Whether you're in the city or the country, as a landlord, you want to make sure you have the right cover.
No matter where you are, being a landlord is no easy task. Whether you're worried about vandalism in Adelaide or facing down the harsh weather of the Nullabor, getting the right cover can protect your home and contents from whatever worries your mind. But what does landlord insurance cover?
Need landlord insurance for SA?
What does landlord insurance cover me for in South Australia?
Landlord insurance is available in three cover options:
- Home insurance. Home insurance, or building-only cover, covers your home and other fixtures on your property against damage from fires, storms, theft and vandalism. Cover usually provides additional protection against loss of rent due to damage rendering the property uninhabitable or damage to shared areas such as pools and gardens.
- Contents insurance. Contents cover protects any of your household possessions and any other property you have on site against the same risks as home insurance. Additional options are usually available for communal items like pool equipment or outdoor furniture.
- Home and contents insurance. Complete protection for your property and everything inside, this is the most comprehensive level of cover available to landlords and includes optional cover for both rental default and damage or loss caused by tenants or their guests.
Is landlord insurance compulsory in South Australia?
While you aren't legally required to have landlord insurance in South Australia, you're liable as the landlord for injury or death on your property and bear full responsibility in the event of damage or loss to your home or its contents. Also, you must set and adhere to lease terms, collect bond (typically four weeks' rent) and rent for the property. Landlord insurance can protect you against these financial burdens and offers legal liability for such incidents.
How do I choose a landlord insurance policy in South Australia?
To find the right landlord insurance, you need to have a good think about the kind of cover you need. If you're price-minded, be aware that your premiums will increase with the level of cover your policy provides. If you're in the city or you've furnished your property with top-of-the-range furniture and appliances, you may only want contents insurance. If you want comprehensive protection, keep in mind that certain events, such as flood or tenant default, are sometimes offered as an optional extra. Be sure to discuss specific terms and conditions with your insurance provider to ensure the right cover for you.
Who offers landlord insurance in South Australia?
Australian home insurance providers usually aren't state-specific, which means homeowners in South Australia can access cover from an extensive range of trusted insurance brands, including:
Landlord responsibilities in South Australia
Landlords are obliged to provide an apartment, house or property that is free of hazards and defects, is fit to live in and complies with all state and local building and health codes. Your property must meet these standards before you can lease it. You're also responsible for securing a bond from your tenant and submitting it to Consumer and Business Services. Other responsibilities include:
- Maintaining structural components and a reasonably weather-protected unit
- Providing the necessary heat, electric and hot and cold water facilities
- Making any requested repairs promptly
- Inspecting the property each time it's leased to determine whether or not it meets safety and adequate living standards
- Giving notice before entering a rental unit, except in cases of emergency
- Abiding by all agreements made in the signed lease
- Adhering to the legal eviction process if evicting a tenant
- Advising your tenant of their legal rights and responsibilities when taking out a lease
Landlord rights in South Australia
As a landlord, it is your right to evict a tenant, pso long as adequate notice has been given or if a tenant has broken the conditions of the lease. You can increase rent or length of the lease, though your tenant has the right to refuse the changes and can opt of the lease if you push ahead. If your tenant has left the premises, you can hold the bond until you've completed any repairs or cleaning services that may be required.