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As of 20 January 2021, the following brands are still offering new landlord insurance policies. All existing policies should be respected, but it's best to check directly with your insurer.
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Landlord insurance is available in three cover options:
It isn't mandatory to have landlord insurance in Victoria, though as a landlord you carry the financial burden of any loss or damage to your home and contents, and are liable for injury or death on your property. As well as this, you're also responsible for setting and adhering to lease terms and collecting 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.
Before you purchase a policy, ask yourself: which is more important, cover or value? The more comprehensive your cover, the higher your premiums will be. If you're in a city, be it Melbourne or Bendigo, you may be more worried about theft of your contents than you are about damage to the building. Or maybe you're living in serenity in Bonnie Doon and are more concerned with what the weather holds, in which case you'll want to check and see if your policy covers events such as fire and floods. Be sure to discuss specific terms and conditions with your insurance provider to ensure it's right for you.
Australian home insurance providers usually aren't state-specific, which means homeowners in Victoria can access an extensive range of insurance offers from trusted brands, such as:
While landlord insurance is almost the same no matter what state you're in, the rules are slightly different from state to state. As a landlord in VIC, you need to know the following:
Providing an apartment, house or property for your tenant that is free of hazards and defects, is fit to live in and complies with all state and local building and health codes, is the main responsibility of a landlord. But it doesn't end there. You required to take all necessary measures meet these standards before you can lease it. Securing a bond from your tenant and submitting it to the Residential Tenancies Bond Authority is also on your shoulders. Other responsibilities include:
If a tenant has broken the conditions of the lease, or you have given adequate notice, you are legally allowed to evict a tenant. You also have the right as a landlord to increase rent or the length of the lease, provided you've given enough notice, though the tenant can opt out of the lease if they disagree with the changes. Upon your tenant vacating, you can withhold the bond until you've completed any repairs or cleaning services that may be needed.
Picture: Unsplash
One in four (25%) Australians are worried about how they will pay the rent or mortgage after Christmas, according to new research by Finder, Australia’s most visited comparison site. Find out how the Finder App can help save you money in 2021.
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landlord insurance
Hi George,
Thanks for visiting our page to read about Landlord Insurance. The article above will give you a few providers in VIC as well as information on how to proceed with getting landlord insurance. As a friendly reminder, carefully review the Product Disclosure Statement of the product before applying. You may also contact the insurance provider should you have any questions about their policy.
Best,
Nikki