PDS in deciding whether to acquire, or continue to hold, Strata Insurance.
Speak to a Coastal Insurance Broker
It is important that you understand the extent of your policy coverage and your insurance requirements. Policy coverage is always subject to the terms, conditions and exclusions of the insurance contract and policy wording provided by the insurer.
Each insurance company has its own policy wording. This means that coverage can vary considerably from one insurer to another. It is vital that you compare each policy based on the appropriateness of cover for your individual or business needs.