If it’s been 12 months or more since you reviewed your landlord insurance, or if you haven’t got insurance at all, this month is a great time to take action.  

Even though there’s no legal requirement for you to have landlord insurance, a good landlord insurance policy simply minimises risk and saves you money in the long run. And let’s face it, it just helps you sleep a little easier knowing that you won’t have to fork out a heap of money if something unexpected happens with your investment property.  

Plus landlord insurance is so affordable. For a few hundred dollars a year, you’re covered for around $60,000 of damage / costs. And its tax deductible. If you’re serious about making money from your investment property, having landlord insurance is a must.  

Back to the policy. Making sure your policy is a good one, is key. If your insurance policy doesn’t cover your property for the things that matter, then its not a good policy. That’s why an annual review of your policy is so important.  

To review your policy, simply dig up your policy documents and make sure you are covered for these four vital areas:

1. Building and contents damage.
2. Common natural events.
3. Legal liability
4. Rental loss.

It can be complex, so don’t hesitate to chat to your property manager to get more info.