Landlord insurance is a vital risk management tool for professional property investors. Specific risks associated with owning investment property are covered by landlord insurance and the premium is tax deductable.
Landlord insurance will generally cover:
- Malicious and accidental damage by a tenant
- Theft by a tenant
- Landlord’s legal liability
- Loss of income should a tenant abscond
- Rental defaults
Standard home and contents insurance do not cover such circumstances and it is important for investors to fully protect their assets. Landlord insurance is generally affordable and should be considered a “must have” for the professional property investor.