Landlord insurance necessary if the tenant lives in my home?

Per the title, would landlord insurance add any extra coverage over what my existing contents insurance is already covering?

Or would I be better off just dialling up my home contents coverage?

 

Loss of rent, public liability?

 

Depends...Read the policy definitions. Some LL policies only cover a residential tenancy lease and may not cover a shared house arrangement. You cant double insure. When you claim its a disclosure issue and most insurers will either decline cover or will mutually reduce cover etc.

 

If you live with your "tenant" there's probably a reasonable chance they aren't even a tenant at all, and instead a lodger or boarder. Quite a few legal implications since the residential tenancy legislation probably doesn't apply.

 

Hi, what agreement do you have with your tenant and what are they renting from you? Unless you have a standard/proper agreement with them, most (if not all) landlord insurances would be void. It doesn’t mean they will not sell you a policy, but when it comes to claim you will find that you are not covered. I am so curious about what arrangement you have there, but I won't ask

 

Better check your existing household cover.
This may not cover you for loss or damage caused by your tenant since they are living in your home by your invitation.
Marg

 

Short of Air BnB's insurance, I don't know of any insurers who provide 'landlords insurance' for rooming accommodation or other arrangements where the lessee resides in the PPOR property with the Landlord.

 

It's a 2 bedroom property which I rent out the second bedroom via a standard VIC residential tenancy agreement (so there is some protection for both parties).

 

Why would a standard VIC residential tenancy agreement offer "some protection for both parties"?

Its probably a big mistake to use standard residential tenancy terms for a lodging agreement.

 

Because it's a contract that stipulates that they won't damage the property, won't sublet etc, and that I'll let them have quiet enjoyment of the property as any tenant is permitted. It's a signed contract that we're both bound to. Is there a better approach in these situations?

 

Yes a contract that gives you whatever rights you want. Because you pretty much can.

At least one that reflects legal reality too - you're not under the residential tenancies act, so no point pretending that you do.

 

It looks like in Victoria you can opt to sign a tenancy agreement with a lodger/boarder, and if you do, then you're bound to the terms of the Act. So you can do it, but I certainly wouldn't recommend it. If you can write your own agreement, why place such onerous obligations on yourself if not mandatory? Anyway, perhaps @rizzle wasn't aware that it was optional.

Boarding

 

Well there you go, this is why these forums are great. Thanks guys.