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Landlord Insurance: How Much Cover Do I Need?

How much cover do I need? Although a great question, many landlords should be asking ‘who should provide my insurance’. The amount of cover required very much depends on the property; the provider is a much more important matter.

Landlord insurance covers property owners from loss concerned with rental properties. The policy covers mainly, the building, but an option of insuring any contents is generally offered.
A landlord insurance policy will normally cover natural disasters, water leaks, theft and malicious damage. But remember: every policy is different.

Over half a million Australians own a rental property, that’s a heck of a lot of landlords. There is no such thing as a typical landlord but census results indicate that couple families represented about 75 per cent of residential rental property owners. Many (around 70 per cent) of whom had two income earners.

The point; landlords work hard to afford their properties; they need, and deserve quality insurance.
Landlord insurance, like many other types of insurance can be a complicated matter. Take your time, to assess your needs and which type of insurance best suits.
Things to consider when looking for landlord insurance
• Building replacement and repair – including architects, surveyors and legal fees
• Natural events and disasters – floods and resulting water damage in particular
• Content cover/replacement – new for old a bonus.
• Content damage – accidental and impact
• Motor burnout and power surges
• Theft – both tenants and visitors to the property
• Rental income protection – you deserve this

Landlord insurance should not be confused with multiple property or personal home insurance; they are a very different matter. Personal home insurance commonly covers both the home and the contents inside, and multiple property insurance covers, as the name suggests, multiple of these. Landlord insurance, as stated above, covers the building and occasionally, contents which belong to the landlord inside.

There are a number of insurers who offer landlord insurance but when it comes to such important matters, you could do a lot worse than to side with experience. NRMA have been insuring Australians for over 85 years.

Other reasons to choose NRMA for your landlord insurance
• More savings when you hold multiple qualifying products with NRMA Insurance – NRMA offer landlord insurance as well as; home, life, boat, caravan, business, travel, bicycle, security and car insurance. More than enough to cover your needs.
• Discounts for loyal customers – our special way of saying thank you
• No claim discounts – rewarding you for your safety
• Flexible excess levels to help reduce your premium – so you are not paying for insurance you don’t need
• Fast, paperless claims and 24/7 Helpline (Call 132 132 today)

NRMA landlord insurance currently covers rental properties and their resulting income across New South Wales, the Australian Capital Territory and Tasmania.

This insurance provides peace of mind for your property and contents, but that is not all. NRMA Landlord Insurance covers rental and associated legal costs, and loss of rent if the property is unable to be lived in due to damage. So you’re protected, even if the unexpected happens.

Our insurances are as varied as they are detailed, covering you against all possible loss. So whether you’re renting out a two bedroom unit in Sydney’s west or a four bedroom home in inner city Canberra, give NRMA a call, they’re sure to help.

Joanne Lemke is a final year creative writing student at UOW, who is looking to break into the corporate copywriting space once she graduates and hopefully go on to eventually some day write a book around her other passions, namely business and financial changes.

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