Landlords Insurance in Perth - Do You Really Need it?
Our view is clear - It's a brave and foolish landlord that would try and save on the small premiums of a landlord insurance policy.
What is Landlords Insurance?
Why is Landlords Insurance important?
What does Landlords Insurance cover?
- Loss of rent: If your tenant fails to pay rent or if your property is uninhabitable due to damage, your policy will cover your loss of rental income.
- Malicious damage caused by tenants: If your tenant intentionally damages your property, your policy will cover the cost of repairs.
- Theft by tenants: If your tenant steals items from your property, your policy will cover the cost of replacing the stolen items.
- Accidental damage: If your tenant accidentally damages your property, your policy will cover the cost of repairs.
- Legal liability: If your tenant or another person is injured on your property and you are found liable, your policy will cover the costs of any damages awarded to the injured party.
Why using a Property Manager is recommended:
What is the cost of Landlords Insurance?
However, as a rough estimate, in our experience, you can expect to pay around $400 plus or minus 10% depending for a medium type of property.
Our Final Say
As Perth property managers, we highly recommend that all landlords have landlords insurance to protect themselves from financial losses and legal expenses from tenancies gone bad.
By using a property manager with detailed records of the property, applying for and receiving an insurance payout for issues arising is much more successful than private landlord management.
If you have any further questions about Landlords Insurance or would like our recommendations on who to get a quote from, please don’t hesitate to contact us.
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Our expert and experienced property management team is invested in helping you achieve your goals of a well run investment property with as low maintenance costs, management costs and vacancy rates possible, combined with the highest rental returns achievable. Talk to the team that will look after your property properly.
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