Although not a legal requirement, we advise all landlords to have comprehensive insurance to cover both their property and the tenancy (these are often two different policies). Investors need to be careful to check their policy wording and the cover that is offered, particularly now around the areas of Methamphetamine contamination and its associated costs, tenant liability for careless or accidental damage and also inspection frequency requirements.
It is important for landlords to insure chattels such as carpet, drapes, stove and other whiteware that a tenant may be using and also to maintain a current insurance certificate if the property has a chimney. Always remember to tell your insurance company that the property is tenanted to ensure you have some cover.
Ray White Property Managers have access to comprehensive tenancy related insurance so please contact us directly to find out more.