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What is landlord insurance?2016 Canstar Outstanding Value Landlord Insurance

Landlord insurance can cover you for a range of different insured events, from the usual home insurance inclusions for fire and natural disasters, to incidents related to your tenants’ lease, including:

  • Theft
  • Malicious damage and vandalism
  • Loss of rent due to tenant default
  • Legal expenses required to evict a tenant

And the good news is that because it is an investment expense, your policy premiums are tax deductible. Find out what landlord insurance costs.

There are also policies available to cover short-term rental landlords who use sites like Airbnb, Stayz and to rent out a room or part of their home property, such as a granny flat. If home owners aren’t covered and a renter or guest damages their property, they can face paying for expensive repairs on their own.

Even worse, they could face expensive public liability claims if a renter is injured while staying on their property – which could amount to hundreds of thousands of dollars.

CANSTAR’s tips can help you avoid the potential traps in landlord insurance and find a good tenant for your investment property.

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How CANSTAR compares landlord insurance

Canstar compares landlord insurance with our unique, sophisticated landlord insurance star ratings methodology, comparing both pricing and features to determine the overall value of an insurance product. The results are reflected in our consumer-friendly 5-star concept, with a 5-star rating signifying an insurance policy that offers outstanding value.

CANSTAR compares thousands of quotes across each of the states and territories in Australia, and assessing more than 100 different features within 16 categories.

Some of the features Canstar compares for landlord insurance are:

  • Premiums
  • Weekly rent limit on the policy
  • Accidental damage or damage caused by natural disasters and storms
  • Theft or burglary caused by tenant
  • Malicious damage caused by tenant to building and/or contents
  • Damage caused by tenant’s pet
  • Public liability cover for injury to someone visiting your investment property
  • Rent loss due to insured events, prevention of access, rental default by tenant, death of sole tenant, damage caused by tenant, theft by tenant, tenants obtaining a financial hardship order, absconding tenants, tenant’s failure to give vacant possession, or tenant eviction by court order
  • Re-letting expenses after a claim on rental loss
  • Removal of tenant’s goods after a claim on rental loss
  • Change of locks after a claim on rental loss
  • Legal costs such as representation fees, related to tenant eviction by court order or claim for rental loss
  • Cover for professional tax audit fees

Check what else you need to consider when choosing a landlord insurance policy here.

You can read the full landlord insurance star ratings report or compare landlord insurance yourself, based on your own property requirements, using the comparison selector tool at the top of the page.

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Written by: TJ Ryan

Landlord Insurance Glossary Of Terms

Please note that these are a general explanation of the meaning of terms used in relation to landlord insurance. Your insurance provider may use different wording and you should read the terms and conditions of your insurance policy carefully to understand what you are and are not covered for. Refer to the product disclosure statement (PDS) from your provider.

Accidental damage: Damage caused by an event or incident that you and your tenant did not intend or expect.

Bond: Money paid by a tenant and held as security by the landlord against any possible future property damage, outstanding rent, or other costs.

Building replacement value: The amount it would cost you to totally rebuild the property at today’s prices, taking into account any renovations or improvements you have made previously to increase the property’s value.

Duty of care: Because insurance is a contract between landlord and insurer, landlords have a duty of care to take all reasonable care to prevent theft, loss, damage, or legal liability. Landlords also have a duty of care to follow all terms and responsibilities set out in the insurance contract.

Duty of disclosure: Landlords have a duty of disclosure to be honest and tell their insurer everything they know or should know, if a reasonable person would consider it relevant to the insurer’s decision to insure someone under the policy. A failure to disclose information fully could result in a claim being reduced or refused, or your policy being cancelled entirely.

Excess: The amount you have to pay for each incident when you make a claim. The amount and type of excess that applies to different types of claims under your policy will b