In short, yes. It’s not enough to rely on your body corporate insurance or your tenants’ home and contents insurance to cover you. Landlord insurance will not only protect your property from damage but also provide cover for other tenant-related situations, such as loss of rent.
Namely, you can only get home and contents insurance for the property you live in. While landlords cannot get home and contents insurance for their rentals, tenants can (and should).
Depending on what insurance provider you go with and the extras you choose, landlord insurance can cover:
Body corporate insurance is usually included as part of body corporate fees, and some of what it can cover can overlap with landlord insurance. However, you should not rely on body corporate insurance in place of landlord insurance.
If you’ve invested in a rental property that is part of a body corporate, it’s a good idea to look closely at the body corporate insurance as failing to do so could mean there are gaps in your insurance coverage that could turn costly later.
Learning to manage a rental property can be a steep learning curve, but with the right guidance you can make the curve smoother and less stressful. With our guide, you can learn the essential (and legal) need-to-knows of being a landlord.