If you decide to purchase an investment property, you’ll need to consider ‘landlord insurance’. Typically, a landlord insurance policy covers accidental loss or damage to buildings and contents. Alternatively, if tenants default on their rental payments, a landlord policy can cover this default. Some landlord insurance policies cover acts of nature such as floods and bushfires.
The good news is that the ATO helps you ease some of the financial pain of paying landlord insurance by allowing you to deduct this cost against any income you earn from the investment property or other means such as a salary.
To find out more about landlord insurance or to secure a suitable policy, contact Raine & Horne’s financial services division, Our Broker on 1800 913 677.
If you invest in an apartment or townhouse, you will need to contribute to residential strata insurance. Also known as body corporate cover, this generally covers common property such as lifts, pools, car parks, gardens, wiring, balconies, walls, windows, ceilings and floors. It also provides liability coverage if a person is injured on common property. Your strata manager can provide more advice about residential strata insurance.
Finally, if tenants’ rental repayments don’t cover your loan repayments entirely, some income protection insurance might be worth considering. This cover can provide a valuable source of income if you’re unable to work for a period due to illness or injury. It will also help you top up the mortgage repayments on your investment loan.
To find out more about income insurance, contact Our Broker today on 1800 913 677.
Our full-service commercial real estate network can provide in-depth knowledge of local and regional property markets, with insight and understanding that comes from being a part of a long-established national and international property group. Committed to personalised service and achieving unsurpassed results, our clients continue to benefit from our network strength, which allows substantial cross-flow of international referral, advice and investment.
The Raine & Horne Commercial network is comprised of 100% owner-managed offices and includes numerous industry leaders and award winners. We employ agents who are empowered, encouraged to share and who maintain first rate communication to deliver the best possible outcome with every transaction. We pride ourselves on staying abreast of local and national trends and developments in the property industry, resulting in consistently cutting-edge services and holistic solutions for our clients.
Our industry experts embody and respect the family-oriented values synonymous with the Raine & Horne Commercial brand, allowing us to provide a complete range of professional services for all aspects of commercial, industrial, retail sales, leasing and specialist properties.