GSK have been incredibly responsive. Graham and the team always give expert advice. It is good to use one company to handle our business and personal insurances because of the continuity of service and convenience of dealing with a single consultancy.
Cover for your rental property
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. It pays to have landlord insurance, which is designed to help protect owners of investment properties.
Who should consider it?
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.
What can it cover?
The cover you’ll receive depends on the policy that you take out, but your landlord insurance policy may include:
- Automatic cover for flood, fire or explosion
- Liability cover for injury or loss of life to a third party or their property
- Cover for to landlord’s contents – like carpets, curtains, washing machines and ovens
- Catastrophe cover
- The option to cover loss of rent
- Loss or damage caused by tenants or their visitors
- Electric motor burnout
- Tax audit cover (up to $5,000)
- Extra cover for demolition and debris removal
What isn’t covered?
There are exclusions. There is also often a deductible or excess and limits on cover, so check with your GSK insurance broker.
Product Disclosure Statement
A Product Disclosure Statement (PDS) is available for landlord insurance and can be obtained from a GSK insurance broker.
You should consider the PDS in deciding whether to acquire, or continue to hold, landlord insurance.