Jul 6, 2023
5 Tips on Landlord Insurance | Metro Strata
You might think your owner's corporation fees cover all your insurance needs. But is that true? Not quite. Here are five insightful tips to keep you ahead of the game.
1.) Grasp your Vulnerabilities Embarking on the journey of becoming a landlord can be exhilarating, but it doesn't come without its risks. These include:
-Unforeseen damages to items you own, like light fixtures, carpets, and kitchen appliances.
-Malicious damages by tenants or potential burglars.
-Destruction from natural disasters like fires, floods, and storms.
-Loss of income while your apartment is under repair.
-Legal liabilities for injuries in your premises.
-Landlord insurance is crafted to secure you from these risks.
2.) Unlock Savings in Strata Certain landlord insurances cater more to house owners, which may lead you to pay for unnecessary coverage. Keep an eye out for phrases like "Building insurance for landlords." You're already protected by strata insurance, so you don't need to double down!
What you need is a landlord policy tailored for strata from reputable companies like CHU. An effective strata-focused landlord policy begins where your strata insurance ends, offering you bang for your buck.
3.) Be Airbnb Ready As short-term rentals rise in popularity, it's essential to ensure your landlord insurance includes this coverage.
Even if you aren't currently considering short-term rentals, the market is dynamic, and having this provision in your insurance policy offers future flexibility.
4.)Navigating NSW Laws are generally tenant-friendly, with no immediate changes on the horizon.
Although legalities can be overwhelming, remember that successful outcomes are achievable for NSW landlords! Comprehensive landlord insurance mitigates some risks and helps you thrive in NSW's modern environment.
5.) Reflect on Your Landlord Journey Becoming a landlord wasn't meant to pile on the stress, right? Consider that landlord insurance is truly about safeguarding your financial future—it's well worth the investment.
After all, how much would you value peace of mind? It's truly invaluable.