Strata vs Landlord Insurance, What's the Difference?

Short-term rentals allow a landlord complete freedom over their asset. It ensures landlords don't get tied into long term rental contracts and can adapt their strategy to suit their needs at any given time.

Guest Realty has been managing properties in Sydney’s Eastern Suburbs, beachside, CBD and Inner City for nearly a decade. At Guest Realty we pride ourselves on making it a completely seamless & hassle-free experience for our owners and guests. We understand service and how important it is to be excellent communicators, and to be on hand to make sure all the finer details are looked after so our guests can have the perfect getaway, and owners can have complete peace of mind knowing that their home is being managed by true professionals.

Insuring of one’s property for short-term rental is a mandatory and an area we find many property owners find a little confusing, especially if there property is part of a strata lot.

Strata insurance and Short-Term Landlord Insurance are not the same…

Strata insurance is designed to only cover common areas and the building structure - it doesn’t cover internal damage to apartments. Landlord insurance protects property owners from financial losses that may occur when renting out a property. It can cover damage or loss from events like fire, flood, theft, and vandalism. It can also cover legal liability and loss of rental income. And, depending on the level of insurance you take out, can also cover damage to kitchen appliances, floating floors, carpets, curtains, fridges, and washing machines. 

Being underinsured can lead to significant financial consequences - this is why Landlord insurance is a must; simply put, it protects you, your property and your finances. Landlord insurance is a small price to ensure your investment remains a valuable asset for years to come.

Please reach out to our Guest Realty team should you have any questions or need a referral to our short-term rental landlord insurance providers.