There are a range of optional insurance policies available for landlords. These include:
- Building. This covers the cost to rebuild the building in the event of a total loss.
- Contents. As a landlord, you may rent out your property unfurnished, however there are still contents that you need to consider covering such as carpets, drapes, curtains and blinds.
- Loss of rent. This applies when the building is not habitable after sustaining damage. This can extend to damage caused by water, fire and other events listed in the policy wording, as well as malicious damage.
- Rent default and theft by tenant. In the event that the tenant fails to pay rent in accordance with the rental agreement, this policy will cover you (see policy wording for policy coverage). Theft by tenant covers any part of the building and contents sum insured on your schedule (see policy wording for policy coverage). It is important to note that maintenance, wear and tear and poor housekeeping are not covered and are the responsibility of the landlord.