I have just purchased an IP in QLD and would like to know about insurance for the property. I currently have building insurance but I have now heard of landlord insurance, public liability insurance, contents insurance and lessor protection insurance.
Do I need all these? Any advise is greatly appreciated.
Thanks
Hi Nadine,
Okay from the top;
1. Your building insurance will come with the option for a public (or legal) liability cover when you take it out.
2. Lessor protection and Landlords insurance are the same thing and range in price depending on what you are after. Couple of things to watch out for,
2.1 if you take the cover that is offered to you from your IP lender be sure to read the fine print a $60 policy is not the same as a $255 policy.
2.2 be sure to check your excess section, we have seen a number of cases and I speak with a lot of landlords who's insurance cover as charged them a excess for things such as each room. This can added trust me on that one.
3. Check your agents appointment to act as some receive a commission for offering insurance to landlords (i have nothing against this but we do not pay agents commission personal choice for or company)
4. Look around there are about 6 major players in landlords insurance, all major banks offer various policies. However there are specialist product providers (I can't name them with out naming myself and vis versa)We now have a product available to landlords it's $255.00 per year and is very comprehensive send me an email should you wish to know more. I should point out to that private landlords pay more than landlords who have the property managed by an agent.
Hope this helps
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