Landlord coverage for full time investment properties rented on a standard lease. This is stand-alone comprehensive cover covering the tenant’s use of the property and damage by storms, bushfires, flood etc.
Short-term rental policies are useful for owners who rent up to 6 or 12 months. It is comprehensive coverage either as a stand-alone policy or in addition to your existing policy.
For seasonal renters, ShareCover's ‘Pay-per-night’ policy can be taken out for casual guest rentals (less than 90 days). It is flexible cover for the duration of each stay and works in tandem with an existing home and contents insurance policy.
Insurance is designed to help reduce your risk. We ask our owners to contact your insurance company to advise them that they plan on having guests or tenants in the property. As best practice, we suggest that you take out speciality short-term rental insurance as some home and contents policies do not cover long term leasing or short term rentals to guests. This is because short term renting or leasing is considered a commercial income stream and it not covered under personal, residential homeowner’s insurance.
It’s your property, so it’s your call. We insist all of our property owners have comprehensive cover to suit their needs. We’ve also prepared some more details to help you understand insurance coverage for short term rentals and leasing.
We hold various insurance policies to cover our risks and obligations as your agent, including $20M public liability, $10M in professional indemnity, $10M in workers compensation and other business insurances. These policies don’t cover your obligations as an owner or landlord if you are legally liable or if your property is damaged by a tenant, guest or natural disaster.
In short, no. Most landlord policies will only cover ‘loss of rent’ when a short-term rental property is so badly damaged that it cannot be lived in or rented out to guests or tenants. Property Providers’ guest cancellation policy provides details in these situations.
Some home and contents insurance may not automatically cover your property for short term rentals or long term leasing. The good news for property owners is that these policies, can work in tandem with your existing policy or as stand-alone comprehensive cover. Ask your insurer to clarify your coverage, just to be sure.
The owners corporation will have building and public liability insurance for the outside of a strata building, but not for the inside of each apartment. For example, if a water pipe breaks, the strata scheme will fix the pipe, but they will not pay for any internal damage to paint work, carpets and floorboards. There may also be loss of rent in this situation, which would not be covered.
We’re not insurance experts or suggest that these insurance partners are right for you and your property. Do consult the policy FAQs PDS for full details on their policies and coverage. For full disclosure: If you choose a ShareCover or Terri Sheer policy, Property Providers earns a small referral fee, which does not inflate the premium you may pay (just tell them you were referred by us each time you buy a policy).