It is no secret that choosing insurance is no simple task and it is no different for the insurance on your investment property.  With so many different types of insurance to consider ie: Landlord Insurance, Building and Content Insurance, Public Liability Insurance, it can be a painstaking task finding out what they cover and what one suits your needs. You wouldn’t want to comprise all the hard work you’ve put into selecting and maintaining your investment property by choosing the wrong insurance.

Landlord Insurance:

Landlord Insurance is an insurance specifically for an Owner with an investment property.  In general, the insurance covers loss of rent and malicious damage when a Tenancy does not go ‘to plan’, as well as loss of rent due to another insured event such as storm damage, fire, theft etc.  The coverage of the different types of Landlord Insurances available can vary significantly across companies.  Landlord insurance can certainly save you a lot of money under unforeseen circumstances.  Make sure the insurance you select is going to be the right cover for you and your investment.

Building Insurance:

Essential for any Landlord who has an investment property.  Building insurance in general covers the building itself and its walls, plumbing, windows, kitchens etc.  Each policy with different insurance companies is likely to vary in what they will cover.  Building insurance may or may not cover you for complete or partial destruction of your property.  This is vital to check when taking out insurance.  Many building insurance policies also include Public Liability Insurance.

Contents Insurance:

Contents Insurance covers any content that is owned by the Landlord and are provided for the tenants’ use.  Contents are not considered to be part of the structure of the building which commonly include, carpets, window furnishings, domestic appliances etc.  Tenants are responsible to insure their own possessions throughout the tenancy.

Public Liability Insurance:

Public Liability Insurance is the general insurance for ensuring that settlement to injured persons under Civil Law are paid.  Public Liability Insurance covers a wide range of risks and circumstances.  This is also a critical insurance to have with your investment property, to cover you should any person receive an injury at the property and decide to take legal action.  In our view, Public Liability Insurance is a must have.

A Note for properties under a Body Corporate:

Unit or townhouse complexes may have their own Building and or Public Liability Insurance in place through the Body Corporate.  It is however, recommended to assess the insurance that is in place in regards to what is covered.  The policy may not include the internal areas of your property for Building or Public Liability Insurance which may leave you at risk.  If you find yourself in that scenario, it would be best to consider getting your own Building and Public Liability Insurance to make sure you are fully covered.

Disclaimer: Orbit Property advise speaking to an insurance broker to find a policy and insurer that is right for you. Orbit Property aim only to provide guidance from a Property Management perspective when looking for a comprehensive policy that is right for you.


Orbit Property – Anita Genrich