Whilst it is the responsibility of the tenant to take out contents insurance, it is the responsibility of the landlord to ensure their property and liability is covered, in case the tenant damages their property or even themselves.
A good landlord insurance policy should cover your property for the following*:
- Malicious damage caused by the tenants or their guests
- Loss of rent if the property becomes uninhabitable
- Loss of rent if the tenant defaults on their payments
- Some legal costs if you have to chase up unpaid rent, for example
- Legal liability.
A professional property manager can take care of the day to day responsibilities associated with an investment property, but landlord insurance provides extra protection against the possibility of accidental or malicious damage to your property. Property Management fees are tax deductible and can be claimed in your tax return as an expense of your property
If you have any questions about landlord insurance or are unsure about your property’s insurance cover, contact Carrington’s experienced property management team on +61 2 8394 8888 email Carineh Grigorian.
