Question:
I have a furnished investment property and want to know if I can insure the furniture for accidental & malicious damage?
Answer:
Generally some insurance providers do have the option to provide this additional coverage under a Landlord Protection Policy, although the level of cover is dependent on the provider and also there may be an additional charge.
Facts:
Damage to furniture usually makes the property un-tenantable, in doing so holds up the re-letting process and results in a further rent loss being sustained. On average the combined loss between property damage and rent loss that could be incurred for a malicious damage claim is over $4700.00. Remembering that this is an average only and some times claims are much higher than this.
Solution
Contact your insurance provider to confirm you have cover for all your investment property needs. Always check with you insurer that you are protected against such a large loss and always read your Product Disclosure Statement to confirm what is covered. Feel free to contact our preferred insurer EBM Insurance Brokers; they can cover your furniture for a small additional fee. Cover to Contents is up to $50,000 under the RentCover Ultra policy. You can contact EBM Insurance Brokers on our member priority line 1300 850 848 or visit http://www.rentcover.com.au/tic
Neil Higgins
Club Insurance Manager
All information in this article is general & should not be relied upon.