Land Lord Insurance when selling

I am about to put my 2 bedroom 70s unit on the market for sale. The tenants have left, but should I still continue with my LL Insurance. There will be no damage fm the tenants or loss of rent. Building Insurance etc is still covered by the Strata Insurances

 

I would because it should cover contents and maybe accidents or accidental damage, check your policy or ask your insurer.

 

Keep it, as above covers owners contents not covered by strata building.

 

I thought you could only make a claim from LL if a tenant was present?
I sold houses, not units hence I cancelled my LL after tenant moved out just kept the building insurance till settlement.

 

Covers landlords risk during and between tenancies. Eg unit above's hot water goes and dumps a few hundred litres of water during settlement. Repairs to any building work covered by strata but paint, electrical fittings, carpets etc is (generally) a lot owners risk and cost to repair. No insurance = no cover. A quality insurer will cover when vacant.

 

Ok, so for unit it makes sense, but for house this would be covered under building insurance, right?

 

How does it cost per month? What is your peace of mind worth?

 

No not always. Landlords contents are different to building insurance cover. Insure until settlement

 

Quality specialised Landlords Insurance is less than $400 a year so it's not expensive to keep short term. That said, many home insurance policies have a contents cover attached that you're often not even aware you're paying for. I can't think of anything a good home and contents policy wont cover if there's no tenants in place currently.

 

Good point Wylie, that's the best way to find out. One of the agent said that, hence that could be incorrect. So lets go to the source....!