Building Insurance: Protecting Your Investment Property

As a landlord, protecting your investment property is about more than just securing tenants and collecting rent. Ensuring you have the right building insurance in place is essential to safeguard your asset against unexpected events such as fire, storm damage, or structural issues.

At Ray White Cottesloe | Mosman Park, we require a copy of your current building insurance policy on file. This allows us to act quickly if a claimable event occurs and ensures your property remains fully compliant and protected.

What Does Building Insurance Cover?

Building insurance generally protects the physical structure of your property and anything permanently attached to it. This typically includes:

• Walls, roof and foundations.
• Built-in cabinetry, kitchen and bathroom fittings.
• Plumbing and electrical systems.
• Permanent floor coverings such as tiles and floorboards
• Garages, sheds and other fixed outbuildings.

Having this cover means that in the event of fire, flood, storm or accidental damage, you are not left paying out of pocket for costly repairs.

Why Landlords Need More Than Basic Building Insurance

Standard building insurance is designed with homeowners in mind, but rental properties come with additional risks. This is why many landlords choose policies that combine building insurance with landlord insurance.

Comprehensive cover may include:

• Building and structure protection for damage caused by natural disasters, fire or accidents.
• Landlord contents cover for items such as carpets, curtains, blinds and appliances provided with the tenancy.
• Loss of rent cover if the property becomes uninhabitable after an insured event.
• Liability cover if a tenant, tradesperson or visitor is injured on the property.

Landlord Contents: Why They Matter

Many landlords overlook the importance of contents cover. Even though tenants provide their own furniture and personal belongings, the fixtures you supply form part of your investment. Examples include:

• Cabinetry and benchtops.
• Carpets, vinyl or floating floors.
• Curtains, blinds or shutters.
• Light fittings and ceiling fans.

If these are damaged, a landlord contents policy ensures you are covered for replacement or repair.

Compliance and Peace of Mind

Providing us with your building insurance policy ensures that:

• We can act quickly on your behalf if a claim is required.
• You remain compliant with tenancy requirements and your mortgage lender (many banks require proof of cover).

Your property is protected against major risks, giving you peace of mind as an investor.

Building insurance is the foundation of protecting your property investment. When combined with landlord contents cover, it ensures that both the structure and the fixtures of your property are safeguarded against unexpected events.

At Ray White Cottesloe | Mosman Park, we recommend all landlords review their insurance regularly to ensure it provides adequate protection.

Contact us today on 08 6244 7885 if you have questions about building insurance requirements or would like guidance on protecting your rental property.