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If you own a rental property, you’re vulnerable to the same risks of any homeowner, such as storms, floods and fire. You’re also vulnerable to damage that tenants can do to your contents. And if you can’t rent out your property while it’s being repaired or if your tenants break the lease or leave owing you rent, you could also lose valuable rental income. It pays to have landlord insurance, which is designed to protect owners of investment properties.
Get the right advice at the right price and have a local Steadfast broker on your team.
Amanda's troubles with tenants
Amanda rents her investment property to some tenants who, unbeknown to her, throw regular parties. After some neighbour complaints, Amanda organises an inspection and finds that the tenants have caused extensive damage to some of the doors and walls of her house, and have destroyed the garden.
Amanda evicts the tenants, who leave owing her two months’ rent. She is unable to rent out the property for a month while it’s being repaired.
Amanda makes a claim on her landlord insurance, which covers the cost of repairs. And, because she has rent default cover included in her policy, she’s reimbursed her for loss of rent.