How landlord insurance can help protect your rental property

When it comes to rentals, there are all kinds of different properties on the market. From apartments on long-term leases to beach houses used for short holiday stays, there’s no one-size-fits-all insurance policy for rental properties.

As a landlord you may choose to rent out your property privately for a 24-month period, or for shorter holiday periods (such as weekends) through platforms like Airbnb. The fact of the matter is that holiday or shorter-term rentals may have different insurance needs in comparison to longer-term rentals that have a tenancy agreement, so it's vital to check that your insurance covers you for all scenarios. 

If you’re renting your property out to long-term tenants, you may want to consider getting NRMA Landlord Insurance. If you’re intending to only rent out your property for shorter stays, you might like to consider ShareCover – Holiday Rental Insurance instead, as NRMA Landlord Insurance doesn’t cover stays that are less than 90 days.

There's a lot of legal due diligence and regulation around being a landlord, so if you're not confident managing a property (or you don't have the time), you could hire a professional. But remember, just because you're paying for property management, doesn't mean you are insured against damage.

If your tenants move out and have left your property damaged, their bond might not even come close to covering what needs to be repaired or replaced., Landlord Insurance can help reduce the potential out of pocket expenses to repair your home. 

But that’s not all. With NRMA Landlord Insurance you can also add optional cover to help protect your rental income (subject to some exclusions and limitations – check the product’s PDS) if your tenants stop paying rent or leave without notice, while you find a solution for the situation.  

Whether it’s accidental or not, damage to your property can happen. That’s why you should consider a comprehensive policy which can help cover your property from damage caused by a tenant or their guests, an unwanted burglar, or even natural disasters.

For peace of mind, NRMA Landlord Insurance covers your rental property for a range of things, including theft and vandalism, lightning, water and oil leaks, and even impact damage caused by a fallen tree during a storm or a vehicle that accidently crashes into your home.

Keep in mind that there are many different variations on what's covered in Landlord Insurance, so be sure to carefully read the Product Disclosure Statement (PDS). The PDS outlines what is and isn’t covered by your policy, so if you ever need to make a claim there are no surprises.

It is also wise to consider your excess amount. You may want to contemplate whether bringing your excess down will be more advantageous for you.

Take time to investigate your options and choose a policy that matches the needs of your property, based on things like where it is located and the surrounding environment. For example, if your property is located near a bushfire prone zone, it's wise to consider a policy that covers potential bushfire damages. 

Once you know what you need covered in terms of your risks or concerns, and the optional benefits that best fit your property, get a quote for NRMA Landlord Insurance.