Are You Underinsured?

According to the Insurance Council of Australia, an estimated 80% of Australian landlords and homeowners are underinsured.

Understanding the different types of insurances available to you as a property owner is really important to ensure your asset is protected. It’s always a good time to review your various insurance policies and ensure you are properly protected. 

Here’s what you need to know. Home insurance, Landlord insurance and Public Liability insurance all protect short term rental property owners.

Essential insurances for landlords: 

1. Home insurance is designed primarily to cover the risk associated with living in the house. 

2. Landlord insurance is tailored specifically with a rental property and/or investment property in mind, and protects the owner for tenant-related issues such as non-payment of rent, & damage to property caused by tenants.

3. Public Liability insurance protects landlords against injury and damage claims from tenants and visitors. 

All three of these insurances are essential to protecting yourself, and your property. 

For further reading, we recommend this fantastic article by Duo Insurance which explains the importance of Public Liability insurance when renting out your property. 

As always, please reach out to our Team to discuss any of these matters in more detail.