Taking cover

Question from Richard updated on 8th March 2013:

Our expert Diane Nelson responded:

There are a number of landlord insurance products around but you should compare carefully to ensure that you are getting the best cover possible. Landlord insurance is different from building insurance and you should also seek the advice of your building Insurance broker. While landlord insurance can often be taken as an extension on a building insurance package, it won't necessarily cover all that you may need like intentional damage, loss of rent for a variety of events, contents cover and legal liability. Real Landlord Insurance has a specialty product designed to protect the owner for these types of claims for just over $300 per annum (if your properties are managed by an approved property management company). There is also a multiple property discount if three or more properties are insured. In an ideal world all tenants would have insurance to protect them (especially for legal liability and contents) but it is not a legal requirement and often they don’t have cover.

Diane Nelson has over 14 years experience as a property manager in the Northland region. She now owns the REAL Landlord Insurance NZ Ltd brokerage and for over six years has specialised in the Landlord Preferred Policy,for investment owners who have their properties professionally managed. Diane also runs property management consultancy business Passionate about Property Management.

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