Landlord contents insurance protects the items you own and keep at your rental property. If they're damaged or destroyed by an insured event, such as a fire, storm or malicious damage by your tenant, it can pay to repair or replace them.
It's designed to help you avoid a hefty replacement bill if you're the landlord of a furnished property and the contents get damaged.
Most insurers offer new for old replacement. This means they will pay you for the cost of a new item, not your item's current value.
For example, fires (including bushfires) storms, rainwater, floods, escaped water and lightning.
Even if you have an unfurnished rental, you might still need contents cover. Items like carpets, blinds, some air conditioning units and white goods such as washing machines are generally included in contents insurance. If your property is ruined by a natural disaster, insurance can replace all of these furnishings and fittings.
"Many property managers recommend that furnished rentals come equipped with basics like plates, bowls and glasses. Individually, these may not cost much – but if something serious like a fire, cyclone or storm hits and the whole property is damaged, you could be looking at hundreds of dollars in replacement costs. You've also got to consider how much it would cost to replace more expensive things such as kitchen units, white goods and carpets. It's particularly important if you rely on your rental as a major source of your income."
Carpets
Appliances such as white goods
Blinds and curtains
Landlord contents insurance covers the items you own and keep at the property. If an insured event occurs, it can cover:
Landlord contents insurance doesn't cover:
Make sure you take out landlord contents insurance before bad weather like a flood, storm or bushfire has become a known event. As soon as it's recorded by the BOM or on the news, you won't be able to make a claim for damage related to that event.
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If my tenant falls over and hurts themself by falling over a mat. Is this covered if they sue me?
Hi Liz, Many landlord insurance policies do include public liability cover to handle injuries to tenants or visitors, but not all do – so check the policy documents carefully before signing up. Landlord contents insurance, which is designed to cover furniture and other items, is less likely to include this than more comprehensive policies which can also cover rent defaults and building issues. Hope this helps.