first IP what type of insurence

Hi,

Purchased my first IP recently and not sure what type of insurances I need.

I am thinking property insurance, do i need some sort to cover a tenants missed payments or any public liability?

Is there something to get that is combined?

any help would be great.

Thanks!

 

If you have a house you will need building and landlord insurance.
If you have a strata titled property then you will need landlord insurance.

I would suggest either EBM or Terri Scheer for that.

 

If a strata titled property you will need a policy that includes cover for:

• your contents (carpets, curtains, blind, light fittings etc.) against defined risks such as fire, storm, water damage and the associated rent loss while damage is repaired.
• cover against tenant-related risks such malicious and accidental damage, as well loss of rent due to risks such as broken leases, default of rent, tenant hardship, death of a tenant and denial of access
• liability in case someone is injured or suffers another loss while on your property

If it is a single dwelling such as a house you will need:

• all of the above
• cover for defined risks (fire, storm etc.) for your your building

And yes, these can generally be combined in one policy depending on the company.