A recent report by MoneyHub has found that Tower and Initio offer the best landlord insurance deals, with extra cover included that other insurers usually have as an additional option only.
The independent site also offers some tips for landlords who are looking to get their insurance right:
- The average best price was around $1,000 to $1,100 a year for a standard three- or four-bedroom house.
- If you don’t do a reference check on your tenant, and take a bond, your insurance may not be valid (Impression’s property managers obviously do this for you).
- Landlord insurance is the only way to cover yourself for tenant-related issues.
- Your landlord insurance doesn’t cover any of your tenants’ belongings.
- Insurance is complex and a good broker is recommended to navigate the fine print and get you the right cover for your situation.
- If you’re particularly worried about methamphetamine contamination, Initio offers the best meth-damage cover in its insurance.
For more tips and quotes, read MoneyHub Landlord Insurance – the basics.