Insurance
Posted on 07. Oct, 2009 by Karen Herbert in Legislations & Laws
Q: Do I have to insure the property or does the tenant do that?
A: You must maintain your own insurance cover on the building, contents and public liability. If the property is a Strata unit, the Body Corporate may insure the building, but you should also have a small amount of contents insurance to cover the carpets, blinds, curtains, light fittings and any appliances inside the home. It is also worth checking whether accidental damage is covered under your policy. This may come in handy if a tenant falls through a shower screen fro example and you need to have this replaced. The tenant is responsible for their own personal effects but not for the owner’s building. Don’t’ forget to invest also in Owner Protection Insurance!
Karen Herbert is the Principal of Position One, based in Brisbane, Australia. For further information or help with renting out and managing your property, please visit the Position One website.
