The best landlord policy will come from a reputable insurer, and it will meet your needs at a fair price. How can you make that happen?:

·        Decide what type of cover you need Do you need cover for just the building itself or is it a furnished apartment needing cover for your belongings too? Loss of Rent? You may want to add pet-damage cover.

·       Shop around. Once you know what you want, you need to find a few insurers who offer cover for all your needs.

·        Check the benefit limits. This is the maximum the insurer will pay you for any particular type of damage (for example, lightning damage or water damage). You'll want to make sure this is enough to cover your expenses if your property was damaged or destroyed.

·        Look at the out-of-pocket expenses. This is the amount you have to pay each time you claim. The higher this is, the less your policy should cost.

·        Study the exclusions. These are the situations when your policy will not pay you (for example, normal wear and tear). Make sure you are comfortable with the exclusions of the policies you are considering.

·        Research the insurer and underwriter. You can find real customer reviews on social media, forums and review sites. Scan those reviews to find out how customers rate the insurer’s claims processes and customer service. Also look at the underwriter (the financial institution that will ultimately pay you). Does the underwriter have a good financial record?

·        Look at the price. Once you've narrowed down your list to a few policies that fit the bill, it's time to compare prices. Some insurers may have special offers in place, like your first month free. Some may also give you a discount if you have other insurance products with them, or if you agree to pay for a whole year's worth of cover in advance.

It's not worth considering a policy that doesn't cover at least the following standard building and contents protection:

·         Fire

·         Natural disasters like storms, floods and earthquakes

·         Vandalism (except for that caused by your tenant)

·         Water damage from leaking pipes, rainwater overflow or sewage backup

·         Impact damage (for example, a car smashes into your house)

·         Pet damage

·         Legal liability if someone is injured or their belongings are damaged on your property

·         Theft (if you keep your belongings in the property, such as with a furnished apartment)

Additionally, you should consider protecting yourself against situations that are unique to landlords, although this may require you to purchase an optional add-on typically called tenant protection. Here are some instances where tenant protection can help:

·         Covering you for unpaid rent

·         Covering you for vandalism and theft by tenants and their guests

·         Replacing locks and keys if your tenant doesn't return them

While there’s no single best landlord insurance company, there are a few ways that you can ensure that you’re getting the best policy for you. To get you started, here’s a couple of the top landlord insurers in Australia. A quick google search will reveal many more.

·         Terri Scheer

·         Suncorp

What landlord insurance covers Qld?

A standard landlord insurance policy covers you for property damage, theft, and loss of rent. However, you may want to include some extras to be fully covered

Who is responsible for accidental damage to rental property?

Any malicious or accidental damage to the property caused by a tenant or their guests is the tenant's responsibility. However, it should still be reported to the property manager or landlord

 How much does landlord insurance cost per month?

Expect to pay 15% to 20% more for landlord insurance than you did for homeowners insurance.

 Does landlords insurance cover fire damage?

Simply…Yes.  However, if your tenants have a renters insurance policy, you may be able to get reimbursed by their liability insurance coverage, which pays for property damage the tenant caused.

 Is landlord insurance tax deductible?

As a landlord, you can claim certain costs as a business expense when calculating the amount of Income Tax that you owe. One of these costs is Landlord Insurance, including both the Buildings and Contents cover. This means that the cost of insuring your property is an allowable expense and is therefore tax deductible.

Landlord Insurance Glossary Of Terms  - a general explanation

Accidental damage: Damage caused by an event or incident that you and your tenant did not intend or expect.

Bond: Money paid by a tenant and held as security by the landlord against any possible future property damage, outstanding rent, or other costs.

Building replacement value: The amount it would cost you to totally rebuild the property at today’s prices, taking into account any renovations or improvements you have made previously to increase the property’s value.

Duty of care: Because insurance is a contract between landlord and insurer, landlords have a duty of care to take all reasonable care to prevent theft, loss, damage, or legal liability. Landlords also have a duty of care to follow all terms and responsibilities set out in the insurance contract.

Duty of disclosure: Landlords have a duty of disclosure to be honest and tell their insurer everything they know or should know, if a reasonable person would consider it relevant to the insurer’s decision to insure someone under the policy. A failure to disclose information fully could result in a claim being reduced or refused, or your policy being cancelled entirely.

Excess: The amount you have to pay for each incident when you make a claim. The amount and type of excess that applies to different types of claims under your policy will be shown on your Certificate of Insurance.

Exclusions: Anything not covered by your policy. Exclusions vary between insurance providers.

Fixtures and fittings: Household items or equipment that are permanently attached to the building, such as carpets, curtains, and air-conditioners.

Flood cover: The standard definition of a flood has been updated after the 2011 floods in Queensland and now covers any event when normally dry land is covered by water that has escaped or been released from a lake, river, creek, or other natural watercourse; or a reservoir, canal, or dam. This does not cover damage caused by the sea, such as a tsunami. If you have concerns about flood cover, check with your insurance provider. 

Fusion: The burning out of an electric motor or its wiring, caused by the electric current in it. Common items that might be claimed under fusion cover include washing machines, clothes dryers, refrigerators, and pool filters. 

Inclusions: Anything covered by your policy. When a particular event is listed as being included in your policy, the insurer will cover a set amount of the cost involved in repairing the damage or replacing damaged items. An excess may apply to a claim.

New for old replacement: If you have this type of cover and your home or contents are damaged or stolen, your insurer will replace them with new items or repair them with new materials. Many new for old policies specify that you can only claim new for old replacement for an item if it is younger than a certain number of years.

Optional cover: This is extra insurance cover above that included in the standard or basic policy. You can ask your insurer to add optional cover to your policy for a higher premium. Common examples of optional cover include accidental glass breakage, or storm damage to gates and fences.

Sum insured: Stands for the sum you are insured for. This is the maximum amount you can claim for a particular incident.

Unit: A ‘home unit’ dwelling in the form of an apartment, flat, villa, or townhouse, subdivided according to state or territory laws for strata title.

Unoccupied excess: An insurance provider may charge an additional excess for a claim for a covered incident if your property remained continuously unoccupied for a certain length of time.