Did you know that as a Landlord you need Public Liability Insurance?
If you are not aware of this, Public Liability Insurance protects you should your tenant or their visitors injure themselves while renting your investment property. Normally this insurance is included as part of your Building Insurance, and may also be part of your Landlord Insurance.
It is best to check as you need to be insured for a minimum of $10 million. This is a contractual obligation when signing a lease agreement through most Real Estate Agencies.
Also, if you own an investment property and you have not thought of taking out Landlord Insurance as yet, please consider getting this in place as a top priority. Not only can you claim this against your end of year tax return, but it will also protect you against any damages or loss of rent that may be incurred by your tenants.
It is really not worthwhile taking this risk on your valuable asset.
Landlord Insurance also covers damages by pets, however this is generally only to the value of $500. At Dot1Realty, if our Landlords own a pet friendly property, we always require an Extra Pet Bond from the tenants should any pet damage occur. Check that your Property Management team have this in place too.