(http://www.tenantmanagement.com.au/videos/07-do-i-need-landlord-insurance/) - Hello, my name is Michael Gilbert and I'm a licensed real estate agent and I'm here in behalf of tenantmanagement.com.au. Today, I'm going to answer the question, "Should I get landlord insurance?“ First of all, I'm sure you want to know exactly what a landlord insurance is. It is where you as a property owner, you pay a yearly or monthly fee to a company and they cover you if things go wrong with your tenant or the property itself. For example, they might cover you for loss of rent, damage caused by tenants, theft by tenants or legal liability if they want to sue you and take you to court for whatever reason.

1. Tenant Management
Do I need a Landlord Insurance
What is Landlord Insurance?
Hello, my name is Michael Gilbert and I'm a licensed real estate
agent and I'm here in behalf of tenantmanagement.com.au.
Today, I'm going to answer the question, "Should I get landlord
insurance?“ First of all, I'm sure you want to know exactly what
a landlord insurance is. It is where you as a property owner, you
pay a yearly or monthly fee to a company and they cover you if
things go wrong with your tenant or the property itself. For
example, they might cover you for loss of rent, damage caused
by tenants, theft by tenants or legal liability if they want to sue
you and take you to court for whatever reason.
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2. Tenant Management
Do I need a Landlord Insurance
Why Landlord Insurance is Important
That's what landlord insurance is and from my experience, the ones that don't have it are sadly often the ones that do end up
needing to make a claim but don't have landlord insurance. And I believe this because the people who spend less or are trying
to get away with spending as less as possible, are the ones that buy cheaper and more run down
properties, and, therefore, they attract less quality tenants and they're the ones that need to make a claim. So it’s long drawn
out cycle.
So in simple terms, the condition of the property will represent the quality of tenants you get. For example, if you have a great
property, you're more likely to find great tenants and good quality tenants. The better quality tenants you can attract, the less
likely you're going to need to make a claim on your landlord insurance. However, in all situations, I still believe and I still
recommend that it is important for you to get some sort of landlord insurance because you'll never know what sort of bizarre
situation you're going to find yourself into.
Now, there are many types of landlord insurance packages out there and they can range from anywhere from $200 to $400
per year. You might be able to get a better deal if you can combine your landlord insurance with your billing insurance as
well, with a big insurance company.
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3. Tenant Management
Do I need a Landlord Insurance
Choosing the most ideal Landlord Insurance
Don't be too quick to look past Terry and ABM, they focus on landlord insurances. The good thing about those companies
is that they tend to cover you for more, and in a lot of situations they might have lower or no excess for loss of rent, and
also it's easier when you actually go to make a claim.
For me, personally, I've got a house on the New South Wales Central Coast and it's about 30 years old. It's in good
condition for its age and I have attracted some good tenants and I believe I will attract some good tenants in the future.
Therefore, my wife and I decided to combine our landlord insurance with our billing insurance with a large insurance
company, so we have to pay a high excess when things go wrong. And also, we're probably not covered for as much. So
that's the risk that we're prepared to take but that's due because we believe we have a reasonable property and we have
attracted some good tenants and we'll do in the future.
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4. Tenant Management
Do I need a Landlord Insurance
You Should Get Landlord Insurance
So going back to the first question, "Should I get landlord
insurance?” yes, I do think you should get some sort of
landlord insurance, I think that's very important. And
depending on the condition of your property and the tenants
that you're going to attract to your property, which should be
how you look at what sort of money you spend on your
landlord insurance. So going back to the first question, "Should
I get landlord insurance?” yes, I do think you should get some
sort of landlord insurance, I think that's very important. And
depending on the condition of your property and the tenants
that you're going to attract to your property, which should be
how you look at what sort of money you spend on your
landlord insurance.
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