Landlord Insurance
Government & Compliance
A specialised insurance policy that covers risks specific to renting out a property, including tenant damage and loss of rent.
Full Explanation
Landlord insurance goes beyond standard building and contents insurance to cover risks like malicious tenant damage, loss of rent due to tenant default, legal liability for injuries on the property, and legal expenses for tribunal proceedings. It does not cover fair wear and tear or damage covered by building insurance (storms, fire). Premiums are fully tax-deductible and typically cost $200 to $500 more per year than standard home insurance.
Example
Your tenant abandons the property mid-lease with $5,000 in damage. Landlord insurance covers the repair costs and four weeks of lost rent while you find a new tenant.
Frequently Asked Questions
Is landlord insurance worth it?
Yes, for most investors. A single tenant damage claim can cost tens of thousands of dollars. Landlord insurance provides peace of mind and financial protection for a relatively small annual premium that is also tax-deductible.
Does landlord insurance cover Airbnb?
Most standard landlord insurance policies do not cover short-term or holiday letting. You need a specific short-stay landlord policy or a platform-specific insurance product if you use Airbnb or similar services.